Prepayment Plans and Discount Dates
Property Tax and Utility Prepayment Plan
The City of Castlegar is again offering taxpayers a convenient method of prepaying next year's property taxes including options for prepaying water and sewer user fees. You will receive an attractive rate of interest - not subject to income tax - on our monthly instalment plan. Briefly, the plan works as follows:
- In the three columns of your tax notice are shown amounts representing the prepayment instalments (based on estimated future taxes) for your property. Select the column related to your eligibility for the Provincial Home Owner Grant to determine your monthly instalment for tax prepayment. The amount for monthly payments for other options are available from the tax department.
- New participants will pay their first monthly instalment on July 15th using a post-dated cheque. A further eleven instalments are payable on the fifteenth of each month up to and including June 15th. These instalments will be drawn from your bank account by a pre-authorized transfer to the City, so there is no need for you to issue a monthly cheque or pay postage. Current participants will remain enrolled in the tax plan at the newly calculated instalment amount unless they ask to be removed from the plan, but will have to notify us if they wish to add utility payments.
- Commencing August 15th, your tax account will be credited monthly with the interest you have earned on your accumulated payments. Interest is credited at the rate of 3% below prime. The interest rate will fluctuate with prevailing market rates but will usually be higher than the rates paid by financial institutions on savings accounts.
- For properties on utility prepayment, on the utility due date an amount equivalent to the bill less discount will be withdrawn from the plan and credited to your utility account.
- When you receive your tax notice, it will show any outstanding balance after deducting all prepaid monthly instalments and your interest earnings including the June 15th amounts. You still will be required to sign and submit your Home-owner Grant claim and pay any remaining balance owing by the tax penalty date. If, however, your taxes are overpaid, the overpayment may be refunded to you or applied to your next year's taxes, as you request.
- You may elect to withdraw from the plan at anytime prior to May 15th by giving written notice to the City Tax Department. All instalments received plus interest earned will be promptly refunded.
Due Dates and Discount Dates
Taxes: 1st Working Day after July 1st for each year. (A 10% penalty will be applied on all current outstanding balances if payment is not received by 4:30 pm on due date.)
Delinquent Taxes are to be paid before 10 am on the last Monday in September to avoid the property from going to Tax Sale.
On January 1st of following year all Current Outstanding Taxes will become Arrears Taxes and all Arrears Taxes will become Delinquent Taxes.
Utilities: Last Day in February of each year. (A 7.5% discount applies if payment is received by 4:30 pm on due date). Quarterly penalties will be applied on all unpaid utilities on April 1st, July 1st, October 1st and January 1st. All unpaid balances will be applied to Tax Arrears on January 1st.