Relates to delinquent tax interest rates

This bill establishes specific limits on interest rates charged on overdue property taxes for residential real estate. Starting in the 2025 fiscal year, the interest rate for these payments cannot be higher than the prime interest rate set by the commissioner, nor can it fall below 2% or rise above 16%. These caps apply to condominiums and cooperatives, while vacant and abandoned properties listed on a state registry remain exempt from these restrictions. The law overrides any local rules that previously set interest rates above the new 16% maximum.