Senate Bill S9681

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9681
 
                             I N  S E N A T E
 
                               April 1, 2026
                                ___________
 
 Introduced  by  Sen.  BASKIN -- 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 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-SIX AND THEREAFTER, IN NO CASE SHALL THE  INTEREST  RATE
 OF  DELINQUENT  TAX PAYMENTS DUE ON RESIDENTIAL REAL PROPERTY EXCEED THE
 PRIME INTEREST RATE, AS DETERMINED BY THE COMMISSIONER, PROVIDED THAT IN
 NO INSTANCE SHALL THE INTEREST RATE SUBCEED TWO PER CENTUM PER ANNUM  OR
 EXCEED  SIXTEEN  PER  CENTUM  PER  ANNUM; 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 COOP-
 ERATIVE 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, LAW, RULE, REGULATION,  ORDINANCE  OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10762-01-5
 S. 9681                             2

 RESOLUTION  SETTING  AN INTEREST RATE ABOVE SIXTEEN PER CENTUM PER ANNUM
 OF DELINQUENT TAX PAYMENTS  DUE  ON  RESIDENTIAL  REAL  PROPERTY.    THE
 INITIAL  DETERMINATION  OF  THE  EFFECTIVE  PRIME INTEREST RATE SHALL BE
 BASED  ON  THE  TWO  THOUSAND TWENTY-SIX RATE. SUBSEQUENT DETERMINATIONS
 SHALL BE MADE EVERY FIVE YEARS THEREAFTER.
   § 2.  This act shall take effect immediately.