US Laws, Codes, Statutes & Cases

 
    § 11-224.1 Interest on unpaid real property tax.
    (a)  For  real  property  with  an  assessed  value of eighty thousand
  dollars or less, if an installment of tax due and payable is not paid by
  July fifteenth, October fifteenth, January fifteenth or April fifteenth,
  interest shall be imposed on such unpaid amounts.
    (b) For real property with an assessed value of over  eighty  thousand
  dollars,  if  an  installment of tax due and payable is not paid by July
  first or January  first,  interest  shall  be  imposed  on  such  unpaid
  amounts.
    (c)  Interest rates on tax due and payable on or after July first, two
  thousand five.
    If the council does not adopt interest rates, the rates shall  be  (a)
  for  real  property with an assessed value of eighty thousand dollars or
  less, seven percent per  annum;  and  (b)  for  real  property  with  an
  assessed  value  of  over  eighty  thousand dollars, fifteen percent per
  annum.
    (d) (i) Any tax or part of a tax that became due  before  July  first,
  two  thousand five and remains unpaid after June thirtieth, two thousand
  five,  shall  continue  to  accrue  interest  until  paid  at  the  rate
  applicable under this section.
    (ii)  This  section  shall  not  apply to interest accrued before July
  first, two thousand five.
    (e) Council adopted rates. By  May  twenty-fifth  of  each  year,  the
  banking commission shall send a written recommendation to the council of
  a  proposed  interest rate to be charged for nonpayment of taxes on real
  property. The commission shall consider the  prevailing  interest  rates
  charged  for  commercial loans extended to prime borrowers by commercial
  banks operating in the city and:
    (i) for real property  with  an  assessed  value  of  eighty  thousand
  dollars  or less, shall propose a rate at least equal to such prevailing
  prime rate;
    (ii) for real property with an assessed value of over eighty  thousand
  dollars,  shall propose a rate of at least six percent per annum greater
  than such prevailing prime rate.
    The council may by resolution adopt interest rates to be applicable to
  the aforementioned properties and may specify  in  such  resolution  the
  date that such rates will take effect.
    (f)  If the tax rate for any fiscal year of the city is not set by the
  fifteenth of June preceding the start  of  such  fiscal  year,  interest
  shall  not  be  charged for the first installment of tax which is due on
  the first day of July in such fiscal year if such installment is paid on
  or before  the  extended  payment  date.  For  this  purpose,  the  term
  "extended  payment  date"  means the date which falls the same number of
  days after the first day of July in such fiscal year as  the  number  of
  days  the  date  such  tax rate is set falls after such fifteenth day of
  June.
    (g) For purposes of this section, property  held  in  the  cooperative
  form  of ownership shall not be deemed to have an assessed value of over
  eighty thousand dollars if the property's assessed value divided by  the
  number  of residential dwelling units is eighty thousand dollars or less
  per unit.