Prohibits counties from charging interest on entire personal property tax liabilities when a taxpayer has made installment payments

HB 1429 changes how counties handle interest charges on personal property taxes when taxpayers make installment payments. Under the new rules, counties would only charge interest on the specific unpaid balance due, rather than on the entire tax liability, even if some payments have already been made. This provision aims to prevent penalties on money that taxpayers have already paid toward their bill. The bill applies to counties that choose to offer installment plans for personal property taxes, while excluding certain financial institutions that manage tax payments through escrow accounts.