Sets minimum and maximum delinquent tax interest rates for residential real property.

This bill amends the real property tax law to establish a minimum and maximum delinquent tax interest rate for payments due on residential real property. The interest rate will be set at one-twelfth of the prime interest rate, determined by the commissioner, but will not fall below 2% or exceed 16%. This limitation applies to all residential real property, including units held in condominium form, except for vacant and abandoned properties listed on the statewide registry.

Sets minimum and maximum delinquent tax interest rates for residential real property.

This bill amends the real property tax law to establish a minimum and maximum delinquent tax interest rate for payments due on residential real property. The interest rate will be set at one-twelfth of the prime interest rate, determined by the commissioner, but will not fall below 2% or exceed 16%. This limitation applies to all residential real property, including units held in condominium form, except for vacant and abandoned properties listed on the statewide registry.