What is the amount of penalty and interest charged by taxing authorities?
Property taxes are due January 31st of each year. If taxes go delinquent, the taxing authority adds a 6% penalty and 1% interest, both of which increase 1% per month until July 1st at which time the taxing authority may also add up to 20% for attorney fees. Therefore, property taxes delinquent on July 1st can incur 38% in interest, penalties, and fees – and that rate increases 1% each month thereafter.
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