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Senate Bill 432 |
Senate Author: Jackson |
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Effective: 9-1-11 |
House Sponsor: Bonnen |
Current law allows an owner of property located in a disaster area to pay a portion of the taxes due on such property in three equal installments, each due on a specified date, without penalty or interest if the person first pays at least one-fourth of the taxes due and notifies the appropriate taxing unit that the owner will pay the remaining taxes in installments but subjects a delinquent installment payment to a penalty and interest. Senate Bill 432 amends the Tax Code to reduce the penalty for a failure to make a timely installment payment of property taxes on property in a disaster area from 12 percent to 6 percent of the unpaid amount and interest.