Installment Payment Plan for Property Taxes
Florida Law requires that your estimated taxes must be more than $100.00 per tax notice in order to participate in the Installment Payment Plan. If your estimated taxes are $100.00 or less you do not qualify for this plan.
To participate in the installment payment plan, the taxpayer must:
- Submit an installment payment application to the Tax Collector prior to May 1st and make the first payment no later than June 30th of that tax year.
- The Department of Revenue allows a 30 day extension period for the first installment payment to be made, however, there is a 5% penalty cost and loss of discount with this option.
- Section 197.222, Florida Statutes, allows an alternative plan for payment of property taxes. A taxpayer who elects to pay taxes by the installment method shall make payments based upon an estimated tax which shall be equal to the actual taxes levied upon the property in the preceding year.
Once you have elected to participate in the installment payment plan by timely paying the first payment you are required to continue participation for the tax year. Annual renewal is automatic as long as the June Payment is made each year.
Installment payments that become delinquent shall be paid with the next installment payment. Any amount remaining unpaid on April 1st is treated as delinquent taxes. Discounts will not be allowed on delinquent payments.
The following is the payment schedule:
- 1st Installment: 1/4 the total estimated taxes discounted at 6%. Payment required by June 30th.
- 2nd Installment: 1/4 the total estimated taxes discounted 4.5%. Payment required by September 30th.
- 3rd Installment: 1/4 the total estimated taxes plus 1/2 of any adjustment for actual tax liability discounted 3%. Payment required by December 31st.
- 4th Installment: 1/4 the total estimated taxes plus the other 1/2 of any adjustment for actual tax liability. Payment Required by March 31st.
If you elect to discontinue participation, you will not be entitled to receive the discounts provided by law.