Interest rate charged on confessions of judgements for homestead property modified.

HF 364 modifies the interest rate homeowners pay when they legally agree to pay delinquent property taxes on their homestead (primary residence) property. It sets the annual interest rate at the higher of 5% or 2% above the average prime rate charged by banks, rounded to the nearest whole percent, but not exceeding the maximum allowed by law. The Minnesota Department of Revenue must calculate and certify this rate each year by November 1st, based on the previous September's prime rate. This change affects homeowners who confess judgment (agree to pay taxes through a court process) for unpaid taxes on their primary residence.