Allows municipalities to cancel any interest and penalties on delinquent property tax payments due to extraordinary circumstances, financial hardship or a history of previous timely payment of property taxes

Allows municipalities to cancel any interest and penalties on delinquent property tax payments where a property owner demonstrates extraordinary circumstances, financial hardship or a history of previous timely payment of property taxes; authorizes the commissioner of taxation and finance to promulgate rules and regulations for the application process, standards for documentation and guidance for enforcing officers.