In August year each homeowner should receive a notification of their tax bill, and by November, this bill will finally arrive. But what exactly does it say? Does it have to be paid now?
When the notification of property taxes arrives in August, you do not have to pay. That is the TRIM NOTICE, called Notice of Proposed Property Taxes, just notifying the homeowner, the amount that the assessment was for the year, confirming all the information that the city had in record, giving plenty of time to contest the city appraisal on the value of the property.
Now, as the actual bill actually arrives in November, it must be paid. The actual due day is March 31, the following year.
- If paid before November, there is a 4% discount on the total taxes due.
- If paid in December, there is a 3% discount on the total due.
- If paid in January, there is a 2% discount on the total due.
- If paid in February, there is a 1% discount on the total due.
The city provides a payment plan for those who cannot pay these taxes all at once, and for those who finance the property, the bank typically gathers a small amount throughout the year into an escrow account, so it can pay early taking advantage of the discount.
Property taxes must be paid every year on every single property. Tax certificates are sold on real estate property with delinquent taxes, and after a while, an owner can lose his property if these tax certificates are not redeemed.
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