With the COVID-19 virus having major effects on residents, property owners, and the economy in Connecticut, Governor Lamont has been issuing Executive Orders on a daily basis to assist those who are struggling. Municipal taxpayers should take particular note of Executive Order 7S signed by the Governor on April 1, 2020.
Municipalities Must Allow Either 90-Day Tax Deferral or Low Interest Rate for Delinquent Payments
During the period commencing March 10, 2020 through and including July 1, 2020, municipalities SHALL participate in one or both of the two new programs designed to aid struggling taxpayers.
• Deferment Program: offers eligible taxpayers a deferment of (90) days of any taxes on real property, personal property or motor vehicles. Eligible taxpayers include those who attest that they have been negatively impacted by the virus; and
• Low Interest Rate Program: any delinquent portion (underpayment) of the principal on any real property, personal property or motor vehicle tax shall be subject to a lower interest rate of 3% per annum for (90) days when the tax becomes due and payable until the time that the tax is paid.
All Connecticut municipalities must notify the State’s Office of Policy and Management no later than April 25, 2020 about which programs they are electing to participate in.
GET RESOURCES TO NAVIGATE COVID-19 DISRUPTION
Cacace, Tusch & Santagata will continue to monitor the development of these programs and provide updates where applicable. As always, our firm is open and ready to help with personal or commercial needs. If we can be of any assistance, give our attorneys a call at (203) 327-2000.