Interim Billing: Interim Tax Bills are based on your prior year’s taxes. Interim billings are calculated as 50% of the prior’s year’s annualized total tax billing spread out over the 2 payments.
Final Billing: Final Tax Bills are calculated as follows:
- Assessment x Property Tax Rate = Total Property Taxes for the Year
- Final Billing ** = Total Taxes – Interim Billing (this is split over the final 2 payment dates)
** Please note that Commercial, Industrial and Multi-Residential Taxes are subject to Property Taxes cont’d capping calculations.
** Final Billings will also include any area-rating and local improvement charges for the full year.