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------------------------------------------------------ ¦ REFERENCE TITLE: delinquent property taxes; interest ¦ ------------------------------------------------------ ¦ ¦ ¦ ¦ ¦ ¦ ¦ State of Arizona ¦ ¦ Senate ¦ ¦ Forty-fifth Legislature ¦ ¦ Second Regular Session ¦ ¦ 2002 ¦ ¦ ¦ ------------------------------------------------------ ¦ SB 1201 ¦ ------------------------------------------------------ ¦ Introduced by ¦ ¦ Senators Bundgaard: Bennett ¦ ------------------------------------------------------
AN ACT
AMENDING SECTION 42-18053, ARIZONA REVISED STATUTES; RELATING TO PAYMENT OF TAXES.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 42-18053, Arizona Revised Statutes, is amended to read:
42-18053. Interest on delinquent taxes; exception; definition
A. Except as provided in subsection B, all taxes bear SIMPLE interest from
the time of delinquency at the PRIME rate of sixteen PLUS TWO per cent
per year simple until paid. A fraction of a month is counted as a whole month.
B. Interest shall not be collected:
1. If the delinquency is the result of an error by the county assessor or county treasurer.
2. If the full year tax for the year is paid on or before December 31 of the tax year.
C. FOR THE PURPOSES OF THIS SECTION, "PRIME RATE" MEANS THE PRIME RATE CHARGED BY BANKS ON SHORT-TERM BUSINESS LOANS AS DETERMINED FOR PUBLICATION IN THE BULLETIN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AS OF THE FIRST DAY OF THAT MONTH.