Waiver of interest and penalties for qualified taxpayers subject to foreclosure

From the 2024 DOR Tax Exemption Study

84.56.020(19) - Waiver of interest and penalties for qualified taxpayers subject to foreclosure Description A county treasurer must provide a one-time only waiver on all outstanding interest and penalties on delinquent taxes on a property subject to foreclosure action, no earlier than 60 days prior to being three years delinquent if: - The taxpayer meets the minimum income threshold requirement for the senior citizen and disabled persons exemption program. - The taxpayer occupies the property as their principal place of residence. Purpose Provides relief for residential property owners to avoid foreclosure. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes Indeterminate Indeterminate Indeterminate Indeterminate Repeal of Repealing this exemption would not impact the state school levy as the state does exemption not receive interest and penalty payments on delinquent property taxes. Repealing this exemption would increase local revenue as interest and penalties are retained by local government. Repealing this exemption does not shift the property tax on to others. Potential ($ in millions): revenue gains FY 2024 FY