S T A T E O F N E W Y O R K
________________________________________________________________________
10548
I N A S S E M B L Y
May 29, 2020
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Wright) --
read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to setting a
state-wide three percent cap on penalties for unpaid real property tax
due and payable or remaining unpaid during the period from March 7,
2020 to June 30, 2021
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislative findings. The Legislature finds that the
COVID-19 pandemic has caused an immediate financial crisis for many
homeowners and businesses who may be unable to pay property taxes on the
prescribed due dates and that the imposition of interest at rates well
above current market rates would hamper recovery of the state's economy.
§ 2. Section 924-a of the real property tax law is amended by adding a
new subdivision 4 to read as follows:
4. NOTWITHSTANDING ANY GENERAL, SPECIAL OR LOCAL LAW TO THE CONTRARY,
THE RATE OF INTEREST ON UNPAID TAXES OR INSTALLMENTS OF TAX DUE AND
PAYABLE OR REMAINING UNPAID DURING THE PERIOD FROM MARCH SEVENTH, TWO
THOUSAND TWENTY TO JUNE THIRTIETH, TWO THOUSAND TWENTY-ONE, SHALL NOT
EXCEED THREE PERCENT PER ANNUM DURING SUCH PERIOD. ALL OTHER PROVISIONS
OF GENERAL, SPECIAL OR LOCAL LAW RELATING TO THE IMPOSITION, COLLECTION
AND DETERMINATION OF THE RATE OF INTEREST SHALL NOT BE AFFECTED BY THE
PROVISIONS OF THIS SUBDIVISION.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16511-01-0
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