New York S06166 sets a minimum and maximum delinquent tax interest rate for residential real property.

New York S06166 amends the real property tax law to establish a minimum and maximum delinquent tax interest rate for residential real property. The interest rate will be one-twelfth of the prime interest rate, rounded to the nearest one-hundredth of a percentage point. The initial determination of the prime interest rate will be based on the 2026 rate, with subsequent determinations every five years. The interest rate cannot be less than 2% or more than 16%.

New York S06166 sets a minimum and maximum delinquent tax interest rate for residential real property.

New York S06166 amends the real property tax law to establish a minimum and maximum delinquent tax interest rate for residential real property. The interest rate will be one-twelfth of the prime interest rate, rounded to the nearest one-hundredth of a percentage point. The initial determination of the prime interest rate will be based on the 2026 rate, with subsequent determinations every five years. The interest rate cannot be less than 2% or more than 16%.