When I was at the Courthouse complex, I stopped in to pay our property taxes.
The sign out front reminds motorists that they are due Thursday.
One man asked the penalty for late payment.
To my surprise it’s 1 1/2% per month (that is, one day late).
When I was County Treasurer, the penalty was 1% per month.
I remembered then that the legislature hiked it when interest rates were sky high.
Representing local governments, as the Illinois General Assembly does, rather that people, when interest rates went way, way down, no legislator (including me, I guess) thought to lower the rate.