Maximum Interest Rate for 2023 Delinquent Taxes: 8%

Training for: Legal Notes

The State Treasurer has established 8% as the maximum interest rate that municipalities may charge for delinquent property taxes committed during calendar year 2023.

Note that interest does not actually accrue on unpaid taxes unless a municipality’s legislative body establishes the rate of interest and the date or dates after which interest will accrue. This must be done at the meeting at which the body votes to raise a tax or at any subsequent meeting prior to commitment of the tax. 36 M.R.S. § 505(4). (By S.F.P.)

The State Treasurer has established 8% as the maximum interest rate that municipalities may charge for delinquent property taxes committed during calendar year 2023.

Note that interest does not actually accrue on unpaid taxes unless a municipality’s legislative body establishes the rate of interest and the date or dates after which interest will accrue. This must be done at the meeting at which the body votes to raise a tax or at any subsequent meeting prior to commitment of the tax. 36 M.R.S. § 505(4). (By S.F.P.)