SB 1064 Summary

• Municipalities may waive interest on 2020 property tax year delinquent taxes for business, commercial, financial, manufacturing, mercantile, or trading properties upon approval by their legislative body, effective July 1, 2021.

• Reduces the interest rate on delinquent property taxes from 18% to 12% per annum, with a minimum interest charge of $2 per installment that municipalities can elect not to impose.

• Allows tax collectors and assessors to jointly waive interest on delinquent taxes when the delinquency results from an error by tax officials rather than taxpayer action or inaction.

• Requires municipalities to waive all or part of interest on delinquent taxes for taxpayers who have received crime victim compensation under chapter 968.

• Applies the revised interest rate provisions to special assessments imposed by municipalities and to district taxing authorities.