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Municipal Groups Warn Against Cutting Delinquent‑tax Interest Rate Without Implementation Details
Summary
Connecticut municipal associations told the committee reducing the statutory delinquent‑tax interest rate (currently 1.5% per month, often cited as 18% per year) could undermine collection incentives and shift costs to other taxpayers; CCM said towns are open to negotiated proration or targeted relief but want administrable, uniform rules.
Representatives of municipal organizations told the Planning and Development Committee that proposed reductions in the delinquent property‑tax interest rate warrant careful review and implementation design.
Randy Collins, associate director of policy for the Connecticut Conference of Municipalities, described current statutory interest practice as "1.5% a month" on overdue property tax principal and said it is applied as simple (non‑compounding) interest. Collins told members the…
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