If my installment plan defaults, may I start another one?

If your installment plan defaults due to failure to make the plan payment
or current year tax payment before the end of the fiscal year, you may
begin another installment plan provided less than five (5) years have
elapsed since the original tax default date. However, your next installment payment plan may not be started until July 1 of the following fiscal year.  You may NEVER start a payment plan in the fiscal year the property becomes subject to the power of sale. 

To start the new plan, you must pay at least 20% of the Redemption amount plus any current year and/or supplemental taxes that are due. Any payment(s) made on the previous (defaulted) plan will be applied toward the initial payment, but any interest savings that were achieved will be forfeited.

When you begin an installment plan, you have five (5) years to pay the full redemption amount. It is to your advantage not to default on an annual installment plan, as there are additional penalties. When a second installment plan is started, the minimum payment amounts are recalculated as though there had been no previous annual payment plan.

Show All Answers

1. What will happen if I do not pay my annual Secured taxes on time?
2. What is the amount required to redeem tax-defaulted property?
3. What happens if I fail to pay my Redemption taxes?
4. Can I redeem one defaulted year separately from other years?
5. What happens if I cannot pay the full redemption amount?
6. Who may apply for the Installment Plan of Redemption?
7. How do I start installment plan of redemption?
8. Is there a fee to apply for the installment plan?
9. When may I start a payment plan?
10. How often will I be required to make payments on the installment plan?
11. Does interest continue to accrue while participating in the installment plan?
12. If my installment plan defaults, may I start another one?
13. Do my installment payments cover my current annual taxes?
14. If I'm in foreclosure, who is responsible for the tax bill?