Vote Smart's Synopsis:

Vote to pass a bill that authorizes governing bodies of cities and towns to reduce interest rates on unpaid property taxes, subsequent payments, and other unpaid taxes, whereas existing law required a flat 12 percent interest rate for 1 year, upon which the interest rate is increased to 18 percent.

Highlights:

-Authorizes governing bodies of cities and towns to set an interest rate within the range of 6 and 12 percent in lieu of the mandatory 12 percent required by existing law for the first year (Sec. 1). -Authorizes governing bodies of cities and towns to set an interest rate within the range of 9 and 18 percent in lieu of the mandatory 18 percent required by existing law for unpaid property taxes, subsequent payments, and other unpaid taxes after 1 year (Sec. 1). -Requires governing bodies of cities and towns that reduced interest rates on unpaid property taxes, subsequent payments, and other unpaid taxes to assess such interest rates beginning April 1, and specifies that any amendments shall apply beginning April 1 of the following tax year (Sec. 1).

Full Bill Text