Installment Contracts

 

What is an installment contract?

  • If a taxpayer enters into an installment contract, they agree to make a down payment and then additional monthly installments until the amount in Judgment is paid off. 
  • They are offered for real property accounts only.  There is no installment contract option for personal property delinquencies.
  • Interest and penalties continue to accrue during the duration of the installment contract.

 

Taxpayers may qualify for an installment contract IF

  • Their real property taxes are delinquent and the County has filed a Petition against the property.
  • They have not defaulted on a County installment contract in the past two years. 

 

 

Regular Installment Contract Option

  • Jackson County Collection offers installment contracts to qualifying taxpayers set for the 2020/2021 tax sale. 
  • These installment contracts require a down payment of either 30% or 10% depending on the type of property, and payment of eleven monthly installment payments beginning the month after the initiation of the contract.
  • Interest penalties and fees continue to accrue.

 

NEW Extended Installment Contract Option

  • Taxpayer in owner-occupied residential properties will have this second option to choose from. 
  • No down payment required
  • No payments required until January of 2022
  • Interest, penalties, fees continue to accrue.
  • More details are below. 

 

 

Terms of the Extended Contracts

  • Collections will be offering extended contracts to taxpayers who establish they are in owner-occupied residential properties and are set to be in the 2020/2021 Tax Sale. 
  • No down payment will be required and no monthly payments due until January of 2022.
  • Interest, penalties, and fees continue to accrue until the contract is paid off.
  • There will be 11 equal monthly installments. The first payment will be due in January of 2022 and the final payment will be due in November of 2022. 
  • Taxpayers are allowed to make down payments and/or early payments to reduce their accrual of interest, penalties, and fees, but are not required to make payments until January.
  • All payments must be made with cash or certified funds. 

 

Who Qualifies for the Extended Contracts?

  • Taxpayers must attest that they are in an owner-occupied residential property. 
  • Taxpayers must be scheduled for the 2020/2021 sale, not a future sale.
  • Taxpayer do not qualify if they have defaulted on a County installment contract in the past two years.
  • Only one extended contract per taxpayer. If a taxpayer utilizes the extended contract option we will not also offer another regular contract on another property. 

 

Defaults

  • If a taxpayer misses any payments from January-May of 2022, they will be added into the 2022 Sale next August. 

 

 

How to Apply