§ 489-jjjj. Tax lien; interest rate. 1. All taxes plus interest required to be paid retroactively pursuant to this title shall constitute a tax lien as of the date it is determined such taxes and interest are owed. All interest shall be calculated from the date the taxes would have been due but for the exemption, abatement or deferral claimed pursuant to this title at three per centum above the applicable rate of interest imposed by such city generally for non-payment of real property tax on such date.

Terms Used In N.Y. Real Property Tax Law 489-JJJJ

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

2. All taxes for which payment is deferred pursuant to section four hundred eighty-nine bbbb of this title shall constitute a tax lien as of the date they are due and payable in accordance with the provisions of that section.

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