If excise tax is not paid within 30 days of a sale, interest is due. Interest will be imposed from the date of sale to the date of full payment. It is calculated on a monthly basis, with a full month’s interest accruing at the beginning of each month. Even if the full payment is not made at the end of a month, any portion of a month existing at the time of full payment will accrue a full month of interest.
Interest Rates
Interest imposed are computed at the rates listed below. Contact the Treasurer's Office if you need interest rates prior to 2020.
| Year | Yearly Percentage | Monthly Charge Calculation |
|---|
| 2023 | 3% | .0025 |
| 2022 | 2% | .00167 |
| 2021 | 3% | .0025 |
| 2020 | 4% | .00333 |
Penalty Rates
In addition to interest, penalty will also be applied if the excise tax is not paid within 30 days of the sale, Penalty is imposed on the total amount of the unpaid excise tax (both state and local). The rates are listed below:
| Time Frame | Rate |
|---|
| Within 1 month of sale date | 5% of the base excise tax |
| Within 2 months of sale date | 10% of the base excise tax |
| Within 3 months or more of sale date | 20% of the base excise tax |
Assistance
If you have questions or need assistance calculating penalty and interest, please contact our office. If you are a title company or attorney’s office, please refer to Item 1 of the Real Estate Excise Tax Supplemental Statement (PDF).
