Understanding Your Real Estate Tax BillDecember 19, 2020
The following information will help you understand your quarterly real estate tax bill.
- The first two bills of the fiscal year (which runs July 1 through June 30) are called preliminary tax bills.
- The amount on these first two bills is calculated by taking the previous year's Real Estate tax bill then divided by four. The resulting amount will appear on the first and second quarter bills.
- The third and fourth quarter bills are actual bills. These bills will show the tax rate for the current fiscal year as well as the current valuation of the property. The bills will also include the current betterment, committed interest, water/sewer liens.
a) The amount due on the 3rd and 4th quarter bills is calculated as follows: Take the valuation and divide by 1000; then multiply by the tax rate $18.13 (This figure is the total tax for the fiscal year).
b) Take the total tax and add in the betterment/committed interest charges, water/sewer lien charges. Subtract the two preliminary tax amounts charged.
c) You should then divide the balance by two. This figure represents the amount due on the 3rd and 4th quarter bill.
Due dates are as follows:
1st Quarter: August 1
2nd Quarter: November 1
3rd Quarter: February 1
4th Quarter: May 1
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