Kentucky Statutes 134.125 – Interest on certificates of delinquency
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(1) A certificate of delinquency or personal property certificate of delinquency shall bear simple interest at twelve percent (12%) per annum. Interest shall initially be calculated based on the base amount established by KRS § 134.122(2)(d). Interest shall be calculated in subsequent months on the outstanding balance of the base amount until paid. A fraction of a month shall be counted as an entire month.
(2) If a certificate of delinquency is paid by a third-party purchaser, the amount paid by the third-party purchaser shall become the base amount upon which simple interest is initially calculated. Interest shall be calculated in subsequent months on the outstanding balance of the base amount until paid.
Effective: April 7, 2010
History: Amended 2010 Ky. Acts ch. 75, sec. 5, effective April 7, 2010. — Created
2009 Ky. Acts ch. 10, sec. 7, effective January 1, 2010.
(2) If a certificate of delinquency is paid by a third-party purchaser, the amount paid by the third-party purchaser shall become the base amount upon which simple interest is initially calculated. Interest shall be calculated in subsequent months on the outstanding balance of the base amount until paid.
Terms Used In Kentucky Statutes 134.125
- Certificate of delinquency: means a tax claim on real property for taxes that:
(a) Remains unpaid on April 15 under the regular collection schedule, or three (3) full months and fifteen (15) days from the date the taxes were due under an alternative collection schedule as determined under KRS §. See Kentucky Statutes 134.010 - Month: means calendar month. See Kentucky Statutes 446.010
- Third-party purchaser: means a purchaser of a certificate of delinquency. See Kentucky Statutes 134.010
Effective: April 7, 2010
History: Amended 2010 Ky. Acts ch. 75, sec. 5, effective April 7, 2010. — Created
2009 Ky. Acts ch. 10, sec. 7, effective January 1, 2010.