This is a printer-friendly version of an article from Zip06.com.
05/14/2020 12:00 AMThe Town Council last month approved a 90-day tax rate reduction for all residents affected by the COVID-19 pandemic. The move allows for people struggling with financial issues to pay their property taxes at a reduced interest rate.
According to the town website, “This plan covers installments that come due up through and including July 1, 2020. For the July 1, 2020 installment, the last day to pay will still be Aug. 3, 2020 (Aug. 1 is a Saturday) but if the taxpayer pays on Aug. 4 or later, they will be paying 0.25 percent per month interest. On Aug. 4, 2020 the interest charged would be 0.25 x 2 months or 0.5 percent. This plan is in force only for three months from the due date of July 1; it ends on Oct. 2, 2020.”
The program is one option that Governor Ned Lamont instituted last month under Executive Order 7S. The order allows the town to adopt one of two programs laid out in the order, the Low Interest Rate Program or the Deferment Program. The council adopted the Low Interest Rate Program. The program is offered to any taxpayers who don’t pay their bill on time with the July 1 bill.
Town Manager Karl Kilduff explained that the town chose not to offer the deferment program because it could cause cashflow problems.
“The Low Interest Rate Program did not require an application process. We wanted to avoid the need for applications and paper exchanges to keep everyone safe,” Kilduff said. “The deferral program was forecast to cause cash flow problems for the town, which would have impacted operations across the board (both town and Board of Education) by deferring payments until Oct. 2.”
The program applies to delinquent accounts between Aug. 3 and Oct. 1.
“If no payment is made during the window, then there is no benefit. By state requirements, the interest rate returns to the statutory amount on Oct. 2,” said Kilduff.
More information can be found on the tax collector’s webpage clintonct.org/172/Tax-Department.