Bill > HB05245

This bill proposes to reduce the annual interest rate on unpaid municipal property taxes from 18% to 12% specifically in situations where a municipal tax collector files a lien on a property and then assigns that lien to a third party. In the context of property taxes, a tax lien is a legal claim against a property when the owner fails to pay their property taxes, which allows the municipality to potentially recover the owed taxes by selling the lien to an investor. By lowering the interest rate from 18% to 12%, the bill aims to potentially make tax liens less burdensome for property owners who are behind on their tax payments, while still providing an incentive for third-party investors to purchase these liens. The bill would amend section 12-146 of the general statutes to implement this interest rate reduction.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05245&which_year=2025