CT SB00820

Removes the fixed interest rate of 1.5% per month on delinquent property taxes and establishes a default rate of 18% per annum, effective October 1, 2013, for assessment years commencing on or after that date.

Allows municipalities to elect, by legislative vote, to subject delinquent property taxes to interest rates of up to 18% per annum rather than the default rate.

Requires tax collector notices to state the specific interest rate at which delinquent taxes will accrue.

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

Extends the 18% interest rate provisions to personal property taxes and tax sale redemptions, with municipalities that adopt the optional rate provisions able to apply rates up to 18% on redemption interest.