Under the quarterly payment system, you will be sent a preliminary tax bill each year on or about July 1st. Your preliminary tax will be based on the adjusted net tax owed (including any betterments, special assessments and other charges added to the tax) on your property for the prior fiscal year and as a general rule will be no more than half (50%) of that amount. Your preliminary tax will be payable in two equal installments. Your first payment will be due on August 1st and your second payment will be due on November 1st. The Town will add up to 2.5% increase on Preliminary bills so the 3rd and 4th quarter are not so large.
Example: if your Fiscal Year 2014 tax was $2,000 and you were granted an abatement of $400, your FY2014 net tax due was $1,600.
Your Fiscal Year 2014 preliminary tax would in most instances be no more than $800. This $800 would be payable in two installments of $400 each. Your first $400 payment would be Due on August 1, 2013 and the second would be due on November 1, 2013.
Your actual tax bill will then be sent to you on or about December 31st. This bill will show the assessed valuation of your property, the tax rate and the amount of property taxes you owe for the fiscal year, including any other special charges that are added to the tax. The tax bill will also show the amount of the preliminary tax billed in early summer as a credit against your actual tax for the year.
The balance of your tax remaining after credit for the preliminary tax will also be payable in two equal installments. Your first payment will be due on February 1st and your second payment will be due on May 1st.
Example: If your actual Fiscal Year 2014 tax bill is $1,700 and you had previously been billed $800 in preliminary taxes for the year, you would have a remaining balance of $900. This $900 balance would be payable in two installments of $450 each. The first $450 payment would be due on February 1, 2014 and the second would be due on May 1, 2014.
Once the actual tax bills are mailed, you will be able to file an abatement application with the assessors if you wish to contest your assessment. Applications for abatement may be filed between January 1, 2014 and February 1, 2014 if the actual bills are mailed on or before December 31, 2013.