The Tax Installment Payment Plan (TIPP) offers taxpayers the opportunity to enter into an agreement with the City to pay their property taxes in monthly installments. This is done by a pre-authorized withdrawal of funds from taxpayers’ bank account.
All taxpayers are eligible providing all previous years taxes are paid in full.
How Does TIPPs work?
- The plan follows the tax year and runs from January to December each year.
- January through May’s payments are an estimated amount based on the previous year’s tax levy plus any anticipated changes.
- In May, the annual tax notice is mailed out to taxpayers. This notice shows the current year’s taxes less any payments made.
- At this time, the TIPPS payment is recalculated based on the actual tax levy. This is done by dividing the outstanding balance over the last seven months of the year (June – December).
- Once you are on TIPPS, the plan will be automatically renewed each year.
- You can have your payments withdrawn the last day of each month.
Benefits of Using TIPPs
- TIPPS breaks the annual tax payment into 12 monthly payments to make budgeting easier.
- Regular payments are assured. If you are on vacation, out of town on business, or sick, your payments will be made on time.
- Convenient and reliable method of ensuring that your tax bill is paid.
How to Apply for TIPPs
You can apply for TIPPs anytime throughout the tax year. If your application is received during the year and:
- If your taxes are fully paid for the year; the plan will start in January of the following year. No sign-up fee is required.
- If your taxes are not paid for the year; you will be required to bring your account up to the date of sign-up. These payments will be subject to a sign-up fee as per Bylaw C-1138. TIPPs payments will commence the following month.
Cancellation Information & Change of Banking Information Forms
You may withdraw or cancel from the TIPPs plan by giving written notice no later than the 20th of each month.
Any payments returned by the bank, for any reason, are subject to a service charge and must be made good within that month.
If you, or the City cancels your TIPPs plan, all unpaid taxes become due and payable, and are subject to penalties in accordance with the Tax Penalty By-Law.