To assist Lyme taxpayers who have experienced economic hardship during this period, the Town of Lyme is adopting the Low Interest Rate Program created by the Governor in response to the Coronavirus emergency (as spelled out in Executive Order #7S dated April 1, 2020, and later supplemented by Order #7W dated April 9, 2020).

This program will lower the interest rate charged on overdue tax bills from 18 percent to 3 percent for a period of three months – if the delinquent taxes are paid in full by the end of the three-month period. The three-month period will begin at the time a tax bill becomes due; and the program will apply to all delinquent taxpayers.

For example, for property tax bills coming due on July 1, 2020, the interest charged for the three-month period from July 1 through October 1, 2020, will accrue at an annual rate of 3 percent. Beginning October 2, 2020, the interest rate will revert to the statutory annual 18 percent interest rate retroactively. Any tax bills that remain unpaid on October 2, 2020, will have the statutory interest rate of 18 percent applied for the entire period that bills are past due.