Bill > H2997

This bill amends Section 69 of Chapter 59 to change the interest rate paid on abated real estate tax bills. Specifically, it states that a person whose tax has been abated shall be reimbursed by the town for the amount of the abatement, including all interest and charges paid, with interest on the abated amount calculated at the U.S. prime rate on July 1st of the fiscal year of the abated tax, as reported by the Federal Reserve. The bill also specifies that no refund shall be paid if there is an outstanding balance on the tax, and no interest shall be paid for any period during which part of the abated tax, net of the abatement, was outstanding.

Budget and Finance

https://malegislature.gov/Bills/192/H2997