Maine Revised Statutes Title 36 Sec. 506-A – Overpayment of taxes
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Terms Used In Maine Revised Statutes Title 36 Sec. 506-A
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Municipality: shall include cities, towns and plantations. See Maine Revised Statutes Title 36 Sec. 501
- Taxpayer: means any person required to file a return under this Title or to pay, withhold and pay over or collect and pay over any tax imposed by this Title. See Maine Revised Statutes Title 36 Sec. 111
Except as provided in section 506, a taxpayer who pays an amount in excess of that finally assessed must be repaid the amount of the overpayment plus interest from the date of overpayment at a rate to be established by the municipality. The rate of interest may not exceed the interest rate established by the municipality for delinquent taxes nor may it be less than that rate reduced by 4 percentage points. If a municipality fails to establish a rate of interest for overpayments of taxes, it shall pay interest at the rate it has established for delinquent taxes. [PL 2019, c. 379, Pt. A, §3 (AMD).]
SECTION HISTORY
PL 1985, c. 333, §§2,3 (NEW). PL 1995, c. 57, §5 (AMD). PL 2009, c. 434, §14 (AMD). PL 2019, c. 379, Pt. A, §3 (AMD).