§ 40-45. Payment deposit in interest-bearing account.

The estimated property taxes paid in installments during a property tax year are a credit against the total property tax due on the real property for the property tax year. The estimated property taxes paid in installments during a property tax year shall be deposited by the county treasurer in an interest-bearing account. The interest is to be retained by the county treasurer to offset the administrative expenses of installment payments. Once a final payment is made, and no later than January 15 of the following taxable year, the installment payments shall be credited to the accounts of the property taxing entities in the county in the same proportion that millage was imposed by such entities in the previous year with the necessary adjustments made to reflect current tax year millage impositions when property taxes for the current year are paid.

(Ord. No. 09-01, § 6, 1-5-2009)