Bill Text: NY A05799 | 2017-2018 | General Assembly | Introduced

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Bill Title: Provides that if an assessment is challenged and ultimately reduced, the petitioner is entitled to interest on the refunded amount.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2018-01-03 - referred to real property taxation [A05799 Detail]

Download: New_York-2017-A05799-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5799
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 15, 2017
                                       ___________
        Introduced  by  M.  of  A. ERRIGO, MORINELLO, CASTORINA -- read once and
          referred to the Committee on Real Property Taxation
        AN ACT to amend the real property tax law, in relation to  allowing  for
          interest on the amount refunded after a reduced assessment
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 722 of the real property  tax  law  is  amended  by
     2  adding a new subdivision 3 to read as follows:
     3    3.  If  an  assessment is challenged and ultimately reduced, the peti-
     4  tioner shall be entitled to interest on any amount refunded at an annual
     5  interest rate equal to that charged  by  the  refunding  unit  for  late
     6  payment of real property taxes.
     7    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09051-01-7