Late Payments
What is the penalty for paying my taxes late?
Simple interest is calculated at an annual rate of 8% and is added daily. So, take your tax balance, multiply it by 0.08 and divide the result by 365. That is the amount of interest added to your account each day.
The interest charged after the property goes to lien is 14%.
I’m having trouble paying my taxes this year. When do I have to worry about my house being sold at a tax sale?
- We don’t conduct tax sales any more. We use the tax lien process which has the following steps:
- Notice of tax delinquency is mailed in mid-February.
- Notice of intent to lien is mailed by certified letter in March.
- The liens are executed in April.
- The Town holds the liens for 2 years.
- If the taxes have still not been paid, a notice of intent to deed is mailed to the property owner 30 days before the deeding date which is usually in May.
- If the property is deeded to the town, the town must hold the property for another three years to give the owner a chance to buy it back. After the 3 years the town can sell the property for market value.
- The property may be redeemed at any time during this process.