Taxpayers may choose to pay their property taxes in four payments rather than one. In order to qualify, the previous year's taxes must be more than $100. An application must be filed between November 1st and April 30th.
If you have an escrow account, check with your mortgage company. The mortgage company makes a single payment for you rather than installment payments.
The plan requires that the first installment must be made no later than June 30th to receive a discount. Payments accepted after June 30th, but before July 31st, are not discounted, and will include a 5% penalty. Failure to make the first payment will automatically cancel the participant from the plan, and the taxpayer will receive their tax bill in November and be required to pay the taxes due by March 31st.
Upon meeting the first installment deadline, the taxpayer is then obligated to participate in the program for the entire year. Discounts do not apply to late payments. Any amount remaining unpaid on April 1st is treated as a delinquent tax bill.
1st installment: 1/4 the total of estimate taxes discounted 6%. Payment due by June 30th.
2nd installment: 1/4 the total estimated taxes discounted 4.5%. Payment due by September 30th.
3rd installment: 1/4 the total estimated taxes plus 1/2 of any adjustment made for actual tax liability, discounted 3%. Payment due by December 31st.
4th installment: 1/4 of the total estimated taxes plus the remaining 1/2 of any adjustment for actual tax liability. No discount applies. Payment due by March 31st.
The first two installment payments are an estimate based on the actual taxes for the preceding year. If any payment is not made during the month it is due, you will lose your discount on the payment you missed. Taxpayers participating in the installment payment plan are automatically re-enrolled each year and do not have to fill out a new application. Any changes to value or exemption(s), will be reflected in the final two bills.
If the property is sold after any installment payments have been made, the new owner must continue on the plan for that tax year. The seller should make sure the realtor and closing agent know some of the taxes have been paid to ensure the taxes are prorated correctly at closing.