The bill amends Section 44-5-8.1 of the General Laws in Chapter 44-5, titled "Levy and Assessment of Local Taxes," to include the option for cities and towns to waive interest on overdue quarterly tax payments for commercial properties, in addition to residences. This waiver is contingent upon the taxpayer meeting certain conditions: the property must have been the taxpayer's residence or commercial property for the past five years, the request for waiver must be in writing, the taxpayer must have a history of timely tax payments for the past five years, and the overdue bill must have been issued less than two years prior to the waiver request. The waiver of interest is capped at $500, and taxpayers can appeal adverse decisions from the tax collector to the city or town council within ten days.

The bill specifies that any request for a waiver that meets the established criteria must be granted by the city or town. The explanation provided by the Legislative Council clarifies that the act's purpose is to allow the waiver of interest on overdue taxes for commercial properties and that it will take effect immediately upon passage.

Statutes affected:
5269: 44-5-8.1