Fiscal Note
The proposed ordinance amendment defines the minimum payment amount for the multiple installment payment option for taxes.There is no impact on the levy and no appropriation is required.
Title
Amending 4.07(4) to define a minimum payment amount.
Body
DRAFTER’S ANALYSIS: This ordinance amends Section 4.07(4) to define a minimum payment amount.
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The Common Council of the City of Madison do hereby ordain as follows:
1. Subsection (4) entitled “Minimum Payment: of section 4.07 entitled “Multiple Payment Option” of the Madison General Ordinances is repealed and replaced as follows:
“(4) Minimum Payment. If the calculated tax is greater than one hundred dollars ($100), the taxpayer is eligible to pay the tax in four installments. Twenty-five percent (25%) of the tax due will be allocated to each installment. The sum of the installment tax, applicable special assessments, charges and tax credits will determine each installment payment. Negative installment amounts will result in no installment payment due and reduce the subsequent installment. If the calculated tax on real property or personal property for improvement on leased land is less than one hundred dollars ($100), the payment shall be made in full on or before January 31.”
Editor’s Note:
Section 4.07(4) of the Madison General Ordinance currently reads as follows:
4.07 - MULTIPLE PAYMENT OPTION
(4) Minumum Payment. The minimum payment amount for installments shall be one hundred dollars ($100) and a taxpayer shall pay the minimum installment payment on succeeding installment payment dates until fully paid. If the total real property tax or property tax levied on personal property for improvement on leased land is less than one hundred dollars ($100), the payment shall be made in full on or before January 31.