Frederick County - Property Tax - Semiannual Payment Schedule and Imposition of Interest
Impact
The bill introduces a semiannual payment schedule that will apply to both owner-occupied residential properties and qualifying business properties. The governing body of Frederick County is tasked with ensuring that taxpayers receive clear communication regarding due dates for payments and any applicable offers for early payment discounts. By restructuring the payment schedule, the bill seeks to enhance compliance and reduce the risk of delinquency, thus benefiting both taxpayers and the local taxing authority.
Summary
Senate Bill 747, titled 'Frederick County – Property Tax – Semiannual Payment Schedule and Imposition of Interest', proposes modifications to the existing property tax payment schedule in Frederick County. The bill allows for property tax payments to be made in two equal installments instead of in a lump sum, making it more manageable for homeowners and businesses to meet their tax obligations. This change is aimed at easing the financial pressure on property owners, particularly for those on fixed incomes or facing financial difficulties.
Contention
One notable point of contention surrounding SB747 is the imposition of interest on taxes not paid by specific deadlines. The bill allows for the imposition of a service charge for late payments under certain conditions, raising concerns among some business and property owners regarding the potential financial impact. Critics argue that additional service charges could exacerbate financial strain for property owners who may already be struggling to meet tax obligations. Proponents, on the other hand, believe that such measures are necessary to maintain the fiscal health of the county and ensure timely revenue collection.
An Act Concerning A Waiver Of Interest On Property Tax Payments For Certain Real And Personal Property And The Interest Rate For Certain Taxes And Assessments.