Bylaw No. 990, 2020 Tax Prepayment Bylaw

TOWN OF PRINCETON

BYLAW 990, 2020

2020 TAX PREPAYMENT BYLAW

The Council of the Town of Princeton, in open meeting assembled, enacts as follows:

1. Any person may pay or prepay for property taxes through the following means:

a. Through a tax prepayment plan as described in this bylaw under Appendix “A” b. Through a Canadian financial institution supporting online payments to the Town of Princeton i. As an online banking bill payment, or ii. As a telephone banking bill payment c. Through a mortgage provider d. By cheque payable to the Town of Princeton i. Delivered by mail to Town Hall, or ii. Placed withing a drop box available for this purpose at Town Hall, or e. Through other means as may be available from time to time as authorized by the finance department.

2. The municipal tax collector must credit payments for property taxes by:

a. First, applying the payment as per Section 244(1) of the Community Charter; b. Next, applying any outstanding balance to user fees for utility billing; c. Finally, applying any remaining balance as a prepayment to a future year.

3. The municipal tax collector may not accept payments as in Section 2(c) if the amount is

more than the estimated amount of taxes for the next taxation year.

4. Interest is only payable on prepayments between 61 days after the tax payment deadline

and the date tax notices are posted as per Section 1 for the Municipal Tax Regulation.

5. The interest rate is based on Section 2(1)(a) of the Municipal Tax Regulation, currently

2% below the prime interest rate of the principal banker of the Province of British Columbia taken on the 15th of the month before the first month of the quarter for any 3 month period beginning on January 1, April 1, July 1 or October 1.

6. This bylaw may be cited as the “Town of Princeton Tax Prepayment Bylaw No. 990, 2020”.

READ A FIRST TIME THIS 1st day of June, 2020 READ A SECOND TIME THIS 1st day of June, 2020 READ A THIRD TIME THIS 1st day of June, 2020 ADOPTED THIS 15th day of June, 2020

Mayor Spencer Coyne CAO Lyle Thomas

Original signed by Mayor Coyne Original signed by CAO Thomas Appendix “A” Tax Prepayment Plan

1. Any person may enroll a property in a tax prepayment plan in accordance with this bylaw.

2. All property taxes and annual utility billing due in respect of a property must be paid in full

before a person may enroll or re-enroll in this tax prepayment plan.

3. To enroll in a tax prepayment plan, a person must provide written authorization to the

Town of Princeton to withdraw equal monthly prepayments from no earlier than August 1 to May 1 of the following year.

4. The aggregate amount of the monthly prepayments authorized under Section 3 must not

be greater than the estimated property taxes and annual utility billing amounts to be imposed on the property enrolled in the prepayment plan.

5. Adjustments to the plan after the amount has been set for the payment may only be made

under the following conditions: a. An increase or decrease made under Section 7; or b. A decrease in payments caused by the reduction of the estimate listed in Se ction 4.

6. Each monthly prepayment authorized under Section 3 must be at least ten dollars

($10.00).

7. A person who enrolls in a tax prepayment plan, or an owner of a property enrolled in a tax

prepayment plan may change or cancel the authorization to withdraw monthly payments under Section 3 by providing written notice to the municipal tax collector at least seven (7) business days before the date of the monthly prepayment to which the change or cancellation applies.

8. Subject to Section 2, each property enrolled in a tax prepayment plan as of May 1 will be

re-enrolled for monthly prepayments on August 1 of the year.

9. Penalties imposed for non -payment of current year’s property taxes apply to a property

enrolled in a tax prepayment plan.

10. For each dishonoured monthly prepayment, the person who enrolled a property in the tax

prepayment plan must pay the NSF administrative fee as set out in the Town of Princeton Fees and Charges Bylaw for the current year.

11. If two monthly prepayments for a property are dishonoured from August 1 to May 1 of the

following year, the tax prepayment plan for the property will be terminated.