WELD COMMISSIONERS UNANIMOUSLY APPROVE FINANCIAL RELIEF TO BUSINESSES AND INDIVIDUALS THROUGH INTEREST REDUCTION ON DELINQUENT PROPERTY TAX PAYMENTS
Greeley, CO – During today’s meeting, the Board of Commissioners passed a resolution to reduce the interest charged on delinquent property taxes. This reduction is in effect for both businesses and residents until October 31, 2020.
“We know our business community and our families are facing economic pressures due to COVID-19,” said Commissioner Chair Mike Freeman. “We want to help as much as we can when they’re faced with figuring out which bills to pay first or which employees to keep on staff.”
In a letter sent to the Board by Weld County Treasurer John Lefebvre, Lefebvre explained that he will partially waive the 12% per year interest for delinquent payments, and instead only charge approximately 1% per year on delinquent property tax payments, if those payments and interest due are paid in full through October 31, 2020. This action is Pursuant to Section II.I. of Governor Polis’ Executive Order D 2020 010, dated March 20, 2020.
“This action by the board will provide some relief for those businesses or individuals struggling financially from either COVID19 or the other economic challenges we are facing” said Commissioner Barbara Kirkmeyer. “For business it could very well be the difference between surviving or not. And for residents faced with prioritizing their financial expenditures, figuring out who to pay when, with the limited cash they have on hand, we hope this makes that decision a bit easier.”
Essentially, lowering the interest that accrues on delinquent taxes means that those companies and individuals who need to use their cash on hand for expenses, can do so knowing they aren’t racking up sizeable interest charges if they pay their property taxes late.
The first payment for property taxes was due at the end of February, so the reduction would impact those who would pay in full by April 30 or those pay their second half of property tax on June 15. Typically, the county collects 99.9% of property taxes by October, but was anticipating that number to go down by 5-10% this year because of job and income loss due to COVID-19.
“Our goal is to retain businesses and assist individuals financially as much as we can,” said Commissioner Steve Moreno.
Because this decision impacts all taxing entities within the county, the commissioners held conference calls with municipalities, special districts and schools to get their feedback on the action as it will impact their budgets as well.
“Overall, all the taxing entities we spoke to were supportive of the idea,” said Commissioner Scott James. “We all understand the need to help mitigate the economic damage this pandemic is causing.”
Communication with the taxing entities will continue. “We promised to hold further conference calls and give updates, especially after the April 30th deadline,” said Commissioner Kevin Ross. “We understand the importance of all entities knowing the status of collection so they can plan accordingly.”
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