HOW QUARTERLY TAX BILLS ARE CALCULATED
The town operate on a Fiscal Year calendar (July 1 to June 30).
1st and 2nd qtr bills (due Aug 1st & Nov 1st) are preliminary bills.
These two billing amounts reflect 1/4 of the prior Fiscal Year's annual amount.
In December, the new tax rate is set and any revaluations to properties are assessed.
Working with the new tax rate and new property values, the actual Fiscal Year annual amount is calculated.
Once the actual annual amount is obtained, the two preliminary amounts paid are subtracted from the actual FY total, and the remaining tax amount due for the fiscal year is divided between the 3rd and 4th qtr bills (due Feb 1st & May 1st).
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