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What are the penalty and interest rates if I do not pay my property taxes timely?

April 26, 2017interest rates pay penalty property taxes timely

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What are the penalty and interest rates if I do not pay my property taxes timely?

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The penalty rate is 10% of the principal balance owing at the time the due date has passed on each unpaid installment. The interest rate charged is 2% above the prime rate as of April 15th of each year. The interest rate is multiplied by the unpaid principal balance. Interest charges accrue monthly.