New York S 9681: Relates to delinquent tax interest rates

Bill Text

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S09681 Summary:

BILL NOS09681 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBASKIN

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §924-a, RPT L

&nbsp

Relates to setting a minimum and maximum delinquent tax interest rate for payments due on residential real property.

Go to top S09681 Actions:

BILL NOS09681 

&nbsp

04/01/2026REFERRED TO LOCAL GOVERNMENT

Go to topS09681 Committee&nbspVotes:

Go to topS09681 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09681 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9681

 IN SENATE

 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:

 1 Section 1. Subdivision 1 of section 924-a of the real property tax
 2 law, as amended by chapter 26 of the laws of 2003, is amended to read as
 3 follows:
 4 1. The amount of interest to be added on all taxes received after the
 5 interest free period and all delinquent taxes shall be one-twelfth the
 6 rate of interest as determined pursuant to subdivision two or two-a of
 7 this section rounded to the nearest one-hundredth of a percentage point,
 8 except as otherwise provided by a general or special law, or a local law
 9 adopted by a city pursuant to the municipal home rule law or any special
 10 law. Such interest shall be added for each month or fraction thereof
 11 until such taxes are paid; provided however, that notwithstanding any
 12 provision of general, special, or local law or resolution to the contra-
 13 ry, beginning in all local fiscal years commencing in calendar year two
 14 thousand twenty-six and thereafter, in no case shall the interest rate
 15 of delinquent tax payments due on residential real property exceed the
 16 prime interest rate, as determined by the commissioner, provided that in
 17 no instance shall the interest rate subceed two per centum per annum or
 18 exceed sixteen per centum per annum; and provided further that this
 19 limitation shall apply to units held in condominium form; and provided
 20 further that such limitation shall apply to all buildings held in coop-
 21 erative form regardless of owner occupancy status; and provided further
 22 that this limitation shall not apply to real property that is vacant and
 23 abandoned, as defined in subdivision two of section thirteen hundred
 24 nine of the real property actions and proceedings law, which was listed
 25 on the statewide vacant and abandoned property electronic registry, as
 26 defined in section thirteen hundred ten of the real property actions and
 27 proceedings law, and remains on such registry. This subdivision shall
 28 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

 1 resolution setting an interest rate above sixteen per centum per annum
 2 of delinquent tax payments due on residential real property. The
 3 initial determination of the effective prime interest rate shall be
 4 based on the two thousand twenty-six rate. Subsequent determinations
 5 shall be made every five years thereafter.
 6 § 2. This act shall take effect immediately.

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