Bill > S06166

This bill amends the Real Property Tax Law to establish new guidelines for interest rates on delinquent tax payments for residential real property, beginning in the 2026 calendar year. Specifically, the bill caps the interest rate for residential properties at the prime interest rate, with a minimum of 2% and a maximum of 16% per annum. The new provisions apply to various residential property types, including condominiums and cooperative buildings, regardless of owner occupancy status. The bill explicitly excludes vacant and abandoned properties listed on the statewide vacant and abandoned property electronic registry from these interest rate limitations. The prime interest rate will be initially determined based on the 2026 rate, with subsequent determinations made every five years. The bill also supersedes any local tax laws, codes, ordinances, or resolutions that would set interest rates higher than the 16% maximum for residential property tax delinquencies. The legislation aims to provide more predictable and potentially more affordable tax delinquency interest rates for residential property owners.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S6166