MN HF2517

Modifies Minnesota Statutes section 279.37, subdivision 2, regarding installment payment offers for delinquent property taxes.

For primary homestead properties classified as 1a or 1b, establishes interest rate as the greater of five percent or two percent above the prime rate charged by banks during the six-month period ending September 30, rounded to the nearest full percent.

Interest rate determined annually by the commissioner of revenue by October 15, with certification to county auditors by November 1, and becomes effective January 1 of the following year.

Rate established at time of judgment confession remains fixed for the duration of that judgment; if default occurs, standard interest rate under section 279.03 applies instead.

Commissioner's interest rate determination is not subject to the Administrative Procedure Act and is not considered a "rule."