AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

SB 330 allows cities and towns to create ordinances that permit the waiver of interest on one quarter's overdue property tax payment. This applies to both residential and commercial property owners who meet specific criteria, such as owning the property for at least five years and having a history of timely tax payments. The bill stipulates that the maximum interest waiver cannot exceed $500 and requires a written request from the taxpayer. If granted, the remaining tax balance can still be paid on a quarterly basis.