Fiscal Note
The proposed ordinance revision would allow Madison taxpayers to pay property taxes in four installments rather than in two installments, which has been the historical practice. It would also shift the responsibility for collection of all installments and most delinquent taxes from the County Treasurer to the City Treasurer. This administrative change would shift the collection of interest and penalty on most delinquent taxes from the County to the City during the first six months of delinquency and would increase revenue for the City by an estimated $200,000 or more per year. The City Treasurer believes that the proposed four-installment collection can be completed with existing staff resources. There may be some additional costs for mailing and supplies of up to $10,000 or $20,000 per year. G.O. borrowing of $40,000 for initial software reprogramming costs is included in the Information Technology 2013 Capital Budget (Project No. 10, 810708).
Title
SUBSTITUTE Amending Sections 4.07(1) and (2) and creating Sections 4.07 (1) through (11) of the Madison General Ordinances to provide for installment payment of real property tax and personal property taxes for improvements on leased land and establish payment procedures for personal property tax, special charges, special assessments and special taxes.
Body
DRAFTER'S ANALYSIS: This ordinance reorganizes and clarifies the previous sections and establishes a multiple installment payment option of real property taxes and personal property taxes for improvements on leased land, rather than the previous two installments. The minimum payment shall be $100 and each installment shall consist of ΒΌ of the aggregate real property tax levied. The amendment establishes payment dates for each installment including a 5-day grace period. The amendment establishes a date by which each installment will become delinquent and the remainder of the unpaid portion of the taxes will become due as of the first day of th...
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