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HB 6428

AN ACT REDUCING THE INTEREST RATE ON DELINQUENT PROPERTY TAX PAYMENTS.

2025 Regular Session Introduced by Tom Delnicki and 2 co-sponsors

The bill aims to reduce the interest rate on delinquent property taxes, lowering the cost of unpaid taxes for overdue accounts.

PUBLIC HEARING 0219
#delinquentpropertytax #interest
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Bill Summary · HB 6428

Summary of HB 6428: AN ACT REDUCING THE INTEREST RATE ON DELINQUENT PROPERTY TAX PAYMENTS

Basic bill information

  • Bill Number: HB 6428
  • Title: AN ACT REDUCING THE INTEREST RATE ON DELINQUENT PROPERTY TAX PAYMENTS
  • Subject: Delinquent property tax; interest
  • Introduced: January 23, 2025
  • Status and timeline:
    • January 23, 2025: Referred to the Joint Committee on Planning and Development
    • February 10, 2025: Reserved for Subject Matter Public Hearing
    • February 14, 2025: Public Hearing 0219

Purpose and intent

The bill is designed to reduce the interest rate charged on delinquent property tax payments. The stated aim is to modify the cost of carrying unpaid property taxes, potentially making it less punitive for taxpayers who fall behind.

Key provisions (what to look for in the bill text)

Note: The specific numeric terms and detailed provisions are not provided in the summary. The actual bill text would define:
- The new interest rate on delinquent property tax payments (and how it compares to the current rate)
- The method of calculation (e.g., simple vs. compound interest)
- The applicability (which jurisdictions or properties it covers; statewide or limited scopes)
- Effective date and any transition rules
- Exceptions (e.g., senior citizens, hardship cases, caps on total interest)
- Interplay with penalties, fees, or other charges
- Administrative responsibilities for tax collection agencies
- Reporting or sunset provisions (whether the rate reverts or is revisited)

Potential impact and who would be affected

  • Delinquent taxpayers: Likely to pay less interest on overdue property taxes, improving affordability and reducing the total amount due in some cases.
  • Local governments and tax collectors: Could see reduced interest revenue from delinquent accounts; may affect budgeting and cash flow assumptions.
  • Tax policy and equity considerations: The change could shift incentives for timely payment and might raise policy questions about fairness between current-year payers and delinquent accounts.

Procedural and timeline considerations

  • The bill was introduced and assigned to the Planning and Development committee, indicating a focus on property-related planning and fiscal matters.
  • Public hearings are part of the process, with a scheduled public hearing (Public Hearing 0219) and a separate subject-matter hearing slot mentioned.
  • Final legislative fate will depend on committee testimony, potential amendments, and subsequent floor votes.

Next steps for readers

  • Review the full bill text to see the exact proposed rate, calculation method, scope, and any transitional provisions.
  • Monitor committee reports and fiscal analyses to understand expected revenue impact and implementation costs.
  • Consider how the change interacts with local tax collection practices and existing delinquency policies in your jurisdiction.
  • Note dates of further hearings or votes to anticipate next actions in the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

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