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Release Date: March 20, 2003

The Greenburgh Town Board will be requesting Senator Spano and Assemblyman Brodsky to introduce legislation to reduce interest rates paid by municipalities for tax certiorari judgments. In recent weeks we've received lots of bad news from NY State officials about the budget. Municipalities are limited in the ways we can create revenues, relying in large part upon real property taxes. We are also required to pay interest upon judgments in property tax (tax certiorari) proceedings. The current interest rates are far in excess of the normal market -between 6 and 8%. This hampers our ability to litigate. If we lose we pay interest on top of the award. We need legislation to reduce the number to a more realistic level.

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