Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Implement a Temporary Interest Reduction Program
Purpose: To reduce the interest rates charged on delinquent property taxes, City-owned Municipal Tax Liens, Tax Abatement charges and Water and Sewer charges for the year(s) 2020 and prior.
Program Period: May 1, 2021 through August 31, 2021 only.
Additional Information:
Current Rate Proposed Rate
8% on first $1,500.00 delinquency 4% on first $1,500.00 delinquency
18% on remaining balance 9% on remaining balance
The controlling Departments for the Temporary Interest Reduction Program are the Department of Finance and the Department of Water and Sewer Utilities.
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WHEREAS, the Coronavirus (COVID-19) Pandemic continues to cause a financial hardship on property owners, residents and homeowners and the City Administration and Municipal Council recognized that there is an ongoing need to assist those who are delinquent in their property taxes and water/sewer payments by offering a short term "Interest Reduction Program"; and
WHEREAS, given the serious financial issues caused by the COVID-19 Pandemic, the City Administration and Municipal Council desires to set forth an Interest Reduction Program to include Delinquent Property Taxes, City-owned Municipal Tax Liens, Tax Abatement charges and Water and Sewer charges for the year(s) 2020 and prior, and will authorize the Director of the Department of Finance, the Tax Collector, the Manager of Special Taxes and Tax Abatements and the Director of the Department of Water and Sewer Utilities to reduce the current interest rates of 8% on the first $1,500.00 of delinquency and 18% on the balance; to 4% on the first $1,500.00 of delinquency and 9% on the balance of said delinquent charges for the period of May 1, 2021 through August 31, 2021 only; and
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