TIPP - January 2022 monthly instalment change
All Tax Instalment Payment Plan (TIPP) accounts are reviewed in November to determine the amount of the monthly instalment from January 1 to June 1 of the next year.
If your monthly instalment is changing for January 1, 2022, a letter was mailed to you in November 2021.
November 2021 budget decisions impacts: Changes to your January 1, 2022 monthly payment amount are made under the terms and conditions of the Tax Instalment Payment Plan (TIPP) and is not related to the November 2021 budget decisions. The 2022 property tax levy amount will not be known until May 2022. The full 12-month effect of any budget adjustments will be factored into the July 1 TIPP recalculation and spread over the six months between July and December.
The January 1 to June 1 monthly instalments are calculated by dividing your property’s 2021 property tax by 12, taking into consideration any applicable adjustments affecting your tax account, rounded up to the nearest dollar.
Adjustments to your 2021 property tax account that may have been included in the calculation of your revised 2022 instalment:
- Dishonoured payment(s) and/or service charge(s), or a debit transfer from another City department.
- Changes to your property tax levy as a result of a supplementary tax bill, or an amended notice, or an assessment appeal decision.
Credit adjustments applied to your 2021 property tax account that are not included in the calculation of your revised 2022 instalment:
- 2021 Property Tax Assistance Program (PTAP) credit.
- One-time 2021 Municipal Non-Residential Phased Tax Program (PTP) credit.
- One-time 2021 Council approved property tax rebate
When your property tax is billed in May of 2022, your monthly instalment amount will be adjusted for July 1 to December 1 based on the new 2022 property tax levy. Changes to your instalment amounts in January and/or July will ensure your tax account is paid in full by year-end.
- Each year property tax is billed in May for the tax year. The tax year is the calendar year January 1 to December 31.
- TIPP spreads the payment of property tax over 12 months, starting January 1.
- TIPP automatically continues from year to year.
- January 1 to June 1, your monthly instalment is based on 1/12 of your most recent property tax, rounded up to the nearest dollar.
- July 1 to December 1, your monthly instalment is based on your actual annual property tax levy billed in May. Revising your monthly instalment July 1 ensures your tax account is paid in full by year-end.
Changes to your monthly payment amount are made under the terms and conditions of the Tax Instalment Payment Plan (TIPP).