Prepayment Program

Monthly payments will be withdrawn from your bank account on the 15th day of each month starting in August and ending in May.

The balance owing will be withdrawn from your account on the tax due date in July.

You are responsible for applying for the Home Owner Grant, if eligible, by the due date to avoid penalties. To ensure that the correct amount is withdrawn from your bank account on the due date, prepayment customers are requested to claim their Home Owner Grant by June 15.

The balance owing will be withdrawn from your account on the tax due date in July.

All outstanding property taxes must be paid in full prior to joining the plan

Your monthly payment amount is an ESTIMATE, based on 1/11th of your last year’s NET tax payable. The amount of your regular monthly payment for the year will be included on your annual tax notice. The prepayments for the year will begin on August 15.

Interest Earned

Interest is earned on the payments applied to your property taxes each month until May 31. This interest is credited to your property tax account. Interest rates vary from year to year and are based on prevailing market rates.

Items of note

• Ten equal monthly instalments will be made by automatic deduction
• The difference between the prepaid amount, plus the interest earned and the actual taxes levied, will be payable on the tax due date of the current year
• The taxpayer is responsible for claiming the Home Owner Grant, if eligible, by the tax due date
• The collector may cancel the privilege of continuing the plan if two consecutive monthly payments fail to be honoured
• A taxpayer participating in the program may withdraw from the program at any time; the amount paid to date will remain in the tax account
• There are no refunds under the plan *

Application for the program can be made at any time.

1. Download the form here and fill it out
2. Attach a “VOID” cheque
3. Send to covdata@vernon.ca

In selling your property, you or your lawyer MUST terminate the Property Tax Pre-authorized Payment Plan by providing written authorization to the City Finance Department before the 10th of the month, in order to stop the withdrawal on the 15th.

Property Tax Preauthorized Payment Plan Change/Cancellation Form