Rationale for Change

• Northglenn is charging a very high rate of interest

  • City’s Cost of Capital is approximately 5%
  • Other metro area cities are significantly below 18%

• The higher interest rate imposes a burden on all taxpayers

• Hit particularly hard are taxpayers under audit

  • Typically face a large unexpected delinquency
  • Typically are not intentionally underreporting tax

• City can still impose penalty charges to provide incentive for timely payment