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NY A07776
Bill
Status
5/21/2021
Primary Sponsor
Fred Thiele
Click for details
AI Summary
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Caps the delinquent tax interest rate at 7.5% per annum for owner-occupied residential real property with three or fewer dwelling units, effective for all local fiscal years beginning in calendar year 2022 and thereafter
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Applies the interest rate cap to condominium units and all cooperative buildings regardless of owner occupancy status
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Exempts vacant and abandoned properties listed on the statewide vacant and abandoned property electronic registry from the 7.5% interest rate cap
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Requires the 7.5% cap to supersede any conflicting local tax law, code, rule, regulation, ordinance, or resolution that sets a higher interest rate
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Takes effect immediately upon enactment
Legislative Description
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.
Last Action
referred to real property taxation
1/5/2022