Bill > A10475

This bill allows counties to adopt local laws to set their own interest rates on late property tax payments and delinquencies, rather than being bound by state-mandated rates, with a specific exception for owner-occupied residential properties where the interest rate cannot be less than twelve percent annually unless the property qualifies for a lower rate. Additionally, for owner-occupied residential properties with multiple tax liens, the bill modifies the redemption order, allowing liens to be paid chronologically (earliest first) instead of the standard reverse chronological order (most recent first), and it also clarifies that a five percent penalty for unpaid delinquent taxes will not be added to owner-occupied residential properties.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A10475