N.Y. Real Property Tax Law § 924-a: Interest rate on late payment of taxes and delinquencies

§ 924-a. Interest rate on late payment of taxes and delinquencies. 1.

The amount of interest to be added on all taxes received after the

interest free period and all delinquent taxes shall be one-twelfth the

rate of interest as determined pursuant to subdivision two or two-a of

this section rounded to the nearest one-hundredth of a percentage point,

except as otherwise provided by a general or special law, or a local law

adopted by a city pursuant to the municipal home rule law or any special

law. Such interest shall be added for each month or fraction thereof

until such taxes are paid.

2. The rate of interest applicable to the third calendar quarter of

each year, as set by the commissioner of taxation and finance pursuant

to subparagraph (A) of paragraph two of subsection (j) of section six

hundred ninety-seven of the tax law, shall be the rate of interest

applicable to unpaid real property taxes for purposes of this section.

Such commissioner shall set such rate on or before the fifteenth day of

July in each year. Such rate shall be effective for all warrants issued

for a collection period commencing on or after the first day of

September next succeeding the date the rate of interest is set.

Provided, however, the rate of interest prescribed by this subdivision

shall in no event be less than twelve per centum per annum. The

commissioner shall inform each affected municipality of any change in

the rate established pursuant to this subdivision.

2-a. Notwithstanding the provisions of subdivision two of this

section, the Schenectady county legislature may adopt, amend or repeal a

local law to prescribe the rate of interest at fifteen per centum per

annum.

3. In any case where a county, by local law, has authorized the

collection of such property taxes in installments, such local law may

establish an interest rate in such local law to be paid in such

installments which is less than the interest rate provided for in

subdivision two of this section. Where such local law does not establish

such a lower interest rate, such rate shall be the rate determined in

accordance with subdivision two of this section.