New York A10475 authorizes counties to set interest rates on late property tax payments and delinquencies, and establishes rules for redeeming.

New York A10475 amends the real property tax law to allow counties to determine interest rates for late property tax payments and delinquencies. It specifies that a five percent interest rate should be added to unpaid taxes, except in cases where the property is an owner-occupied residential property. The bill also outlines rules for redeeming property subject to multiple tax liens, requiring that the liens be redeemed in reverse chronological order. If the earliest lien remains unredeemed for three years or more, the enforcement process continues.

New York A10475 authorizes counties to set interest rates on late property tax payments and delinquencies, and establishes rules for redeeming.

New York A10475 amends the real property tax law to allow counties to determine interest rates for late property tax payments and delinquencies. It specifies that a five percent interest rate should be added to unpaid taxes, except in cases where the property is an owner-occupied residential property. The bill also outlines rules for redeeming property subject to multiple tax liens, requiring that the liens be redeemed in reverse chronological order. If the earliest lien remains unredeemed for three years or more, the enforcement process continues.