Bill Text: MN SF1914 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Delinquent property taxes interest rate modification
Sponsorship: Bipartisan Bill
Status: (Introduced - Dead) 2012-02-16 - Referred to Taxes [SF1914 Detail]
Download: Minnesota-2011-SF1914-Introduced.html
1.2relating to taxation; property; changing the interest rate on delinquent property
1.3taxes;amending Minnesota Statutes 2010, section 279.03, subdivisions 1a, 2.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 279.03, subdivision 1a, is amended to read:
1.6 Subd. 1a. Rate after December 31, 1990. (a) Except as provided inparagraph
1.7paragraphs (b) and (c), interest on delinquent property taxes, penalties, and costs unpaid
1.8on or after January 1,1991, 2013, shall be payable at the per annum rate determined in
1.9section 270C.40, subdivision 5. If the rate so determined is less than four percent, the rate
1.10of interest shall be four percent. The maximum per annum rate shall be seven percent if
1.11the rate specified under section 270C.40, subdivision 5, exceeds seven percent. The rate is
1.12subject to change on January 1 of each year.
1.13(b) Except as provided in paragraph (c), interest on delinquent taxes, penalties, and
1.14costs unpaid on or after January 1, 1991, and before January 1, 2013, shall be payable at
1.15the per annum rate determined in section270C.40, subdivision 5 . If the rate so determined
1.16is less than ten percent, the rate of interest shall be ten percent. The maximum per annum
1.17rate shall be 14 percent if the rate specified under section270C.40, subdivision 5 , exceeds
1.1814 percent. The rate shall be subject to change on January 1 of each year.
1.19(b) (c) If a person is the owner of one or more parcels of property on which taxes are
1.20delinquent, and the delinquent taxes are more than 25 percent of the prior year's school
1.21district levy, interest on the delinquent property taxes, penalties, and costs unpaid after
1.22January 1, 1992, shall be payable at twice the rate determined under paragraph (a) for
1.23the year.
2.1EFFECTIVE DATE.This section is effective the day following final enactment.
2.2 Sec. 2. Minnesota Statutes 2010, section 279.03, subdivision 2, is amended to read:
2.3 Subd. 2. Composite judgment. Amounts included in composite judgments
2.4authorized by section279.37, subdivision 1 , and are subject to the following interest rates:
2.5(a) Amounts confessed on or after July 1, 1982, and before January 1, 1991, are
2.6subject to interest at the rate determined pursuant to section549.09 .
2.7(b) Amounts confessedunder this authority on or after December 31, 1990, and
2.8before January 1, 2013, are subject to interest at the rate calculated under subdivision
2.91a, paragraph (b).
2.10(c) Amounts confessed on or after January 1, 2013, are subject to interest at the rate
2.11calculated under subdivision 1a, paragraph (a).
2.12(d) During each calendar year, interest shall accrue on the unpaid balance of the
2.13composite judgment from the time it is confessed until it is paid. The rate of interest is
2.14subject to change each year in the same mannerthat as section
549.09 or subdivision 1a,
2.15whichever is applicable, for rate changes. Interest on the unpaid contract balance on
2.16judgments confessed before July 1, 1982, is payable at the rate applicable to the judgment
2.17at the time that it was confessed.
2.18EFFECTIVE DATE.This section is effective the day following final enactment.
1.3taxes;amending Minnesota Statutes 2010, section 279.03, subdivisions 1a, 2.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 279.03, subdivision 1a, is amended to read:
1.6 Subd. 1a. Rate after December 31, 1990. (a) Except as provided in
1.7paragraphs (b) and (c), interest on delinquent property taxes, penalties, and costs unpaid
1.8on or after January 1,
1.9section 270C.40, subdivision 5. If the rate so determined is less than four percent, the rate
1.10of interest shall be four percent. The maximum per annum rate shall be seven percent if
1.11the rate specified under section 270C.40, subdivision 5, exceeds seven percent. The rate is
1.12subject to change on January 1 of each year.
1.13(b) Except as provided in paragraph (c), interest on delinquent taxes, penalties, and
1.14costs unpaid on or after January 1, 1991, and before January 1, 2013, shall be payable at
1.15the per annum rate determined in section
1.16is less than ten percent, the rate of interest shall be ten percent. The maximum per annum
1.17rate shall be 14 percent if the rate specified under section
1.1814 percent. The rate shall be subject to change on January 1 of each year.
1.19
1.20delinquent, and the delinquent taxes are more than 25 percent of the prior year's school
1.21district levy, interest on the delinquent property taxes, penalties, and costs unpaid after
1.22January 1, 1992, shall be payable at twice the rate determined under paragraph (a) for
1.23the year.
2.1EFFECTIVE DATE.This section is effective the day following final enactment.
2.2 Sec. 2. Minnesota Statutes 2010, section 279.03, subdivision 2, is amended to read:
2.3 Subd. 2. Composite judgment. Amounts included in composite judgments
2.4authorized by section
2.5(a) Amounts confessed on or after July 1, 1982, and before January 1, 1991, are
2.6subject to interest at the rate determined pursuant to section
2.7(b) Amounts confessed
2.8before January 1, 2013, are subject to interest at the rate calculated under subdivision
2.91a, paragraph (b).
2.10(c) Amounts confessed on or after January 1, 2013, are subject to interest at the rate
2.11calculated under subdivision 1a, paragraph (a).
2.12(d) During each calendar year, interest shall accrue on the unpaid balance of the
2.13composite judgment from the time it is confessed until it is paid. The rate of interest is
2.14subject to change each year in the same manner
2.15whichever is applicable, for rate changes. Interest on the unpaid contract balance on
2.16judgments confessed before July 1, 1982, is payable at the rate applicable to the judgment
2.17at the time that it was confessed.
2.18EFFECTIVE DATE.This section is effective the day following final enactment.
