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HF 2313

as introduced - 87th Legislature (2011 - 2012) Posted on 02/15/2012 02:02pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to taxation; property; changing the interest rate on delinquent property
taxes; amending Minnesota Statutes 2010, section 279.03, subdivisions 1a, 2.

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

Section 1.

Minnesota Statutes 2010, section 279.03, subdivision 1a, is amended to read:


Subd. 1a.

Rate after December 31, 1990.

(a) Except as provided in deleted text begin paragraphdeleted text end new text begin
paragraphs
new 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, deleted text begin 1991,deleted text end new text begin 2013, shall be payable at the per annum rate determined in
section 270C.40, subdivision 5. If the rate so determined is less than four percent, the rate
of interest shall be four percent. The maximum per annum rate shall be seven percent if
the rate specified under section 270C.40, subdivision 5, exceeds seven percent. The rate is
subject to change on January 1 of each year.
new text end

new text begin (b) Except as provided in paragraph (c), interest on delinquent taxes, penalties, and
costs unpaid on or after January 1, 1991, and before January 1, 2013,
new text end shall be payable at
the per annum rate determined in section 270C.40, subdivision 5. If the rate so determined
is less than ten percent, the rate of interest shall be ten percent. The maximum per annum
rate shall be 14 percent if the rate specified under section 270C.40, subdivision 5, exceeds
14 percent. The rate shall be subject to change on January 1 of each year.

deleted text begin (b)deleted text end new text begin (c)new text end 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 after
January 1, 1992, shall be payable at twice the rate determined under paragraph (a) for
the year.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2.

Minnesota Statutes 2010, section 279.03, subdivision 2, is amended to read:


Subd. 2.

Composite judgment.

Amounts included in composite judgments
authorized by section 279.37, subdivision 1, deleted text begin anddeleted text end new text begin are subject to the following interest rates:
new text end

new text begin (a) Amountsnew text end confessed on or after July 1, 1982, new text begin and before January 1, 1991, new text end are
subject to interest at the rate determined pursuant to section 549.09.

new text begin (b) new text end Amounts confessed deleted text begin under this authoritydeleted text end new text begin on ornew text end after December 31, 1990, new text begin and
before January 1, 2013,
new text end are subject to interest at the rate calculated under subdivision
1anew text begin , paragraph (b)new text end .

new text begin (c) Amounts confessed on or after January 1, 2013, are subject to interest at the rate
calculated under subdivision 1a, paragraph (a).
new text end

new text begin (d) new text end During each calendar year, interest shall accrue on the unpaid balance of the
composite judgment from the time it is confessed until it is paid. The rate of interest is
subject to change each year in the same manner deleted text begin thatdeleted text end new text begin asnew text end section 549.09 or subdivision 1a,
whichever is applicable, for rate changes. Interest on the unpaid contract balance on
judgments confessed before July 1, 1982, is payable at the rate applicable to the judgment
at the time that it was confessed.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end