Bill Text: NY A06318 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 6318 (Prior Session Legislation)

Introduced

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

Spectrum: Moderate Partisan Bill (Republican 6-1)

Status: (Introduced - Dead) 2014-01-08 - referred to real property taxation [A06318 Detail]

Download: New_York-2013-A06318-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6318
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 25, 2013
                                      ___________
       Introduced by M. of A. NOJAY, TENNEY, BORELLI, CORWIN -- Multi-Sponsored
         by  --  M.  of  A.    ARROYO,  HAWLEY -- 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    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06107-01-3