Property Tax Prepayment Plan

· A property tax prepayment plan is an optional payment plan that provides an opportunity for taxpayers to make 10 equal monthly prepayments for the following year's estimated property taxes.

· The prepayments start August 15 of the preceding year to May 15 of the year in which current taxes are due.

· Any balance remaining, which is the difference between the current year taxes and the total amount of the prepayments, is due on the tax due date (usually the first working day after July 1) of the current year.

· Simple interest is paid each month, based on the prepayment balance that month, at an interest rate of 3% below the Town Banker's prime rate to a minimum of 0.25%.

· Calculate the maximum monthly payment allowable as directed below. You may make a smaller payment than line ‘A' of the calculation; however, your monthly payment may not exceed line ‘A' below.

· Complete and sign the Property Tax Prepayment Application Form [PDF - 32 KB] and mail, email finance@viewroyal.ca , fax or deliver the application to the Town of View Royal prior to July 31 to start your payments August 15.

· If you submit your application too late for the August 15 payment, you can still join the plan, payments will start effective the next month.

· If the status of your Home Owner Grant is to change, you must notify the Town of View Royal as this will change your monthly payment amount.

· If you wish to cancel your payment plan, you need to provide the Town of View Royal with 10 days written notice. You must fill out a Property Tax Prepayment Cancellation Form also located at Canadian Payments Associationwebsite.

· Payments made are non-refundable.

How to calculate the maximum monthly payment:

Current Property Tax Payable Column A, B or C from your Property Tax Notice: $ _____________ Divide by 10 = Maximum Monthly Payment $ __________ (A)

Example: Column B of tax notice = $2,842.63. Divide by 10 = $284.26 the maximum monthly payment

 

For more information on the Town's payment options click here.