Following a three-month deferral, town taxes for both residential and nonresident properties are now due on Sept. 30.
After that, a penalty of eight per cent will be applied on Oct. 5. A further penalty of 15 per cent is applied on Jan. 1 to the total outstanding balance as of Dec. 31 (including taxes and applied penalties).
In late April, town council extended the time window to pay taxes in light of the financial challenges faced by Cochrane families abd businesses by COVID-19.
Gail Butz, Cochrane's assessment & taxation manager, says most residents are waiting until then to pay but not necessarily because of tax deferral issues.
However, under one per cent of the residents using town’s Tax Installment Payment Program (TIPP) chose to deferred their monthly payment. There are approximately 6,700 residents who use TIPP.
When approved, the cost of deferring taxes was estimated to cost the town $145,00 in revenue.
Traditionally, they are due by June 30.