The city of Madison has increased the number of tax installments for property owners from two to four, with the new policy set to begin in December.
The new due dates will be Jan. 31, March 31, May 31 and July 31. Taxpayers can pay any amount throughout the year as long as they meet the minimum required payment by each date, according to a city of Madison release.
Studies have shown the easier budgeting possibilities will also lower the delinquency rate.
“At the height of the recession the city’s delinquency rate was over twice the historical average,” Mayor Paul Soglin said in the release. “Even today, delinquencies are 30 percent more than what we would expect. We hope offering the four installment option will help some of our property owners avoid the considerable penalties incurred when you go delinquent on their taxes.”
The revised tax policy will not affect most taxpayers who pay taxes in December, because they will be able to itemize the deduction on their federal income tax. The taxes will now be paid entirely to the city treasurer, instead of splitting payments between the city and county.
Taxpayers can visit the city treasurer’s website for additional information on the policy.
