HB699: AN ACT relating to the property tax quarterly installment payment program.

Legislative Summary

Create a new section of KRS Chapter 134 to establish a quarterly installment payment program for real property taxes; provide quarterly installment calculation guidelines; require specific property tax information be sent to the taxpayer through notifications or made accessible through an online system; allow administrative fee up to 3 percent; disallow 2 percent discount for early payment of taxes; prohibit collection of penalties and interest; require Department of Revenue to promulgate administrative regulations; establish penalties for noncompliance; require independent school districts and cities who uses a real property tax collector other than the sheriff to establish a quarterly installment payment program; amend KRS 134.015 to conform.