NY A01489

Caps delinquent tax interest rates on residential real property at the prime interest rate, effective for all local fiscal years beginning in 2025 and thereafter.

Establishes a minimum interest rate floor of 2 percent per annum and a maximum ceiling of 16 percent per annum for residential property delinquent taxes.

Applies the interest rate cap to residential units in condominium and cooperative forms regardless of owner occupancy status.

Exempts vacant and abandoned properties listed on the statewide vacant and abandoned property electronic registry from the interest rate limitations.

Supersedes any local tax laws, ordinances, or resolutions that set delinquent tax interest rates above 16 percent per annum for residential real property, with the prime rate to be redetermined every five years starting in 2025.