New York Laws
Article 31 - Real Estate Transfer Tax
1416 - Interest and Civil Penalties.

(b) Any grantor or grantee failing to file a return or to pay any tax
within the time required by this article shall be subject to a penalty
of ten per centum of the amount of tax due plus an interest penalty of
two per centum of such amount for each month of delay or fraction
thereof after the expiration of the first month after such return was
required to be filed or such tax became due, such interest penalty shall
not exceed twenty-five per centum in the aggregate. If the commissioner
of taxation and finance determines that such failure or delay was due to
reasonable cause and not due to willful neglect, the commissioner shall
remit, abate or waive all of such penalty and such interest penalty.
(c) If any amount of tax is not paid on or before the last date
prescribed in section fourteen hundred ten of this chapter for payment,
interest at the underpayment rate set by the commissioner on such amount
shall be paid for the period from such last date to the date paid. The
commissioner shall set the rate of interest to be paid at the
underpayment rate of interest prescribed in subsection (e) of section
one thousand ninety-six of this chapter. Interest under this subdivision
shall not be paid if the amount thereof is less than one dollar.
(d) The penalties and interest provided for in this section shall be
paid to the commissioner of taxation and finance and shall be
determined, assessed, collected and distributed in the same manner as
the tax imposed by this article and any reference to tax in this article
shall be deemed to refer to the penalties and interest imposed in this
section.