Government Assistance: Property Tax
Property tax is payable on July 2nd generally, however certain Municipalities have or are proposing to extend payment dates. These vary daily, hence a taxpayer should visit the municipal web site for the specific date.
Class (4) (5) (6) (7) & (8) – Tax reduction
- The school property tax rate for commercial properties reduced to achieve an average 25% reduction in the total property tax bill for most businesses
Class (4) (5) (6) (7) & (8) – Penalties for late payment
- No penalty until October 1st, 2020, then 5% to December 31st, 2020
- This could represent a charge equivalent to 20% per annum,
- If the 2020 taxes are not paid by December 31st, 2020 then a further penalty on January 1st, 2021 will be levied
Class (1) Residential Tax
Class 1 does not get any form of tax relief. The government says there are some deferral opportunities already available.
Additional school tax
Urban Development Institute are discussing a relief for developers, but no success to date.
Assessment Appeal Deadline
This has been extended to June 1st, 2020.
Peter Austin,BSc. AACI, Carb