REAL ESTATE DISCOUNT (RED)
This program provides the citizens of Summit County with a method of budgeting their semi-annual tax payments. Further, taxpayers are able to share in the interest revenues generated from those early payments in the form of a discount credit, which reduces their semi-annual tax bill. This is an opportunity to participate in government and directly benefit from that participation.

There are two enrollment cycles; July 1 through October 31, for the First Half Collection and January 1 through March 31, for the Second Half Collection.

Real Estate taxes must be current (no delinquencies or unpaid taxes) to be eligible to participate in the program.

PROCEDURE

Payments are determined by dividing the current half taxes by 6. The taxpayer will receive 5 of the 6 coupons immediately upon receipt of the signed agreement.

• The taxpayer may choose to pay each coupon monthly;
• To pay the total of all 5 coupons at one time;
• To pay the total estimated tax due for the entire half as stated on the coupon;
• The 6th coupon is a balance due bill, which will indicate current taxes, show pre-payments, and the discount credit earned.

The final coupon MUST be paid by the date indicated to avoid forfeiture of the discount credit and the statutory 10% penalty for late payment.

The Fiscal Office reserves the right to transfer funds from one collection period to another in order to satisfy any unpaid current taxes.

DISCOUNT CREDIT

The calculation of the discount cycle is based on the average portfolio yield earned by the County for that investment cycle, the amount of payment received, and the length of time the payments are invested. Taxpayers can earn a maximum of 5 months interest per tax collection (February 1 through June 30 and August 1 through December 31). Interest is calculated on a per payment basis. Simple interest is used and rates are subject to market conditions. Taxpayer will not earn interest on payments made in excess of the current semi-annual tax amount. Upon discretion of the Fiscal Office, excessive payments which cause a credit will be applied to the next tax collection or refunded to the taxpayer. These credits will NOT earn interest until the beginning of the next investment cycle. The discount credit will be forfeited on refunds or pre-payments.

Thanks to our Charter form of government, Summit County was able to enhance state law to provide a program to better serve our taxpayers. Now we have a program that is effective and serves all property owners. Don't miss your opportunity to participate.