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

HB 7568 allows cities or towns to waive interest on overdue property tax payments for commercial or residential properties, but only under strict conditions. To qualify, property owners must have owned the property for five years, made all tax payments on time for five years, submit a written request, and have the overdue bill issued within two years. The waiver covers interest only (not the tax amount itself), with a maximum reduction of $500 per request. Local governments must create ordinances to implement this, and decisions must be documented with a notice to the city council. The bill does not change tax rates or obligations but provides limited relief for late payments meeting specific criteria.