Maximum Interest Rate on Unpaid Taxes (2012)

Municipalities may, by vote, determine the rate of interest that shall apply to taxes that become delinquent during the taxable year 2012 until those taxes are paid in full. The maximum rate of interest that can be charged per (Title 36 MRSA § 505.4) is 7.00%.

With respect to overpayments of taxes relating to property tax years beginning on or after April 1, 1996, the rate of interest may not exceed the interest rate established by the municipality for delinquent taxes or be less than that rate reduced by 4%. If a municipality fails to set a rate, it shall pay interest at the rate it has established for delinquent taxes (MRSA 36 § 506-A)

Consult your town meeting warrant for the precise wording of your tax interest rates.