HB 1673 (2018)

Changes the interest rates on late and delinquent property tax payments from a fixed rate of 12% for pre-lien payments and 18% for post lien payments, to the annual underpayment rate determined by the Commissioner of Revenue Administration, based on the rate specified in the Internal Revenue Code. This would most likely lower the interest rates on late and delinquent property taxes. The Senate amended the bill to lower the interest rates on late and delinquent property tax payments to new fixed rates of 8% for pre-lien payments and 14% for post lien payments.