Monthly Payment Plans
Monthly payment plans can be established for current and delinquent property taxes through the Assessor-Treasurer’s Office. The Assessor-Treasurer’s Office has contracted with an outside vendor who specializes in escrow accounts.
For some, setting funds aside each month to ensure timely payment of property taxes is easier than making a sizable payment every six months. Establishing an escrow account might be a good fit. The vendor charges an initial set-up fee of $50 and a monthly fee of $10 for the duration of the escrow account.
Depending on when you establish your escrow account, your initial monthly payment may be elevated to ensure sufficient funds for the first semi-annual payment. Once that payment is made, your monthly payment would be reduced to accommodate six equal payments. The monthly payment would adjust annually once the yearly tax amount is determined.
Property taxes are considered delinquent if any installment is not paid by the statutory deadline (first-half due by April 30, second-half due by October 31). Interest charges begin the first month a tax becomes delinquent while penalty charges are assessed in June and December in the year the tax is due. Penalties are assessed on all delinquent taxes with the exception of residential properties with four or less units. You may find it beneficial to make monthly payments to bring the taxes current. The vendor charges an initial set-up fee of $75 and a monthly fee of $15 for the duration of the delinquent payment plan.
Payment plans for delinquent taxes can extend out 18 months depending on what taxes are outstanding and when a tax will become three years delinquent. You can establish a plan with the lowest payment available while ensuring the oldest tax is paid according to state law. State law requires the oldest outstanding tax to be paid in full no later than April 30 in the year the tax will become three years delinquent. This may affect the length of your payment plan. A higher payment can be established if your goal is to be current as soon as possible.
If you are interested in finding out more about establishing either a current or delinquent monthly payment plan, please contact our team at (253) 798-2728 or email [email protected].