NY State Senate Bill 2023-S2973

Senate Bill S2973

2023-2024 Legislative Session

Provides for interest to accrue on missed installment payments beginning from the due date of such missed installment payment

download bill text pdf

Current Bill Status - In Senate Committee Local Government Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to local government
Jan 26, 2023	referred to local government

2023-S2973 (ACTIVE) - Details

See Assembly Version of this Bill:: A2711
Current Committee:: Senate Local Government
Law Section:: Real Property Tax Law
Laws Affected:: Amd §924-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:: S8371, A8514

2023-S2973 (ACTIVE) - Summary

Provides for interest to accrue on missed installment payments beginning from the due date of such missed installment payment.

2023-S2973 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2973

SPONSOR: MAYER
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to providing for
interest to accrue on missed installment payments beginning from the due
date of such missed installment payment

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would amend section 924-a of the Real Property Tax law to
provide that interest on missed installment payments begins from the due
date of such missed installment payment.

 
SUMMARY OF PROVISIONS:

Section one would amend section 924-a of the Real Property Tax law by
adding a new subdivision 4 stating that in any case where an owner of
real property has elected to pay taxes in installments, if any such
installment is not paid on or before the due date additional interest
shall only begin to accrue from the due date of such missed payment.

Section two provides the effective date.

 
JUSTIFICATION:

Under the Real Property Tax law, a village can opt to allow partial
payments of property taxes by passing a resolution. If a taxpayer exer-
cises this option, they must pay interest on all payments after the
first installment in an amount set forth in the law. Villages currently
have no ability to adjust the interest if they allow for partial
payments.

During the Coronavirus pandemic, some villages opted to allow partial
payments on taxes to make it easier for residents experiencing financial
difficulty. However, they were forced to charge the full interest rate
on any payments made after the first installment, accruing from the
original payment due date. This bill provides that where an owner of
real property has elected to pay taxes in installments, if any such
installment is not paid on or before the due date, interest will only
begin to accrue from the due date of such missed payment. This will
ensure that residents are not penalized simply for choosing to pay their
taxes in installments, but still requires interest to be charged when
any payment is missed or paid after the due date for such payment.

 
PRIOR LEGISLATIVE HISTORY:

S8371/ A8514 (2021-22): Referred to Local Government

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S2973 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2973
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2023
                                ___________
 
 Introduced  by  Sen.  MAYER  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the real property tax law, in relation to providing  for
   interest  to  accrue on missed installment payments beginning from the
   due date of such missed installment payment

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  924-a of the real property tax law is amended by
 adding a new subdivision 4 to read as follows:
   4. NOTWITHSTANDING ANY PROVISIONS OF THIS CHAPTER, OR ANY OTHER GENER-
 AL, SPECIAL OR LOCAL LAW TO THE CONTRARY, IN ANY CASE WHERE AN OWNER  OF
 REAL  PROPERTY  HAS  ELECTED  TO  PAY TAXES IN INSTALLMENTS, IF ANY SUCH
 INSTALLMENT IS NOT PAID ON OR  BEFORE  THE  DATE  WHEN  DUE,  ADDITIONAL
 INTEREST  SHALL  ONLY  BEGIN  TO ACCRUE FROM THE DUE DATE OF SUCH MISSED
 INSTALLMENT PAYMENT AT THE RATE AS DETERMINED PURSUANT TO THIS  SECTION,
 OR SUCH OTHER LAW AS MAY LOCALLY BE APPLICABLE.
   § 2. This act shall take effect immediately.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05344-01-3

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