CT HB05317

Removes the specific 1.5% monthly interest rate on delinquent property taxes and requires tax collectors to notify taxpayers of the applicable interest rate in delinquent tax notices.

Changes the method of calculating interest on delinquent taxes from fractional month calculation to per diem (daily) basis calculation.

Allows municipalities to elect by legislative vote to impose a 12% per annum interest rate on delinquent property taxes instead of the default 18% per annum rate.

Permits tax collectors and assessors to jointly waive interest on delinquent taxes when delinquency results from assessor or collector error and not taxpayer action or inaction.

Applies the same interest rate provisions to municipal cost assessments for property inspection, repair, demolition, and removal when added to property taxes, effective October 1, 2012.