New legislation aims to reduce property tax interest rates in New York, adjusting a policy that has been unchanged since 1983.
State Sen. Sean Ryan, D-Buffalo, noted that while interest rates for delinquent property taxes were set at 12% in the ’80s, the rate hasn’t exceeded that since 1984. The new bill, sponsored by Ryan, would cap the rate at the federal prime rate, adjusted every five years, with a maximum of 16%. Currently, some counties charge as high as 18%.
The change seeks to help homeowners stay in their homes and reduce the burden on local governments dealing with foreclosed properties. Amherst Town Supervisor Brian Kulpa supports the bill, believing it will lower operational costs and benefit small businesses and seniors. The bill awaits the governor’s signature to become law.
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