Taxpayers may choose to pay their property taxes quarterly by participating in an installment payment plan. To be eligible for the plan, the taxpayers’ prior year taxes must exceed $100.00 or escrowed by Mortgage Company. Those who qualify must fill out and return an Installment Plan application form to the Tax Collector’s Office prior to May 1st. Application forms are revised and approved annually by the Department of Revenue in mid-January.
The plan required that the first installment be made no later than June 30th. Failure to make the first payment will automatically terminate the participants eligibility for the remained of the year. The taxpayer will then be sent a regular tax bill in November, and must apply to be reinstated on the installment plan for the future tax years.
The 1st and 2nd installments are based on ¼ of the previous year’s taxes. The 1st installment is discounted 6% and due by June 30th. The 2nd installment, due September 30th, is discounted 4.5%. The 3rd and 4th installments are ½ of the remaining actual tax liability for the current year. The 3rd installment is discounted 3% and is due by December 31st. The 4th installment is not discounted and due by March 31st.