{"id":9505,"date":"2014-01-31T15:55:37","date_gmt":"2014-01-31T19:55:37","guid":{"rendered":"http:\/\/blogs.mml.org\/wp\/inside208\/?p=2789"},"modified":"2014-01-31T15:55:37","modified_gmt":"2014-01-31T19:55:37","slug":"senate-considers-legislation-decreasing-interest-on-county-chargebacks","status":"publish","type":"post","link":"https:\/\/mml.org\/inside208\/2014\/01\/31\/senate-considers-legislation-decreasing-interest-on-county-chargebacks\/","title":{"rendered":"Senate Considers Legislation Decreasing Interest on County Chargebacks"},"content":{"rendered":"

Earlier this week the Senate Finance Committee reported HB 5074<\/a>, a bill that would change the monthly interest rate that a county treasurer can charge other taxable units in the county that have delinquent property taxes due. The current monthly rate of interest is one percent. Under the bill, the monthly rate of interest would be \u201cup to\u201d one percent.<\/p>\n

Under Michigan\u2019s tax reversion process, county treasurers can assess \u201cchargebacks\u201d under the protocol they follow when local units of government have borrowed from a county\u2019s delinquent tax revolving fund. If summer and winter property taxes are not collected by March 1 of the following year that the tax is owed, local treasurers pass on notices of unpaid or delinquent taxes to county treasurers. In many counties, the county treasurer runs a delinquent tax revolving fund.<\/p>\n

Upon receiving the notices of unpaid taxes, the county treasurer advances funds to those<\/div>\n
\n
local governments that are owed taxes, making them financially whole at that time with<\/div>\n
the understanding that local treasurers will pay back the advance, either after the taxes in<\/div>\n<\/div>\n
arrears are paid by the property owners, or after the property is sold at a public auction.<\/div>\n
<\/div>\n
Under state statute, county treasurers charge a monthly interest rate of 1 percent for advancing the money to make the local unit of government whole.\u00a0 This legislation would give the county discretion to charge \u201cup to\u201d one percent.<\/div>\n
<\/div>\n
The legislation now goes to the full Senate for their consideration.<\/div>\n
<\/div>\n
\n
\n
Samantha Harkins is the Director of State Affairs for the Michigan Municipal League.\u00a0 She can be reached at <\/em>517-908-0306<\/em> or email at sharkins@mml.org<\/a><\/em><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Earlier this week the Senate Finance Committee reported HB 5074, a bill that would change the monthly interest rate that a county treasurer can charge other taxable units in the county that have delinquent property taxes due. The current monthly rate of interest is one percent. Under the bill, the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-9505","post","type-post","status-publish","format-standard","hentry","category-uncategorized","mml-onemagnify-plugin"],"acf":[],"yoast_head":"\nSenate Considers Legislation Decreasing Interest on County Chargebacks - Inside 208<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mml.org\/inside208\/2014\/01\/31\/senate-considers-legislation-decreasing-interest-on-county-chargebacks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate Considers Legislation Decreasing Interest on County Chargebacks - Inside 208\" \/>\n<meta property=\"og:description\" content=\"Earlier this week the Senate Finance Committee reported HB 5074, a bill that would change the monthly interest rate that a county treasurer can charge other taxable units in the county that have delinquent property taxes due. 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