Massachusetts Tax Title Interest Rate Change

Owned by Knowledge Assistant
Last updated: Oct 09, 2024
1 min read
Description of Issue

  • Massachusetts General Law is changing the Tax Title Interest Rate from 16% to 8% on 11/01/2024.

  • Would like to know how to handle the November 1, 2024 MA Tax Title reforms. 

Context

  • Property Tax Billing

  • MA Tax

  • Titles

  • Mass General Law Chapter 60 & 62

  • Section 88 of Chapter 140 of the Acts of 2024

Cause

Recent legislation has been passed that changes the Tax Title Interest Rate in Massachusetts. 

Resolution

The current understanding of this legislation is that any Tax Titles entered into on or after November 1, 2024 will calculate interest at 8.00%.

The Tax Titles for Properties already in Title before November 1, 2024 will continue to accrue interest at 16.00%. 

No change is necessary for Tax Titles entered into before November 1, 2024. 

When running the Print Taking List/Update program for Tax Titles entered into on or after November 1, 2024, be sure to set the Interest Rate field to 8.00 so that the interest will calculate at the new reduced rate. 

Additional Information

If additional assistance is required, please contact Northeast Tax Support.Â