This bill extends the time period for refund or credit of an overpayment of property taxes that has been erroneously or mistakenly levied upon a taxpayer from one to 3 years. Interest will also be required to be paid on the overpayment.
Current law prohibits payment of interest to the taxpayer.
The bill also allows collectors of revenue to offset future distributions of property tax revenues to political subdivisions in an amount equal to any refund or credit granted.