What are the qualifications to participate in the Installment Plan?

You can participate in the quarterly installment plan for next year's (2008) taxes for your real estate and/or your tangible personal property taxes if your tax bill is more than $100 in 2007. An installment application was included with your 2005 tax bill and is also provided on this web site. If you wish to participate in the installment plan, you must complete and return the application to the Tax Collector prior to May 1, 2008.

If you have an escrow account , check with your mortgage company. Since you pay a portion of your taxes to your mortgage company with your monthly mortgage payment the mortgage company makes a single payment for you and you may be unable to participate in this plan.

When are my tax bills due if I choose to pay my taxes on the Installment Plan and how are the amounts determined?

Your first bill will be due in June, 2008. Per Florida Law, the June payment must be made or you will be dropped from the installment plan. If you do not make your June installment payment, you will receive a tax bill in November for the full year's taxes with the usual discounts. The June payment includes a 6% discount. The second bill is due in September, 2008 and includes a 4.5% discount, the third in December, 2008 with a 3% discount and the final bill in March, 2009 with no discount. The June and September bills will be computed using your 2007 tax amount. The December and March bills will reflect the 2008 taxes. (The 2008 tax roll will be certified to the Tax Collector in October 2008). Any increases or decreases in your tax bill due to changes in the assessed value and/or exemptions are reflected equally in the third and fourth installments (December and March).If any payment is not made during the month it is due, you will lose your discount on the payment you missed. We are unable, by law, to accept an installment payment in any month other than the month it is due. With the exception of the 1st payment (June) the missed payment will be included in the next payment that becomes due.

What happens if I make an installment payment and then sell my property?

If the property is sold after one or more installment payments have been made, the account must continue on the plan for that year. The seller should make sure the realtor and closing agent know that some of the taxes have been paid. This will help ensure that the taxes will be correctly prorated at the closing. The new owner should also be informed that the property is on the installment plan. If they do not wish to be on the plan for the next year, they can contact the Indian River County Tax Collector's Office and have the account removed from the plan.

Do I receive more or less discount than if I paid the full amount in November?

If your total taxes in 2007 and 2008 are approximately the same, paying by installment will be about the same as paying the full amount of taxes due in November (which gives a 4% discount). The plan is not designed to allow a higher discount but for those who prefer to pay their taxes in smaller amounts rather than one large amount.

Do I need to apply each year?

Participants on the plan are automatically re-enrolled and do not need to apply each year. If you should sell your property, the installment plan stays with the property. If you purchase new property, and wish to be on the installment plan, you will need to re-apply for your new property.