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MN HF2800
Bill
Status
Introduced
1/31/2022
Primary Sponsor
Jerry Hertaus
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AI Summary
- Removes the 10 percent minimum interest rate floor on delinquent property taxes, allowing rates to be determined solely by section 270C.40, subdivision 5, with a maximum cap of 14 percent per annum.
- Establishes a doubled interest rate for property owners with delinquent taxes exceeding 25 percent of the prior year's school district levy.
- Permits county boards to establish interest rates lower than the standard rate by resolution for both delinquent property taxes and repurchase contracts on tax-forfeited land.
- Applies the doubled interest rate provision and county board authority to repurchase contracts under Minnesota Statutes section 282.261.
- Effective January 1, 2023, for all delinquent property taxes, penalties, and costs.
Legislative Description
Delinquent property tax interested rate modified.
Last Action
Referred by Chair to Property Tax Division
2/2/2022
Committee Referrals
Property Tax2/2/2022
Taxes1/31/2022
Full Bill Text
No bill text available