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NY S00069
Bill
Status
1/8/2025
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Authorizes counties to adopt local laws setting their own interest rates on late property tax payments and delinquent taxes, expanding authority previously limited to cities
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Eliminates the 5% penalty added to unpaid taxes for owner-occupied residential properties when taxes are returned as delinquent to the county treasurer
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Changes tax lien redemption order for owner-occupied residential properties to chronological (oldest first) rather than reverse chronological (newest first), allowing homeowners to pay off older debts before newer ones
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Removes the 12% minimum annual interest rate floor on unpaid property taxes for owner-occupied residential properties, potentially allowing lower rates for homeowners
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Takes effect 90 days after becoming law
Legislative Description
Relates to authorizing counties to set interest rates imposed on late payment of property taxes and delinquencies and redemption of property subject to more than one tax lien.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/7/2026