S 526: Provides for interest to accrue on missed installment payments beginning from the due date of such missed installment payment.

  
  STATE OF NEW YORK ________________________________________________________________________ 526 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sen. MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to providing for interest to accrue on missed installment payments beginning from the due date of such missed installment payment The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 924-a of the real property tax law is amended by 2 adding a new subdivision 4 to read as follows: 3 4. Notwithstanding any provisions of this chapter, or any other gener- 4 al, special or local law to the contrary, in any case where an owner of 5 real property has elected to pay taxes in installments, if any such 6 installment is not paid on or before the date when due, additional 7 interest shall only begin to accrue from the due date of such missed 8 installment payment at the rate as determined pursuant to this section, 9 or such other law as may locally be applicable. 10 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01408-01-5