Arizona Laws 42-18053. Interest on delinquent taxes; exceptions; waiver
A. Except as provided in subsection B of this section, all taxes bear interest from the time of delinquency at the rate of sixteen percent per year simple until paid. A fraction of a month is counted as a whole month.
Terms Used In Arizona Laws 42-18053
- County board: means the county board of supervisors sitting as the county board of equalization. See Arizona Laws 42-11001
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes both real and personal property. See Arizona Laws 1-215
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. This paragraph applies regardless of whether payment of tax is due pursuant to section 42-18052, subsections A and B or pursuant to section 42-18052, subsection C for an amount of tax that is $100 or less.
C. Subject to the approval of the county board of supervisors, the county treasurer may waive the interest that accrues pursuant to this section, and any other penalties, for a delinquency that occurs during the one-year period after a mortgage or deed of trust is satisfied or otherwise released on the property. A taxpayer may receive a waiver under this subsection only once per property.