Interest rates on court-ordered property tax refunds

The rate of interest on refunds in real property tax certiorari proceedings is the “overpayment rate” as set annually by the Commissioner of Taxation and Finance pursuant to section 697(j) of the Tax Law.  (The overpayment rates may be found on the Interest Rates: All Years webpage.)  The certiorari refund interest rate is to be applied (1) from the date of the payment of the tax to be refunded to the date of entry of the final order, and (2) from the date of an application for audit and payment of such refund to the appropriate fiscal officer or body to the date of payment of such refund. The interest to be paid is simple interest, not compound interest.  For more information, see Volume 11 Opinion of Counsel SBRPS No. 75.