What's happening
This bill ensures interest on missed real property tax installments accrues only from the payment's due date.
Why it matters
Prevents early accrual of interest. The bill ensures that if you miss an installment payment on your property taxes, interest charges will only start from the date that specific payment was due—not from earlier dates or the start of the tax period. This provides greater fairness and predictability for property owners.
Protects property owners from excess penalties. By clarifying when interest should begin accruing, the bill shields taxpayers from being charged extra interest that could previously accumulate on missed installments from earlier dates, potentially saving significant money, especially if payments are staggered over time.
Standardizes local practices. The legislation overrides conflicting state and local laws, which means property owners across New York State will have a consistent rule for when interest begins on missed installment payments, reducing confusion and administrative errors.
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Who cares
Property owners paying real property taxes in installments
The bill would require additional interest on a missed installment to begin accruing only from that installment’s due date.
Local property tax collectors
They would have to apply the missed installment’s due date as the starting point for additional interest, notwithstanding conflicting state or local laws.
Local governments administering installment tax payments
The bill would preserve the applicable interest rate under state or local law while setting when additional interest begins to accrue.
Headline styles
Interest on Late Installments
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to real property taxation
- Referred to real property taxation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Charge Interest on Late Payments
In Senate Committee · Local Government · Sponsor Shelley Mayer
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1110
2025-2026 Regular Sessions
IN ASSEMBLY
January 9, 2025
Introduced by M. of A. PAULIN -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to providing for interest to accrue on missed installment payments beginning from the due date of such missed installment payment
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 924-a of the real property tax law is amended by adding a new subdivision 4 to read as follows:
4. Notwithstanding any provisions of this chapter, or any other general, special or local law to the contrary, in any case where an owner of real property has elected to pay taxes in installments, if any such installment is not paid on or before the date when due, additional interest shall only begin to accrue from the due date of such missed installment payment at the rate as determined pursuant to this section, or such other law as may locally be applicable.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01408-01-5
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.