Late Payments

All Statements of Account include dates when payment is due. If the payment is not postmarked to Finance by that date, it is considered late. The amount of tax that was owed on the due date is considered "in arrears" (unpaid) and, by law, Finance is required to charge interest on the outstanding amount of property tax until payment is received. Because interest compounds daily, the later the payment, the more interest will accrue. In some cases, the amount of interest can surpass the amount of tax that was originally owed.

If the Owner Does Not Receive the Tax Bill
By law, interest is charged regardless of whether the property owner received a bill.

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

Making Partial Payment of Late Charges
Taxpayers who mail a partial payment on late charges and are not including a bill should be sure to write on the front of your check which charges they are paying, the applicable billing period, and their property's Borough, Block, and Lot numbers.

Interest Rates for Late Payments of Property Tax
Interest rates are set annually by the City Council following a recommendation from the Banking Commission.

The interest rate for a late payment depends on the assessed value of the property.