If you own property in Langley City, you must pay your property tax bill by the beginning of July. The majority of Langley City property owners pay their taxes as a lump sum payment, but over a quarter of property owners take advantage of the City’s tax prepayment plan.
Starting in July of every year, the City estimates what your following year’s property tax bill will be. Based on that estimate, on the 15th of every month, an equal instalment is withdrawn. By taking advantage of the City’s prepayment plan, you can avoid having to pay a lump sum of property tax.
There is another benefit, the City will actually pay you to use the prepayment plan. The City will pay you interest on your prepaid balance at a rate of prime minus 3%. As of today, the interest rate would be 0.45%.
More details on the prepayment plan are available on the City’s website. You can also download the Pre-Authorized Tax Prepayment Plan application form to get started.
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