It is common for property owners to fall behind their property tax bills during the holiday season. Payments become an afterthought as homeowners become too engrossed with the preparation for Halloween, Thanksgiving, Christmas, and New Year. To help lessen people’s stress levels, the government allows partial payment.
For citizens to be able to catch up with their real estate tax bill and personal property payments, partial payment is made available to them, reducing the interest and penalty a taxpayer has to pay. A real estate investor or owner will only need to make a minimum payment of 20 USD for each partial payment.
How does partial payment work?
A real estate investor can pay their property taxes on an instalment basis given that their property or tangible tax bill was more than 100 USD in the previous year.
By April of a tax year, the taxpayer will need to secure and submit an application form for each account to the tax collector. For the property to remain in the instalment program, June instalments must be made every year. Otherwise, the account will be taken out of the plan and the owner will receive a tax notice every November.
One good thing about partial payments is that there are discounts given to those who can pay early.
- First instalment (June) – 6%
- Second instalment (September) – 4.5%
- Third instalment (December) – 3%
- Fourth instalment (March) – gross tax if paid off in March
However, if partial payment isn’t made on time, discounts will be forfeited. You can catch up on your payments in the next instalment schedule. The account could be deemed delinquent if there are any unpaid amount by April 1 of the following year.