SB 0582 Allows counties to give discounts for pre-payment of property taxes
Sponsor:Yeckel
LR Number:2141S.01I Fiscal Note:2141-01
Committee:Local Government and Economic Development
Last Action:04/17/01 - SCS Voted Do Pass S Local Government & Economic Journal page:
Development Committee (2141S.04C)
Title:
Effective Date:August 28, 2001
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Current Bill Summary

SCS/SB 582 - This act authorizes a county to adopt an ordinance or order which allows taxpayers to obtain a discount for prepayment of property taxes. The amount of the discount is intended to reflect the savings achieved by the county by receiving and investing the funds earlier.

If such an ordinance or order is adopted by the county, a taxpayer may prepay all or a portion of his or her estimated property taxes. Pre-payments of the full estimated amount receive the following discounts: a full payment of the estimated tax by March 31st is discounted by 5%; a full payment of the estimated tax by June 30th is discounted by 4%; and a full payment of the estimated tax by September 30th is discounted by 3%. Partial advance payments receive the following discounts: a payment of one-fourth of the estimated tax by March 31st is discounted by 5%; a second payment of one-fourth of the estimated tax by June 30th is discounted by 4%; and a third payment of one- fourth of the estimated tax by September 30th is discounted by 3%. The act does not require mortgage companies or financial institutions to pre-pay property taxes from escrow accounts. The act has a non-severability clause.
ALAN KELLY