BIL 051 Draft 01 1996-1998 - Laserfiche WebLink

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. . the adjustment [or refund] has been filed within such period. (b) This subsection shall apply to all real property taxes. (1) All refunds and adjustments shall be paid by voucher approved by the director, setting forth all the details of each transaction. [PaYment of such refund or adjustment shall be made out of the real property tax trust fund hereinafter created; provided, that if]A{ the person entitled to a refund or adjustment is delinquent in the paYment of the tax, the director, after notice to the delinquent taxpayer, shall withhold the amount of the delinquent taxes, together with penalties and interest thereon from the amount of the refund or adjustment and apply the same to the amount owed. [(2) There is created and established a fund known as the real property tax trust fund to be used for the purpose of making refunds and adjustments of taxes collected under this chapter. The director may, from time to time, deposit taxes collected under this chapter to the credit of the real property tax trust fund so that there may be maintained at all times a fund not exceeding $50,000.] (c) This subsection shall apply to a refund for an overpaYment of a tax. (1) If the amount already paid exceeds the amount determined to be the correct amount of the tax due, and the taxpayer requests a refund of the overpaYment, the amount of overpaYment together with interest, if any, shall be refunded in the manner provided in subsection (b) above. The interest shall be allowed [and paid] at a rate [of two-thirds of one percent for each calendar month or fraction thereof]based upon the averaae rate earned on county investments durina the previous fiscal year as determined by the director. The interest rate shall be established as a monthly rate and paid for each calendar month or fraction thereof beginning with the first month after the due date of the return and continuing until the date that the director approves t~e refund voucher. If the director approves the refund voucher within ninety days from the due date or the date the return is received, whichever is later, no interest on the overpaYment will be allowed or paid. However, if the director exceeds the time allowed herein, interest will be computed from the due date of the return until the date that the director sends the refund warrant to the taxpayer. (2) If any overpaYment of taxes results or arises from (A) the taxpayer filing an amended return, or from (B) a determination made by the director and such overpaYment is not shown on the original return as filed by the taxpayer, interest on the overpaYment shall be allowed and paid from the first month after the due date of the original return to the date that the director signs the refund voucher. If the director does not -12-