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M.D. of Foothills No.
31 |
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This page was last edited July 04, 2008 10:57 AM |
T.I.P.P. TAX INSTALLMENT PAYMENT PLAN TIPP is a plan by which taxpayers make consecutive monthly payments for property taxes. HOW DOES TIPP WORK? The program runs from January to December and pays the property taxes for the calendar year. The payment amount is adjusted twice each year to avoid the need for refunds or additional payments. The enrollment deadline is March 15th. If you are purchasing a property that is currently on TIPP, you may continue the program by contacting the Tax Department. Starting each January, the monthly payment is calculated by dividing your most recent annual tax levy by 12 months. When the current levy is known, the discounts and pre-payments are subtracted and the new balance divided by the remaining months in the year. The new payment amount, and the month it will become effective, is shown on your combined assessment and tax notice. TIPP accounts in good standing are exempt from the October 1st penalty. TIPP automatically resumes January 1st for the following year's taxes. If you withdraw or your plan is cancelled, all unpaid taxes are due and payable, subject to penalties in accordance with the Penalty bylaw. PAYMENT EXAMPLE
*December payment will be adjusted to compensate for rounding. If the application is received after the start of the year, you must make a lump sum payment equal to the monthly payment amounts that would have been paid between January 1st and the actual start date. TIPP PAYMENT OPTIONS Automatic Withdrawal You may authorize the M.D. of Foothills No. 31 to make automatic withdrawals from your bank account on either the 1st or the 15th of each month. Please submit a VOID cheque Post-dated Cheques or Internet/Telephone Banking You may make payments by post-dated cheques or internet/telephone banking dated any day between the 1st and 15th of each month. The application form must be in our office by the dates specified to qualify for the discounts. Starting each January send six cheques, for January to June. The new payment amount will be shown on your combined assessment and tax notice. The post-dated cheques for July to December must be received in our office within 30 days of the mail date of the Combined Assessment and Tax Notice. Two weeks written notification is required: · to stop an automatic withdrawal, · to cancel participation in the program, · to change banking information. You may provide a new VOID cheque by mail, fax, or scanned image via email. If any payments are missed, the M.D. of Foothills has the option to cancel the agreement. The Tax Department will issue a receipt for the total of the TIPP payments upon request. TWO (2) WEEKS WRITTEN NOTIFICATION To change banking information. Provide a new VOID cheque by mail, fax, or scanned image via email · To stop automatic withdrawals or the deposit of post-dated cheques. · To cancel the program for any reason. TIPP automatically resumes January 1st for the following year's taxes. In December all accounts are reviewed and you will be sent notice of the new payment amount. If you withdraw or your plan is cancelled, all unpaid taxes are due and payable, subject to penalties in accordance with the Penalty Bylaw. TIPP payments are neither refundable nor transferable. |