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1 <br /> ' 5. Taxes Receivable <br /> Real and personal property taxes are based on assessed values as of the <br /> previous January 1 and are normally due on a quarterly basis. By law, all <br /> ' taxable property must be assessed at 100% of fair cash value. Taxes due <br /> and unpaid after the due dates are subject to interest and penalties. The <br /> Town has an ultimate right to foreclose on property for unpaid taxes. <br /> The following is a summary of the property tax calendar used for the 1997 <br /> tax levies: <br /> ' June 1996: <br /> Preliminary tax bills are mailed to taxpayers. This bill is approximately <br /> equal to one quarter of the prior years tax levy. <br /> ' August 1996: <br /> First quarter preliminary tax bills are due. All bills paid after this date <br /> are charged interest at the rate of 14% from the due date. <br /> September 1996: <br /> Preliminary tax bills are mailed to taxpayers. This bill is approximately <br /> ' equal to one quarter of the prior year's tax levy. <br /> November 1996: <br /> Second quarter preliminary tax bills are due. All bills paid after this <br /> date are charged interest at the rate of 14% from the due date. <br /> ' December 1996: <br /> Actual tax bills are mailed to taxpayers. This bill is equal to the current <br /> tax levy less preliminary payments. <br /> ' February 1997: <br /> Third quarter tax bills are due. All bills paid after this date are charged <br /> ' interest at the rate of 14% from the due date. <br /> May 1997: <br /> Fourth quarter tax bills are due. All bills paid after this date are <br /> charged interest at the rate of 14% from the due date. <br /> ' Fourteen days after the due date for the fourth quarter tax bill for real estate <br /> taxes, a demand notice may be sent to the delinquent taxpayer. Fourteen <br /> ' days after the demand notice has been sent, the Tax Collector may proceed <br /> to file a lien against the delinquent taxpayers' property. <br /> ' 12 <br />