Relates to delinquent tax interest rates

This bill establishes a floor and ceiling for interest rates charged on overdue property taxes for residential real estate. It mandates that the interest rate cannot be lower than 2% or higher than 16% per year, with the specific rate capped at the prime interest rate determined by the commissioner. These limits apply to condominiums and cooperatives starting in the 2026 fiscal year, while excluding vacant and abandoned properties from the cap. The law overrides any local rules that previously set higher interest rates for these residential properties.