​​Interest on Unpaid Tax Balances/Refunds

Interest on unpaid tax balances accruing through the end of September 2005 is charged at 1% per month. Beginning October 2005, the City’s interest rate is the variable interest rate charged by the state on Transaction Privilege (sales) Tax (TPT) balances. City interest is charged on a monthly basis (the annual rate divided by 12). For example, an annual rate of 7% divided by 12 is a monthly interest rate of 0.5833%.​