NY S06166

Caps interest rates on delinquent residential property tax payments at the prime interest rate, with a floor of 2% and ceiling of 16% per annum, beginning in fiscal years starting in calendar year 2026

Applies the interest rate cap to residential real property including condominium units and all cooperative buildings regardless of owner occupancy status

Excludes vacant and abandoned properties listed on the statewide vacant and abandoned property electronic registry from the interest rate cap

Overrides any local tax acts, codes, laws, rules, regulations, ordinances, or resolutions that set delinquent tax interest rates above 16% per annum for residential property

Requires the commissioner to determine the effective prime interest rate initially based on the 2026 rate, with subsequent determinations made every five years