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A 1110

Provides for interest to accrue on missed installment payments beginning from the due date of such missed installment payment

2025 Regular Session Introduced by Amy Paulin

Bill A 1110 ensures interest on missed property tax installment payments starts accruing immediately from the due date, promoting timely payments by property owners.

REFERRED TO REAL PROPERTY TAXATION
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Bill Summary · A 1110

Summary of Bill A 1110

Bill Information

  • Bill Number: A 1110
  • Title: Provides for interest to accrue on missed installment payments beginning from the due date of such missed installment payment
  • Status: Referred to Real Property Taxation
  • Introduced: January 09, 2025
  • Classification: Bill

Purpose and Intent

Bill A 1110 aims to establish a clear framework for the accrual of interest on missed installment payments related to property taxes. The primary intent is to ensure that interest begins to accumulate on any missed payments from the exact due date, thereby encouraging timely payment and providing a financial incentive for property owners to stay current with their tax obligations.

Key Provisions

  • Interest Accrual: The bill stipulates that interest will start accruing on any missed installment payment from the due date of that payment. This change is intended to clarify the timeline for interest calculations and enhance the financial accountability of property owners.
  • Implementation: The bill does not specify the interest rate; however, it implies that the existing rate applicable to property tax payments will apply to the accrued interest on missed installments.

Affected Parties

  • Property Owners: The primary group affected by this bill will be property owners who make installment payments on their property taxes. They will need to be aware that missing a payment will result in immediate interest charges.
  • Local Governments: Municipalities and local governments that rely on property tax revenues may benefit from this bill, as it could encourage timely payments and reduce the incidence of delinquent accounts.

Procedural Aspects

  • Legislative Status: As of January 9, 2025, Bill A 1110 has been referred to the Real Property Taxation committee for further consideration. The progress of the bill will depend on discussions and potential amendments within this committee.
  • Related Legislation: This bill is related to prior-session bills A 8514 and A 2711, as well as companion bill S 526, which may share similar objectives or provisions regarding property tax payments and interest accrual.

Conclusion

Bill A 1110 seeks to enhance the financial responsibility of property owners by ensuring that interest on missed installment payments begins to accrue immediately from the due date. This legislative measure could have significant implications for property tax collection practices and the financial management of local governments. As the bill progresses through the legislative process, stakeholders will need to monitor its developments closely.

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

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