Installment Payment Plan
The installment plan allows taxpayers to pay their real estate property taxes in four installments throughout the year. For many taxpayers, splitting their tax bill into four smaller payments is a helpful way to manage their household budget. Participants in the installment plan receive a 3.5% discount on their total tax bill.
3rd Payment – December 31
One quarter of the current year’s adjusted tax amount discounted 3%.
4th Payment – March 31
One quarter of the current year’s adjusted tax amount, no discount.
If the first payment in June is not made on time, the taxpayer has the option to make the first quarterly payment by July 31. However, in this case, the taxpayer loses the discount and must pay an extra 5% penalty.
Taxpayers who do not make the first installment payment by July 31 will be returned to an annual payment status, and future participation will require reapplication.
If the second or third payment is not made on time, the overdue amount is added to the next installment payment. However, missed installment payments result in the loss of the appropriate discount. Any amount remaining unpaid on April 1 is subject to all provisions of law pertaining to delinquent taxes.
Taxpayers cannot participate in the installment plan after receiving their tax notice in November. For example, after receiving your 2012 tax notice, you cannot sign up for the installment plan for your 2012 taxes. You would have to sign up by April 30, 2013, for your 2013 taxes and then begin making installment payments in June.
Once the first payment has been made, the taxpayer will continue to receive quarterly tax notices, which are due upon receipt.
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