The City Council on April 22 approved a motion allowing the city to participate in the Low Interest Rate Program authorized by Gov. Ned Lamont’s executive order in response to the coronavirus pandemic, Mayor Nancy R. Rossi announced.
The council’s endorsement of the proposal amid a special meeting paved the way for the low-interest program to aid city taxpayers affected by COVID-19.
According to Section 6 of Executive Order 7S, the program mandates that delinquent taxes remaining due and payable from April 1 are subject to a reduced interest rate of 3% per year for 90 days from April 1.
New taxes due July 1 will have a 30-day grace period and in the event they are paid late will also qualify for a reduced interest rate for 90 days.