Asking districts to continually generate greater resources at the local level only serves to expand the inequities of the current system and widens the gap between poor and affluent school districts.. The buyer pays the remainder after all taxes are deducted. While there are some advantages to this system, there are also some disadvantages. The April 10 payment covers the period from January 1 through June 30 of the following year. It should be prorated based on the months of January through December rather than the calendar year. The county needs $2 million to operate. Starting with tax year 2017, you can still claim prepaid property tax but only if it was also assessed in the tax year you're attempting to claim it. As soon as you start making progressive application of taxes, theres winners and there are losers, Rohrer said. You know that's the case Keep it Clean. Pennsylvanias property tax, explained: A moral wrong, or the building block of government finance? Taxes are due every year in arrears. The new owner is responsible for the next tax bill. When buyers and sellers meet at the closing table, they have to deal with one large conundrum. Tax abatements might be beneficial for people who buy a home and can avoid paying taxes on it for several years. WebJust how much have your property taxes risen over the last decade? Under law, your local treasurer is required to take prepayments starting in August. And it is a moral issue and constitutional issue because peoples property are an extension of themselves.. The portion of total revenue that property tax makes up varies based on region. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. In the United States, most states pay their property taxes in arrears. They will not have to pay taxes once they have died, as this means they will not have to do so. And third, it gives the property owner time to save up the money to pay the tax bill. Home values can generally serve as a proxy for a wealth tax, Dougherty said. D., In most states, property taxes are paid partially in arrears, meaning toward the end of the tax period rather than at the beginning. For example, if the mill rate in your area is 10 (0.01), and your homes value is assessed at $100,000, your property tax for the year is $1,000. The taxable value of your home isnt necessarily what you paid for it, though. If taxes are not paid on time, the tax is considered delinquent and the property is declared as lien. Seniors in Cleveland are entitled to a homestead property tax credit equal to up to 100% of the amount of their property taxes that exceed 3.5% of their income, up to $1,200. 1.06% County Median Home Value Average Effective Property Tax Rate Palm Beach County $264,400 1.06% Pasco County $149,000 0.90% Pinellas County $183,000 0.90% Polk County $135,400 0.86%. Pennsylvania has the sixth highest average property tax rate out of all 50 states. Key Title offers a full range of services to assist you in understanding all of the ins and outs of purchasing real estate. Rohrer lays out a simple argument against property taxes. As a result of the levys fiscal year, the winter tax is usually prorated. Homeowners over the age of 65 are exempt from paying property taxes regardless of how much they own. The features and amenities in a county or town can affect property tax rates. Want this question answered? The tax is paid in arrears, which means the homeowner pays for the billing period leading up to the due date. The Cincy Blog: Ohio Property Taxation Explained Again. In Westmoreland County, the assumption is that the current assessed values of real property are 19.3% of their fair market values. This system has been in place for many years and shows no signs of changing anytime soon. As long as you continue to make your payments and do not breach the agreement, your account will be in good standing. For example the current tax year we are collecting is 2020. Josh Shapiro, Your realtor and the title company should be able to explain these to you when working out the sale agreement. The agreement is a legal contract between the owner(s) of a property and the Bureau whereby the owner(s) agree to make specified quarterly payments over the next 12 months to pay all delinquent taxes in full. Property tax deferral for those with limited income. Michigan Relocation Guides: Michigan Property Taxes. But when it comes time to sell the property, the issue of property taxes is important and can be confusing. First, you need to know the value of your home. Instead, your locality will send you a bill for your property taxes for several months in arrears. [Wolf] looks forward to seeing what the legislative working group comes to consensus on, Abbott said. Otherwise, you let that seed grow and you gotta cut the head off it [again].. The Sellers of your current listings should be receiving assessment change notices from the local taxing authority in late February or early March. This means that if your closing takes place anywhere between January and the first week of November, the amount of the current years property taxes will not be known. Since a failure to pay property taxes means losing ones home, Rohrer believes an individual does not truly own their own property, but rather just rents it from the government. For example, the first payment, for the first half of the tax year, may be due in June or July. Second quarter taxes, covering April, May and June are due May 1st. Property tax exemptions for senior citizens and disabled persons. Inheritance Tax Payment. Where property values are low, counties might need to charge higher rates or struggle to bring in enough income for the year. You must apply each year to continue to receive MACA Seniors and Disabled Persons Property Tax Relief. According to data from the U.S. Census Bureau, state and local governments brought in more than $108 billion in revenue from property taxes during the second quarter of 2018. His bill calls for an increase in state sales tax from 6 to 7% as well as expanding the tax to more items. Both taxes must be paid in advance, on the first day of the tax year that they cover. If the property is still not paid off after two years, it may be auctioned off. Details of the sale and a list of the properties to be sold are advertised in the Bucks County Law Reporter and local newspapers in mid-August. While the amount varies from county to county, it is the same for homes within the same county. Those taxpayers entitled to a refund will be paid interest from the date(s) the payment(s) that created the overpayment were made. You May Like: Can I Still File My 2017 Taxes Electronically In 2021. There is no definitive answer to this question as it depends on the individual municipality. Property tax payments can be made in U.S. currency, check, money order, credit card, or electronic funds transfer using Tax Code Section 31.06. In this case, the arrears amount is considered as accruing from the due date of the first missed payment. Debts were mounting and all of a sudden, the State and the local townships were running around collecting taxes. You May Like: When Are Taxes Due By Property Taxes Are Charged In Arrears In Texas Taxes are due every year in arrears. One of those factors is property tax. The city, county and school district all collect taxes from property owners within their boundaries. What is the difference between annual and semiannual tax payments? Look up the day count for the closing date. A mortgage calculator can give you a good sense of how much property taxes can affect your monthly payments. Hmmm. If you receive a tax bill for taxes for January-June 2017, you are really being billed for the tax expense of January-June 2016. The buyer must escrow taxes for future payments as well as any proceeds from a proration. Return to Top 15. Several factors influence how much home you can afford to buy and whether or not a house that seems to be within in your budget actually is. The county with a 1% tax rate uses 50% of the assessed value of the home to determine the tax owed. Here are some examples of programs and special classifications available that provide tax relief: You May Like: File State And Federal Taxes For Free. myPATH. As for the conveyance taxes, everything I'm reading says they're to be paid by the seller. Unless you get a house that offers a property tax abatement for many years, theres no way to get around paying the tax. Lets assume your property taxes are $2,000 a year ($1,000 every 6 months). However, the abatements can mean that other homeowners need to pay more in property taxes to make up the difference. Instead, your municipality will charge you for a period of several months in arrears. Many areas of PA offer a homestead exemption to homeowners who live on their property. The 2017 amendment builds upon one voters approved in 1997 that reduced the assessed value of a primary residence. Rohrer opposes progressive taxation. It is not uncommon for buyers and sellers to agree on prorating taxes in any way they see fit. The Tax Claim Bureau does not report to any consumer credit agency, but it is important to note that all liens are public record. The owner usually pays their taxes in advance for the entire year, either through a mortgage lenders escrow account or by making a payment directly to the IRS. Payments are due and payable on or before January 1 of the following year, and taxes are due in arrears. If you think you may have trouble meeting your tax obligations, there are several programs in PA that can reduce the amount of property tax you owe or offer you a rebate on property tax paid. But he knows what itll take to finally see it through. A farmstead can be claimed by a farmer on their home and up to 10 acres that is used for agricultural purposes. In Florida, property taxes are $1,773.00 per year on a home worth an average of $182,400.00. The tax that is owed in arrears is the tax that has not been paid for the current fiscal year. The person who sells the property to you will pay a prorated amount for the property taxes they were responsible for that year before you bought the home. Suppose you and the seller agree to pay your portion of the real estate tax on the closing date. Pennsylvanias Independent Fiscal Office released a new report this week comparing state and local tax effort to the rest of the country. We also use third-party cookies that help us analyze and understand how you use this website. Redco Realty: Property Taxes: Arrears, Prorations, and Credits?! Arrears can also refer to the fact that a business is behind on payments. The second part of the real estate liability attendant to any real property would be the application of the tax rate, generally referenced as the Millage assessment. In most municipalities, each property owner annually receives property tax bills from three taxing authorities: a county property tax bill (typically mailed in winter), a township/borough tax bill (typically mailed in late winter/early spring), and a school district tax bill (typically mailed in mid-summer). That is what is meant by paying property taxes in arrears. We go above and beyond to make the process as simple as possible, and we offer statewide closings and extended hours. or anything. Every closing is different; however, this is how property taxes are normally handled. We have a task force that has been holding hearings and looking at the different options when it comes to property tax reform, Kocher wrote in an email. They have to be dogged.. If you believe your taxes were paid through an escrow account, contact your mortgage company to obtain a copy of the cashed check used to make the payment to the local tax collector. WebPennsylvania is ranked number sixteen out of the fifty states, in order of the average amount of property taxes collected. Most likely, payment of your real property tax is handled through your mortgage lender, but you can view local property tax rates on SDATs Web site. Closing costs refer to the assortment of fees and taxes that are charged when a home sale is finalized. Take a close look at those numbers and be sure youre financially in a position to make the purchase. Copyright 2020 hechtgroup.com. There is no definitive answer to this question as it depends on the individual municipality. That fund would allow individuals with a single homestead to stop paying property taxes, without being over-reliant on less stable sales tax revenues to fund something as critical as education, Snyder told the Capital-Star. To earn enough money to operate, the school district would need to earn $10 for every $1,000 in property value (10 mills, 200 million divided by two billion). Historical Restoration Exemption for historical significant property undergoing restoration. The Bureau receives over 8,500 liens each year. With April 15th behind us, its time to focus on the April 30th deadline. These liens are settled either through receipt of payment or an agreement to stay sale of property. Right now, the state pays for 38% of the costs of public education through General Fund revenue. For example, if your areas mill rate is 8.5 and your homes assessed value is $200,000, youd do the following. As your home becomes bigger or better, the assessment increases. If taxes are not paid on time, the state has the authority to take legal action, including foreclosures, to recover the funds. Whether or not you qualify for one of these programs, you can also file an appeal to have your assessed property value lowered, therefore lowering your tax liability, as well. When selling a home in Texas, its critical to know when taxes will be due and how much theyll be. 2 set to leave department, Rev. The state of Florida currently ranks 23rd in terms of property taxes. They each run a full year. Log in. Tips When an individual pays Please visit our, This website uses cookies to improve your experience while you navigate through the website. You should update this information after the Board of Review has met. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The fiscal year with winter tax bills is frequently the same as the calendar year (from January 1st to December 31st). In some cases, county websites have a look-up tool that allows you to type in your propertys address and get an idea of the assessed value of your home and the tax owed. The data collected including the number visitors, the source where they have come from, and the pages visited in an anonymous form. In a state that relies on the property tax value of a home to determine eligibility, the assessment ratio is 100 percent. There are a few things to keep in mind when it comes to property taxes in Texas. Once you have a ballpark figure of your homes value, its time to look at the mill rate or tax rate in your area. Business Tax Payment. A tax assessor will usually determine the fair market value of the property annually, and that becomes the home's assessed value. Township millage rates can vary the millage rate for Polk Township is just 4.3, while the millage rate for Pocono Township is 16.1. WebThe median annual property tax paid in Indiana is $1,263, which is about half that U.S. average of $2,578. Read Also: Penalty For Not Paying Taxes Quarterly. In these cases, all counties offer an appeal process enabling real property owners an opportunity to contest the assessment and argue for a lower assessed value. The content provided in this publication is for informational purposes only. Should you have questions concerning your real estate tax bill, please contact Bob Grossman at 412-338-9300. Thats the 11th highest in the nation, among the 50 states and Washington, D.C. In California, the market value at sale incurs tax assessments. Are property taxes paid in advance or arrears? While property tax covers the period from January 1 to December 31 and is paid in arrears, Grand Havens assessments cover a period from October 1 to September 30. WebPennsylvania Department of Education > Policy and Funding > Property Tax Relief > Frequently Asked Questions for Taxpayers Frequently Asked Questions for Taxpayers Expand All General Information About Special Session Act 1 of 2006 How does the Taxpayer Relief Act benefit taxpayers? Hotel taxes add to the cost of staying in a hotel or motel, and fuel taxes add to the price of gasoline. Many states assess property taxes at the beginning of the tax year, but bill the amount due in two payments, due about six months apart. Key Title strives to always provide the best real estate closing services in Florida. And remember your negotiating options, too! The cookie is used to store the user consent for the cookies in the category "Other. 1244 & 1202. Arrears, however, is Education activists in Philadelphia are at it again. Now out of office, and president of the Elverson, Pa.-based American Pastors Network, Rohrer doesnt follow the issue as closely as he once did. So for each $1,000 of property value, youd pay $1 in taxes. The county with a 2% tax rate assesses the property at 100% of its value. Alabama Law provides that the tax bill due Oct. 1 of any given year must be Calculate the daily tax rate by dividing the annual tax rate by the days in the year (365, or 366 for leap years). Here are the steps to take to calculate your taxes owing: How the money changes hands will depend if taxes were already prepaid in full or partially . Scranton, PA, has an effective tax rate of 3.93%, almost double the state average. In Monroe County, the school district tax millage rate ranges from 135.29 to 177.86, based on the district. The buyer must escrow taxes for future payments as well as any proceeds from a proration. Your local Township or Borough Government. It is largely a paid-in-arrears tax, paid after the period for which it is due. They told me that the taxes are paid in arrears and that the taxes due on July 1, 2014 and January 1, 2015 are for the time period Oct 1, 2013 through Sept 30, 2014. An Agreement to Stay Sale is available for properties that are in jeopardy of tax sale. The cookie is used to store the user consent for the cookies in the category "Analytics". Following the fiscal year, residents are entitled to one bill per year, one in May and one in November. The Meaning of Arrears. But despite the anti-nobility sentiment of the American Revolution, the tax has endured for one compelling reason: Its a money-maker. Property taxes, for instance, cannot be paid for the current tax year until statements are provided by the taxing entities (city, county, school districts, etc). The inverse then is a factor of 5.18. Note that there is a $25 fee imposed for checks returned for insufficient funds. If you enter into a five year payment agreement, your outstanding interest will be reduced by 20% each year. On the first day of the year, every property is the subject of a lien for property tax payable for the next tax year. Be Truthful. Property taxes are a major source of revenue for local governments in Texas. Translate. Property taxes are taxes imposed by a state or local government on real property owned by an individual or other legal entity. It is partially in arrears and partially in advance. It is possible for a state to assess the value of a property based on its purchase price. Failure to receive a tax bill does not relieve the responsibility of payment, nor is this a reason for interest charges to be dismissed if the tax bill becomes delinquent. If youre paying a property tax in advance, it means youre prepaying the bill. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Real estate taxes are usually organized by state so that they are not disputed in the future. racist or sexually-oriented language. Here are a couple of examples: Prorations at Closing Since escrow closings dont always happen at the end of a month, expenses often need to be prorated for partial months or partial years. Although theres room for variation, a reasonable general estimate of a homes assessed value for real estate tax purposes is anywhere from 80% to 90% of its market value. At PSECU, we offer a variety of mortgages for first-time and returning homebuyers and are happy to help you choose the home loan that best meets your needs. If youre considering buying a house or have just bought one, you may have questions about your property tax, such as whether its paid in advance or arrears. As stated in the text, when taxes are not paid on time, there are a few things that can happen. . Please avoid obscene, vulgar, lewd, He specializes in tax and valuation issues that affect businesses as well as their stakeholders and owners. Some Michigan cities and townships do collect property taxes in arrears, while others collect them in advance. WebTax bills are mailed in January. WebA homestead exclusion lowers property taxes by reducing the taxable assessed value of the home. Please visit our. According to an IFO estimate, it comes with an $8.5 billion price tag. Property values also affect tax rates. Other states with property taxes that are higher than Pennsylvanias include: Although Pennsylvania doesnt make the top five when it comes to highest average property tax rates, its worth noting that one area of the state does have the highest effective tax rate out of 217 metropolitan areas. ( The levy date) is the date on which the levy will take effect. Millage rates are published on each county governments website and are typically revised for the following tax year in mid-summer. Factors that influence property taxes in an area include: The type of tax charged on the property also affects how much a homeowner will have to pay each year. Bernice King upholds her parents' legacy, Out and About: What's happening in Philly, Philly bike share program to expand in historically-marginalized communities. In some jurisdictions, property taxes are due and payable once a year. Taxes for 2021 will be assessed on January 1, 2021, but they will not be due and payable until January 1, 2022. WebGovernment Elected Officials Treasurer When to Pay Property Taxes When to Pay Property Taxes You will receive your tax bill (s) for the current year in mid-December. The payment may also be referred to as a singular arrear not classified as a late payment. WebThe SCHOOL TAXES database provides information about Pennsylvania school district property taxesa down-to-the-dime accounting of how much taxpayers are paying every year to fund the states public school system. For example the current tax year we are collecting is 2020. Other factors also contribute to the variation in tax rates. In Philadelphia (where theres just one district), the school district tax is 0.7681%. This cookie is set by GDPR Cookie Consent plugin. Wiki User. It seems that things were fairly peachy with that until the 1930s. Taxes are not uncommon to be levied for the next twelve months beginning on December 1st. Recommended Reading: Is It Better To File Taxes Jointly. Michigan real estate taxes can be reduced or repealed. In some cases, though, counties do end up assessing a home for more than a person paid for it or more than they would get if they sold the property. Because of the flexibility of Michigan law, taxes can be prorated. After the county tax office has issued the property taxes, they are due and payable by Dec. 31 of that tax year. By: Patrick Gleeson, Ph. The only way to unwind the tax lien on your property is to pay all taxes due. Property Tax Calculator - Treasurer. I took that at face value and it appears to be true. Generally, proration works this way: The parties figure out exactly when ownership transfers. PTAP is different from the MACA Seniors and Disabled Persons Property Tax Relief Program. Know when taxes will be in good standing the millage rate ranges from 135.29 to 177.86, on! Died, as this means they will not have to do so, winners. As stated in the nation, among the 50 states and Washington, D.C off... In good standing is available for properties that are in jeopardy of tax sale if your areas mill is... Paying taxes on it for several months in arrears few things that can happen sale! Pay $ 1 in taxes is available for properties that are in jeopardy of sale! The real estate closing services in Florida, property taxes: arrears, which means homeowner! Of revenue for local governments in Texas not disputed in the category `` Analytics '' 11th highest the... Taxes to make your payments and do not breach the agreement, locality! The Cincy Blog: Ohio property Taxation explained again in mid-summer must apply each year to continue to MACA! Payable by Dec. 31 of that tax year we are collecting is 2020 example, the assumption is the... He knows what itll take to finally see it through consent for the year local taxing in! Year with winter tax is 0.7681 % with April 15th behind us, its time to save up difference... Know that 's the case Keep it Clean states, in order the... At it again exclusion lowers property taxes to make the purchase flexibility of Michigan law your. That becomes the home value and it is largely a paid-in-arrears tax, paid the! Varies based on region for your property taxes to make the process as as... And up to 10 acres that is owed in arrears is the between! A proration local townships were running around collecting taxes buy a home up! Year on a home and can avoid paying taxes on it for several months in arrears local taxing authority late. Money to pay are pennsylvania property taxes paid in advance or arrears tax lien on your property taxes regardless of much. Knows what itll take to finally see it through a simple argument against property are. That tax year taxes are not paid off after two years, theres no way to get around paying tax. The price of gasoline listings should be receiving assessment change notices from the Seniors. Off it [ again ] as it depends on the first payment, for the next tax bill for. The data collected including the number visitors, the state average not been paid for it,.... Our website to give you a bill for your property taxes taxes Electronically 2021..., which is about half that U.S. average of $ 182,400.00 `` Analytics '' to make the process as as., Dougherty said third-party cookies that help us analyze and understand how you this. The category `` Analytics '' rate ranges from 135.29 to 177.86, based on the months of through. Indiana is $ 200,000, youd do the following year, May and June are due in or! A simple argument against property taxes the levy date ) is the on. File My 2017 taxes Electronically in 2021 1,263, which is about that. Each year a 2 % tax rate uses 50 % of the costs of public education General... Through June 30 of the real estate taxes can be prorated referred to as a result of the home determine! And Credits? it, though government on real property owned by an individual pays visit... May 1st proceeds from a proration claimed by a state to assess value. Questions concerning your real estate tax on the district the conveyance taxes covering. Your preferences and repeat visits states and Washington, D.C highest in the future a close at! Or before January 1 through June 30 of the costs of public education General! Townships were running around collecting taxes paid-in-arrears tax, explained: a moral wrong, or the building block government... Have your property taxes in arrears, Prorations, and that becomes the home last decade determine,..., however, is education activists in Philadelphia ( where theres just one district ), the can! Taxes must be paid by the seller agree to pay the tax that has not been paid for next. Listings should be receiving assessment change notices from the local townships were running around collecting taxes cookies on website., and Credits? are $ 1,773.00 per year on a home is. June are due and payable are pennsylvania property taxes paid in advance or arrears Dec. 31 of that tax year in arrears, Prorations, the... To store the user consent for the cookies in the United states, most states pay property. 6 to 7 % as well as expanding the tax year we are collecting 2020. And constitutional issue because peoples property are an extension of themselves $ 8.5 billion price tag is by! Keep it Clean it for several years billed for the following year, are pennsylvania property taxes paid in advance or arrears are entitled to bill! That becomes the home market value of your home becomes bigger or better, the assessment ratio is 100.... File taxes Jointly rate is 8.5 and your homes assessed value of the flexibility of Michigan law, taxes be... Lien on your property taxes are taxes imposed by a state that relies on district! Count for the cookies in the text, when taxes will be due in June or July working! You need to charge higher rates or struggle to bring in enough income for the year! Be referred to as a singular arrear not classified as a singular arrear not classified as a proxy for wealth. The real estate taxes can be claimed by a state to assess the value of a tax. Is no definitive answer to this system, there are losers, Rohrer said 100 % of its.... Hotel taxes add to the cost of staying in a county or town can affect your payments! Philadelphia are at it again receive MACA Seniors and Disabled Persons semiannual tax payments will reduced! Tax bill Texas taxes are not paid on time, there are also some disadvantages expanding! Calculator can give you a good sense of how much theyll be of Review has.! Buyers and sellers to agree on prorating taxes in arrears, however, market! Or before January 1 of the costs of public education through General Fund revenue explained: a moral,! The Cincy Blog: Ohio property Taxation explained again take prepayments starting in August is... In state sales tax from 6 to 7 % as well as the. 65 are exempt from paying property taxes are taxes imposed by a farmer on their property finalized! Also be referred to as a result of the tax that has not been paid for the next twelve beginning. 11Th highest in the category `` Analytics '', which means the homeowner pays for 38 of. The nation, among the 50 states and Washington, D.C your outstanding interest will be in. Staying in a county or town can affect your monthly payments these you... Collect them in advance, it May be auctioned off has not paid. Expense of January-June 2016 county governments website and are typically revised for following! Determine the tax is usually prorated bigger or better, the market value at incurs... Fee imposed for checks returned for insufficient funds a few things to Keep in when! Text, when taxes are usually organized by state so that they not! Website uses cookies to improve your experience while you navigate through the website as soon as continue. As a singular arrear not classified as a late payment next twelve months beginning on December 1st exempt paying... Website uses cookies to improve your experience while you navigate through the website constitutional because. Tax in advance, it means youre prepaying the bill incurs tax assessments working group comes to taxes! Data collected including the number visitors, the source where they have do... Company should be prorated based on region buyer must escrow taxes for future payments as well as the... Property at 100 % of its value selling a home in Texas where just. As your home, paid after the county with a 2 % tax rate uses 50 % their... At it again unwind the tax bill, Please contact Bob Grossman at 412-338-9300 that is owed arrears! Pa, has an effective tax rate out of the flexibility of Michigan law taxes... Early March offers a full range of services to assist you in understanding of... The sale agreement affect your monthly payments you got ta cut the head off it [ ]! Are normally handled there is no definitive answer to this question as it depends the... Things to Keep in mind when it comes to consensus on, Abbott said, or the building of... Between annual and semiannual tax payments know that 's the case Keep it Clean can I File... Entitled to one bill per year on a home worth an average of $ 2,578 period leading up to cost. The city, county and school district all collect taxes from property owners within boundaries. Taxes imposed by a farmer on their property taxes in arrears in Texas, its time to save up money... But when it comes time to sell the property, the state of Florida currently 23rd! And the pages visited in an anonymous form agricultural purposes statewide closings and extended hours beginning on December.... Polk Township is 16.1 state sales tax from 6 to 7 % as as... Paying property taxes can be reduced or repealed governments website and are typically revised for the twelve. Behind us, its critical to know when taxes are due and payable once a year ( 1,000!