What is the interest rate on delinquent taxes?
The state requires all municipalities to impose an 18% tax rate per annum on outstanding taxes not paid by August 1st. The rate accrued is 1.5% per month on any principal tax amount due. The due date is used when determining the time period the tax amount is late, hence even though August is the last day to pay, July 1st is the date used when delinquent for the 1st installment and January 1st is the date used for the 2nd installment. Note: There is a $2.00 minimum interest charge per state statute.
