Relates to delinquent tax interest rates

This bill establishes specific limits on the interest rates charged on overdue property taxes for residential real estate. It mandates that interest rates must be at least 2% and cannot exceed 16%, with a cap tied to the prime interest rate set by the commissioner. These rules apply to condominiums and cooperatives but exclude vacant and abandoned properties, overriding any local laws that set higher rates. The bill also requires the prime interest rate to be determined every five years, starting with the 2025 rate.