The bill amends Section 44-5-8.1 of the General Laws in Chapter 44-5, which pertains to the levy and assessment of local taxes. It introduces a new provision allowing cities and towns to waive interest on overdue quarterly tax payments for both residential and commercial properties. The property must have been the taxpayer's residence or commercial property for the past five years, and the taxpayer must have made timely payments during that period. A written request for a waiver must be submitted, and the overdue bill must have been issued less than two years prior to the waiver request.

The maximum waiver of interest cannot exceed $500. Tax collectors are required to provide written decisions regarding waiver requests, which must also be communicated to the city or town council. If a taxpayer receives an unfavorable decision, they must pay the interest but can file a claim for reimbursement with the council within ten days. This act will take effect upon passage.

Statutes affected:
5269: 44-5-8.1