Bill > H3654

This bill allows cities and towns in the Commonwealth to collect interest on unpaid sewer betterment assessments, which are charges levied on property owners for improvements to the public sewer system that directly benefit their land. Specifically, it permits municipalities that accept this provision to charge interest on outstanding balances at a rate up to 2% above the net interest rate the municipality paid for the project. Furthermore, the bill enables these municipalities to spread out future sewer assessments or any remaining unpaid balances over a period of up to 30 years, with payments structured to be as equal as possible for principal and interest combined, and these payments can be collected quarterly. Importantly, property owners will have the option to pay off their entire remaining principal balance at any time without incurring a prepayment penalty.