Late Payments

All Statements of Accounts (SOAs) include dates when payment is due. If the payment is not postmarked by that date, or if applicable, the grace period due date, it is considered late.

The amount of unpaid tax owed on the due date is considered "in arrears."  Finance is required by law to charge interest on the outstanding amount of property tax until paid.  Interest compounds daily, so the later the payment, the more interest will be due. In some cases, the amount of interest can be more than the tax originally owed.

If the Owner Does Not Receive the Tax Bill
By law, interest is charged even if the owner states they never received a bill.

If a Mortgage Company, Bank or other Party Fail to Pay on Time
The property owner remains responsible for the timely payment of taxes.  Finance's policy regarding arrears and interest does not change even if another party is making the payments. Owners must follow up directly with that party if there is a problem.

Making Partial Payment of Late Charges
Taxpayers who mail a partial payment on late charges should always include the bill.  If a bill is not sent, then be sure to write on the front of your check:

• the property's Borough, Block, and Lot number
• which charges they are paying
• correct billing period

Interest Rates for Late Payments of Property Tax
Interest rates are set annually by the City Council.  The interest rate for a late payment depends on the assessed value of the property. The interest rate for a late payment depends on the assessed value of the property.