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Memo 2017-09 Quarterly Interest Rate, Effective July 1, 2017

  • June 16, 2017

MEMORANDUM 2017-009

TO: License Plate Issuing Officials
SUBJECT: Quarterly Interest Rate, Effective July 1, 2017

The interest rate for the calendar quarter beginning April 1, 2017 will remain 4%. In accordance with Section 40-1-44, Code of Alabama 1975, the interest rate must be used to compute interest on any tax or other amount due, other than property tax, and not remitted by the due date. An interest chart based on a 365-day calendar year may be found on our website at http://www.revenue.alabama.gov/motorvehicle/index.html under “Reference & Statistics” then “Interest Chart.”

In order to calculate the interest due, first, determine the number of days that the registrant is delinquent, and locate the corresponding percentage factor on the interest chart for that number of days. Second, multiply the factor times the registration fee due to determine the amount of interest due.

If you have any questions regarding this matter, please contact the Motor Vehicle Division at tags@revenue.alabama.gov or 334-242-9000, Option 3.

Click here to download a pdf version of this memo.