Interim tax bills are typically generated as a result of the following two related events, which have created the need to retroactively calculate and bill you for additional tax that is now due:
1) Centre County Assessment Office has increased the assessed value of your property, and
2) The increase is effective during a 12 month annual property tax billing cycle(described below)for which you have already been billed.
Tax Billing Cycle:
The College Township and Centre County property tax billing cycle runs from January 1 to December 31. Annual bills covering this 12 month period are normally sent to property owners on March 1.
The State College Area School District property tax billing cycle runs from July 1 to June 30. Annual bills covering this 12 month period are normally sent to property owners at the beginning of the cycle.
Why Am I Receiving An Interim Tax Bill?
Most increases are due to the occupancy/completion of structure or improvement to your land, whether it be the construction of a new home, an out building, or some other structure. Please contact the Centre County Assessment Office at (814) 355-6721 to find out:
1) the reason for the increase, and
2) effective date of the increase.
Impact On Escrow:
It is unlikely that your lender will pay this bill from escrowed funds and consequently, responsibility for paying this bill falls to the property owner.
Property Owners that escrow property taxes should notify the lender as soon as possible. The lender will be able to calculate your revised escrow payment so that enough money will be escrowed to pay future year tax bills in full.