The interest rate of 10% per annum which is provided for by § 3, chapter 216, Laws of 1969, Ex. Sess., with respect to the collection of delinquent real and personal property tax is applicable to property taxes which had become delinquent prior to the effective date of the 1969 act but which are tendered for payment on or after that date.
(1) The amendatory reduction of the interest rate on delinquent property taxes for the first five hundred dollars of such taxes for a single year (from a rate of 10% to a rate of 5%) contained in § 3, chapter 288, Laws of 1971, 1st Ex. Sess., applies to taxes which were already delinquent prior to the effective date thereof.(2) This reduced interest rate on delinquent taxes will continue into future years, until and unless the legislature acts again in this area.
Interest chargeable on delinquent property taxes is computed at time of payment and at rate then in effect.