Allows municipalities to cancel any interest and penalties on delinquent property tax payments where a property owner demonstrates extraordinary circumstances, financial hardship or a history of previous timely payment of property taxes; authorizes the commissioner of taxation and finance to promulgate rules and regulations for the application process, standards for documentation and guidance for enforcing officers.

This bill allows local governments to cancel or reduce interest and penalties on overdue property taxes. Property owners could have these fees waived if they can show the late payment was due to extraordinary circumstances, financial hardship, or if they have a history of paying on time. This change would affect property owners and local tax collection officials.

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