Dunstable has adopted a quarterly tax payment system, starting in Fiscal Year 2007 (July 1, 2006 to June 30, 2007). This document explains how the quarterly tax payment system works.
Benefits of Quarterly Tax Payments
Under the old system, property tax payments were due twice a year, on November 1st and May 1st. In practice, the majority of communities frequently issued their tax bills at different times during the year. As a result, taxpayers were often uncertain when their bills could be issued and had difficulty in planning their payments. Also, communities were forced to borrow money to have sufficient funds to meet their bills.
The new quarterly system has been shown in a number of other Massachusetts communities to provide the following advantages:
- Greater certainty in payment due dates for taxpayers.
- More even distribution of income for cities and towns.
- Significant reduction - even elimination - of costly municipal borrowing in anticipation of tax revenues.
Under the quarterly payment system, interest on late tax payments will be charged for the number of days that the payment is actually delinquent. For example, if a payment due on November 1st is not made timely, interest will be charged from that date until the date the payment is made.