What is TIPP?
The Tax Installment Payment Plan (TIPP) is a popular program which allows you to pay your property taxes on a monthly basis instead of one payment in August.
Your payment automatically comes out of your bank account on the 15th day of every month, making budgeting easier and helping you avoid the risk of a 6% penalty in September and a 10% penalty in December.
How does TIPP work?
Each year property taxes are billed in May, due August 31 and cover the period from January 1 to December 31.
If you pay through TIPP, you don't need to worry about the payment deadline or late payment penalties. Your taxes are spread over 12 months, starting January 15th with your account being paid in full after your December 15th installment.
Your installment amount is calculated by dividing your most recent annual tax levy by 12. This amount is paid through automatic withdrawals from your bank account on the 15th day of each month.
When you receive your annual tax Notice in May, your June installment will be adjusted to reflect the actual tax levy, ensuring your account is paid in full by year end.
Your tax assessment will show:
- The TIPP credit-to-date;
- The new installment amount for the remainder of the year; and
- The date we will start withdrawing the new installment amount.
At year end:
- Your enrollment in the TIPP program automatically continues from year to year, unless you notify the county you wish to discontinue
Application forms for enrollment are available at the Lacombe County Administration Office.
For further information please call 403-782-6601.
