Statutes, codes, and regulations
District of Columbia Official Code
Division VIII - GENERAL LAWSTitle 47 - TAXATION, LICENSING, PERMITS, ASSESSMENTS, AND FEESChapter 13A - REVISED REAL PROPERTY TAX SALES
Subchapter I - GENERAL PROVISIONS
Section 47-1334 - Interest rate

D.C. Code § 47-1334

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Current through codified legislation effective September 18, 2024
Section 47-1334 - Interest rate
(a) The rate of simple interest on all amounts due, owing, or paid for the taxes sold or bid off to the District under this chapter shall be 1.5% per month or portion thereof until paid, excluding surplus; provided, that interest on the amount sold at tax sale, excluding surplus, shall accrue at the applicable interest rate beginning the first day of the month following the tax sale. No interest shall accrue for surplus, expenses, or the reasonable value of improvements.
(b) The purchaser shall receive simple interest of 1.5% per month or portion thereof on the amount paid for the real property, excluding surplus, beginning on the first day of the month immediately following when the real property was sold or the certificate of sale was assigned by the Mayor until the payment to the Mayor is made as required under § 47-1361(a), by another purchaser under § 47-1382(c), or by the trustee under § 47-1382.01(d)(2), and as provided in § 47-1354(b) for the period when such other taxes were paid. The purchaser shall receive no interest for expenses or the reasonable value of improvements.

D.C. Code § 47-1334

June 9, 2001, D.C. Law 13-305, § 507(a)(2), 48 DCR 334; Apr. 4, 2003, D.C. Law 14-282, § 11(z), 50 DCR 896; Dec. 4, 2014, D.C. Law 20-141, § 101(c)(4), 61 DCR 7763; Feb. 26, 2015, D.C. Law 20-155, §§ 7102(c)(4), 7104, 61 DCR 9990; Oct. 22, 2015, D.C. Law 21-36, §§ 7037(b), 7132(a), 62 DCR 10905.

D.C. Law 20-141 became effective on Dec. 4, 2014, but was repealed prior to its effective date by emergency D.C. Act 20-377, § 7114, eff. July 14, 2014, 61 DCR 7598, by emergency D.C. Act 20-449, § 7104, eff. October 10, 2014, 61 DCR 10915, by emergency D.C. Act 20-566, § 7104, eff. January 9, 2015, 62 DCR 884, and by D.C. Law 20-155, § 7104, 61 DCR 9990.

Applicability of D.C. Law 21-36: Section 7048(b) of D.C. Law 21-36 provided that §§ 7027, 7031, 7036, and 7037 of the act shall apply as of October 1, 2014.

Applicability of D.C. Law 21-36: Section 7132(e)(1) of D.C. Law 21-36 provided that § 7132(a),(b), and (c) of the act shall apply as of October 1, 2015.