Can Property Taxes be Paid in Installments?

 

Paying property taxes can be an exasperating time for homeowners, particularly when taxes are due in a single large payment. The good news is that some states allow payment of property taxes in installments to make it less burdensome on homeowners. If you reside in New York and want to know if you can avail of this option, you're in the right place.

In this blog post, we will address the question of whether property taxes can be paid in installments in New York and some other things you need to know.

Short Answer: It Depends

The short answer to the main query is, "It depends." Property tax rules and regulations vary by locality in New York. The option to split property tax payments into installments can be at the discretion of your specific county, city, or town. That being said, no state-wide arrangements exist for property tax installment payments. If you want to pay your property taxes in installments, see if your local government grants this flexibility.

If your locality allows property tax payment in installments, the specifics of the installment plan may vary. Property owners in some municipalities can settle their property tax payments in two or three combined payments per year, while others may allow them a monthly installment plan. But be mindful that installment programs typically require an additional fee or interest rate, so you must assess if it is worth paying the extra charge.

Before pursuing an installment plan, it would be wise to investigate if your municipality offers programs that reduce residents' property tax rates.

Do Some Research

The best way to identify if you qualify for installment property tax payments is to visit the government website of your city, county, or town or talk to your local tax assessor's office. They can also answer your queries on interest and costs charged on installment plans. Furthermore, you must determine the date of the year's first payment deadline if you intend to utilize an installment program. The first installment package is often due before the April 15 cut-off for the tax year, and late penalties and interest payments are exacted if the price is not made on time.

Property Tax Consultants on Long Island

If you want to reduce your property taxes, we’re here to help. Based in Plainview, New York, P.T.R.C., Inc. specializes in minimizing clients’ property tax assessments with personalized service. Our number one priority is customer satisfaction.