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Senate Counsel, Research
and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 1914 - Changing Interest Rates on Delinquent Property Taxes
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Author:
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Senator Thomas M. Bakk
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Prepared By:
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Eric S. Silvia, Senate Counsel (651/296-1771)
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Date:
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March 26, 2012
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Each year interest rates on delinquent property taxes are set to equal the official or prime rate charged by banks during the six-month period ending September 30th of the preceding year with a minimum rate of 10 percent and a maximum rate of 14 percent.
Section 1 reduces the minimum rate to 4 percent and reduces the maximum rate to 7 percent, beginning January 1, 2013.
Section 2 clarifies that the interest rates as set forth in Section 1 apply to composite judgments confessed on or after January 1, 2013.
ESS:dv
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Last review or update: 03/26/2012
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