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HF 1721

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/17/2023 12:16am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to taxation; property; modifying the interest rate on delinquent property
taxes; amending Minnesota Statutes 2022, sections 279.03, subdivision 1a; 282.261,
subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 279.03, subdivision 1a, is amended to read:


Subd. 1a.

Rate.

(a) Except as provided in deleted text begin paragraphdeleted text end new text begin paragraphsnew text end (b)new text begin and (c)new text end , interest on
delinquent property taxes, penalties, and costs unpaid on or after January 1 is payable at the
per annum rate determined in section 270C.40, subdivision 5. deleted text begin If the rate so determined is
less than ten percent, the rate of interest is ten percent.deleted text end The maximum per annum rate is 14
percent if the rate specified under section 270C.40, subdivision 5, exceeds 14 percent. The
rate is subject to change on January 1 of each year.

(b) If a person is the owner of one or more parcels of property on which taxes are
delinquent, and the delinquent taxes are more than 25 percent of the prior year's school
district levy, interest on the delinquent property taxes, penalties, and costs unpaid is payable
at twice the rate determined under paragraph (a) for the year.

new text begin (c) A county board, by resolution, may establish an interest rate lower than the interest
rate determined under paragraph (a).
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for property taxes, penalties, and costs
determined to be delinquent on or after January 1, 2024.
 new text end

Sec. 2.

Minnesota Statutes 2022, section 282.261, subdivision 2, is amended to read:


Subd. 2.

Interest rate.

new text begin (a) Except as provided under paragraph (b), new text end the unpaid balance
on any repurchase contract approved by the county board is subject to interest at the rate
determined in section 279.03, subdivision 1a. The interest rate is subject to change each
year on the unpaid balance in the manner provided for rate changes in section 279.03,
subdivision 1a.

new text begin (b) A county board, by resolution, or a county auditor, if delegated the responsibility to
administer tax-forfeited land assigned to the county board as provided under section 282.135,
may establish an interest rate lower than the interest rate determined under paragraph (a).
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2024.
 new text end