City Hall waives interest and penalties on unpaid taxes for 60 days
Business owners with CIP loans will have their repayments deferred interest-free for 60 days
Londoners will not be charged any late penalties or interest fees for unpaid property tax bills due at the end of March for two more months thanks to a move by the City of London to help lessen the financial burden brought on by the COVID-19 pandemic.
During Tuesday's council meeting, politicians unanimously approved three measures to provide economic relief to Londoners and local businesses during this time, which include:
- Waiving interest and penalties for 60 days on unpaid Interim 2020 property taxes that are due March 31.
- Waiving interest and penalties for a minimum of 60 days on unpaid water and wastewater bills.
- All Community Improvement Plan (CIP) loan repayments will be deferred on an interest-free basis for a minimum period of 60 days.
"City Council and staff have acted quickly to take this first important step in providing Londoners with immediate economic relief," Acting Mayor Jesse Helmer said in a statement.
"These initial measures will help ease some of the financial burden our residents and our business community are facing during this unprecedented and challenging time," he added.
The measures, which were approved for 60 days, may be extended as politicians asked staff to report back with further steps on how to help Londoners, including a potential deferral of the next payment installment scheduled for June.