Governor signs Pappas’ historic property tax reform law cutting the interest on late taxes from 18 percent to 9 percent – Yahoo Finance

In addition to cutting the interest rate, the new law permits counties to use new tools to put chronically tax delinquent properties into the hands of municipalities, local developers and nonprofit organizations so the properties may be more quickly rehabilitated; and closes loopholes that have allowed tax buyers — mostly hedge funds, private equity firms and lawyers — to drain $40 million each year from governments serving mostly Black and Latino residents.