Finding it difficult to tackle that large and looming lump sum property tax payment every year? The City of Edmonton’s Monthly Tax Payment Plan may be the right solution for you.
What is the Monthly Tax Payment Plan?
The Monthly Tax Payment Plan allows homeowners to conveniently pay their property taxes in monthly installments rather than one large annual lump sum. As payments are automatically withdrawn on the first of every month, twelve months a year, homeowners enrolled in the program never have to worry about incurring late-payment penalties.
How Does It Work?
As per the City of Edmonton, from January to June (the first six months of the year), your monthly instalment will be based on 1/12 of the previous year’s property tax amount. The amount is then adjusted for the remaining six months of the year (July to December) based on your new annual tax amount.
In the event you enrol in the program during a tax year (January 1-December 31), you will be required to account for any “missed payments.” For instance, if you decide to begin automatic payment withdrawals on April 1st, you must make up for January, February, and March’s payments and pay the one-time administration fee.
How Do I Enrol in the Monthly Tax Payment Plan?
Homeowners wishing to take advantage of the monthly payment plan must fill out an enrolment package which can be obtained online, via email (firstname.lastname@example.org), or by calling 311. The plan may also be applied to multiple properties; however, a separate application must be filled out for each (payments will be withdrawn from one account).
The city also recommends enrolling by the end of November for the upcoming tax year to avoid the one-time administration fee, which amounts to 2% of the initial payment amount.
Things to Keep in Mind:
Automatic payments are scheduled for the first business day of each month and may only be withdrawn from one account
In the event of a missed payment, a service charge of $35.50 (single property) or $17.75 (multiple properties) will be applied, in addition to any outstanding balance penalties.
Whether you’re new to the market, experienced homeowner, first-time investor or a real estate mogul, we’re here to help. Simply fill out our quick and easy application form and get started today.
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