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 that allows cities and towns to waive interest on overdue quarterly tax payments for both residential and commercial properties. The property must be the residence or commercial property of the taxpayer for at least five years prior to the overdue payment, and the taxpayer must have a history of timely tax payments for the previous five years. The overdue bill must have been issued within the last two years, and the waiver of interest cannot exceed $500.

The bill stipulates that any request for a waiver that meets the established criteria must be granted by the city or town, and decisions made by the tax collector must be documented in writing. If a taxpayer receives an unfavorable decision, they are required to pay the interest but can file a claim for reimbursement with the city or town council within ten days. This act will take effect upon its passage.

Statutes affected:
7568: 44-5-8.1