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Assembly Bill A7776

2021-2022 Legislative Session

Relates to delinquent tax interest rates

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

2021-A7776 - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §924-a, RPT L
Versions Introduced in 2023-2024 Legislative Session:
A1489

2021-A7776 - Summary

Relates to setting a maximum delinquent tax interest rate for payments due on owner occupied residential real property containing three or fewer dwelling units of seven and one half percent per annum.

2021-A7776 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7776
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2021
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to delinquent tax
   interest rates
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 1 of section 924-a of  the  real  property  tax
 law, as amended by chapter 26 of the laws of 2003, is amended to read as
 follows:
   1.  The amount of interest to be added on all taxes received after the
 interest free period and all delinquent taxes shall be  one-twelfth  the
 rate  of  interest as determined pursuant to subdivision two or two-a of
 this section rounded to the nearest one-hundredth of a percentage point,
 except as otherwise provided by a general or special law, or a local law
 adopted by a city pursuant to the municipal home rule law or any special
 law. Such interest shall be added for each  month  or  fraction  thereof
 until  such  taxes  are paid; PROVIDED HOWEVER, THAT NOTWITHSTANDING ANY
 PROVISION OF GENERAL, SPECIAL, OR LOCAL LAW OR RESOLUTION TO THE CONTRA-
 RY, IN NO CASE SHALL THE INTEREST RATE EXCEED  SEVEN  AND  ONE-HALF  PER
 CENTUM  PER ANNUM OF DELINQUENT TAX PAYMENTS DUE ON OWNER OCCUPIED RESI-
 DENTIAL REAL PROPERTY CONTAINING THREE  OR  FEWER  DWELLING  UNITS;  AND
 PROVIDED  FURTHER  THAT  THIS  LIMITATION  SHALL  APPLY TO UNITS HELD IN
 CONDOMINIUM FORM; AND PROVIDED FURTHER THAT SUCH LIMITATION SHALL  APPLY
 TO  ALL BUILDINGS HELD IN COOPERATIVE FORM REGARDLESS OF OWNER OCCUPANCY
 STATUS; AND PROVIDED FURTHER THAT THIS LIMITATION  SHALL  NOT  APPLY  TO
 REAL  PROPERTY  THAT  IS VACANT AND ABANDONED, AS DEFINED IN SUBDIVISION
 TWO OF SECTION THIRTEEN HUNDRED NINE  OF THE REAL PROPERTY  ACTIONS  AND
 PROCEEDINGS  LAW, WHICH WAS LISTED ON THE STATEWIDE VACANT AND ABANDONED
 PROPERTY ELECTRONIC REGISTRY, AS DEFINED IN SECTION THIRTEEN HUNDRED TEN
 OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW, AND  REMAINS  ON  SUCH
 REGISTRY.    THIS  SUBDIVISION  SHALL SUPERSEDE ANY LOCAL TAX ACT, CODE,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

2021-A7776A (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §924-a, RPT L
Versions Introduced in 2023-2024 Legislative Session:
A1489

2021-A7776A (ACTIVE) - Summary

Relates to setting a maximum delinquent tax interest rate for payments due on owner occupied residential real property containing three or fewer dwelling units of seven and one half percent per annum.

2021-A7776A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7776--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2021
                                ___________
 
 Introduced  by  M.  of  A.  THIELE,  McMAHON,  SOLAGES  -- read once and
   referred to the Committee  on  Real  Property  Taxation  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the real property tax law, in relation to delinquent tax
   interest rates

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 924-a of  the  real  property  tax
 law, as amended by chapter 26 of the laws of 2003, is amended to read as
 follows:
   1.  The amount of interest to be added on all taxes received after the
 interest free period and all delinquent taxes shall be  one-twelfth  the
 rate  of  interest as determined pursuant to subdivision two or two-a of
 this section rounded to the nearest one-hundredth of a percentage point,
 except as otherwise provided by a general or special law, or a local law
 adopted by a city pursuant to the municipal home rule law or any special
 law. Such interest shall be added for each  month  or  fraction  thereof
 until  such  taxes  are paid; PROVIDED HOWEVER, THAT NOTWITHSTANDING ANY
 PROVISION OF GENERAL, SPECIAL, OR LOCAL LAW OR RESOLUTION TO THE CONTRA-
 RY, BEGINNING IN ALL LOCAL FISCAL YEARS COMMENCING IN CALENDAR YEAR  TWO
 THOUSAND  TWENTY-TWO  AND THEREAFTER, IN NO CASE SHALL THE INTEREST RATE
 EXCEED SEVEN AND  ONE-HALF  PER  CENTUM  PER  ANNUM  OF  DELINQUENT  TAX
 PAYMENTS  DUE  ON  OWNER  OCCUPIED  RESIDENTIAL REAL PROPERTY CONTAINING
 THREE OR FEWER DWELLING UNITS; AND PROVIDED FURTHER THAT THIS LIMITATION
 SHALL APPLY TO UNITS HELD IN CONDOMINIUM FORM; AND PROVIDED FURTHER THAT
 SUCH LIMITATION SHALL APPLY TO ALL BUILDINGS HELD  IN  COOPERATIVE  FORM
 REGARDLESS  OF  OWNER  OCCUPANCY  STATUS; AND PROVIDED FURTHER THAT THIS
 LIMITATION SHALL NOT APPLY TO REAL PROPERTY THAT  IS  VACANT  AND  ABAN-
 DONED,  AS  DEFINED  IN SUBDIVISION TWO OF SECTION THIRTEEN HUNDRED NINE
 OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW, WHICH  WAS  LISTED  ON
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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