Calculate interest to determine the additional amount owed on unpaid or delinquent taxes. Interest is typically assessed when taxes are not paid by the due date and helps compensate the taxing authority for the delayed payment. Calculating interest ensures outstanding balances are accurate, supports compliance with tax regulations, and helps maintain consistent treatment of delinquent accounts.

Examples:

• Calculate interest on property taxes that remain unpaid after the due date.
• Determine the amount of interest accrued on a delinquent account over a specific period.
• Apply interest when processing late payments.
• Verify that interest charges comply with local policies or statutory requirements.
• Update account balances to reflect accrued interest before generating statements or notices.

By calculating interest, you help ensure taxpayers are charged the correct amount on overdue balances and maintain accurate financial records for collections and reporting.

Note: This routine will calculate interest for each period.

Before you get started

• Add the calculation for calculating interest to the Calculations table. See the help topic titled How do I add a calculation?

Calculating interest for personal property

Use personal property to calculate interest for a material asset, such as a car, boat, mobile home, and so on for personal or business use.

Do this...

1. Open Connect Property Tax Collection > Owners > Calculate Interest.

2. Use the Calculation box to select an interest calculation.

What if the interest calculation is not included in the list? The Calculation list will display only interest type calculations. To add an interest type calculation, see Adding an interest calculation

3. Use the Description box to enter a transaction description.

This is the transaction description the routine will use to create interest transactions. Example: Interest

4. Click to select the Personal Property checkbox.

5. Set up the selection criteria.

You can apply unapplied payments for a personal property account by changing All to a personal property account.

6. Click GO (CTRL+G).

The routine calculates interest.

Calculating interest for real property

Use real property to calculate interest for land or a piece of real estate.

Do this...

1. Open Connect Property Tax Collection > Owners > Calculate Interest.

2. Use the Calculation box to select an interest calculation.

What if the interest calculation is not included in the list? The Calculation list will display only interest type calculations. To add an interest type calculation, see Adding an interest calculation

3. Use the Description box to enter a transaction description.

This is the transaction description the routine will use to create interest transactions. Example: Interest

4. Click to select the Real Property checkbox.

5. Set up the selection criteria.

You can apply unapplied payments for a real property account by changing All to a parcel ID.

6. Click GO (CTRL+G).

The routine calculates interest.