PROP TAX-FARMLAND-LOWER PENLTY

Amends the Property Tax Code. Provides that, for taxable years 2003 and thereafter, with some exceptions, property assessed as farmland upon which an installment of taxes remains unpaid on the due date shall be deemed delinquent and shall bear interest after that date at the rate of 1/2% per month or portion thereof for a period of 5 years, after which time the rate of interest shall be 1 1/2% per month or portion thereof until paid or forfeited (now, 1 1/2% per month for all property not otherwise excepted). Effective immediately.