Estimated Tax Bills May be Coming

According to Mayor Ann Subrizi, the borough's chief financial officer, Diana McLeod, recommended sending out estimated tax bills for the Aug. 2012 tax cycle. 

Estimated tax bills are in anticipation of the budget not being finalized and the reassessments not being completed by the time the tax bills are prepared. In that likely event, the mayor informed the council that the borough has to establish a plan to pay the bills. 

Other than sending out estimated tax bills, the borough has the option of taking a bond anticipation note. Bond anticipation notes allow the town to borrow money that they will get back in taxes. 

If the council decides on issuing estimated tax bills, an additional $10,000 must be added to the tax assessor's budget to cover the cost of printing and mailing both the estimated tax bills and the subsequent finalized tax bills.  

Subrizi will ask the CFO and the tax collector the costs associated with estimated tax bills vs. the costs associated with taking a bond anticipation note.