Property owners that escrow tax payments with a mortgage company should NOT pay by installments. Mortgage companies are obligated to pay taxes in November to obtain the maximum discount. If you are planning to refinance or sell the property it is not suggested that you participate in the installment payment program.
If a property is sold and one or more installment payments have been made, the new owner must continue the plan for that tax year. To discontinue paying taxes on the installment plan simply disregard the June bill. Non-payment will result in removal from the plan.
The combined discounts for the installment plan calculate to a rate of approximately 3.3%. Once you are enrolled in the installment plan and make the first payment you are only entitled to the discounts set forth in the plan. Tax payers should decide which payment method works best for their individual situation, an annual tax bill or quarterly installments.