Late Payment Charges
Property taxes are the primary source of revenue that funds the delivery of municipal services. There is a cost to the City when payment is not made when it becomes due. Non-payment of property taxes are subject to two (2) separate late payment charges as follows:
A penalty of 1.25% is added to your tax account the day after an instalment payment is due.
For example: Your tax instalment of $1,000 is due February 15th. A penalty of $12.50 is applied to the tax account on February 16th if payment is not received by end of business day on February 15th.
Interest is charged at a rate of 1.25% on any taxes not paid in a previous month. Interest is not calculated on interest or penalty previously charged.
For example: As of March 30th total outstanding taxes on your account is $3,000 (exclusive of any previous penalties or interest). A penalty of $37.50 will be added to the account on April 1.
Late payment charges cannot be waived once charged unless there is an Administrative error or overcharge. Should you subsequently remit payment for taxes, your payment will be applied first to any late payment charges then to the taxes which will leave a balance of tax owing if you do not remit the full amount outstanding. Any balance owing will continue to attract late payment charges until it is paid in full.
For example: As of June 30th outstanding taxes on your account is $2,000 plus late payment charges of $75. On July 1st there will be an interest charge of $25 added to the account. On July 10th you remit $2,000 which will first pay the $100 interest charge and then pay $1,900 of the taxes owing leaving a balance due of $100. On August 1st there will be an interest charge of $1.25 added to the account.