Sec. 2395.1. Interestrates determined under section 924-a of the Real Property Tax Law

For purposes of section924-a of the Real Property Tax Law, the rate of interest applicableto the third calendar quarter of each year as set on or before the15th day of July in each year by the Commissioner of Taxation andFinance pursuant to section 697(j) of the Tax Law shall, except asotherwise provided by law, be the rate of interest for the collectionperiod commencing on or after the first day of September next succeedingthe date the rate of interest is set. In no event shall the rate beless than the rate of interest specified by section 924-a of the RealProperty Tax Law. The rate of interest is set without promulgationby a regulation of the Commissioner of Taxation and Finance. See Part2393 of this Chapter for further information regarding the rate ofinterest set under section 697(j) of the Tax Law.