§ 3.04.045 — Escrow accounts

3.04.045 - Escrow accounts.

A. Taxpayers may enter agreements with the city tax assessor collector to make monthly deposits to an escrow account maintained by the city based on the city's estimate of taxes to be imposed by all entities for which the city collects taxes on all items of property for which the taxpayer requests escrow payment. B. The city will maintain separate records for taxpayer's account. C. When it prepares tax bills, the city will apply the money in taxpayer's account to taxes on property to which the agreement applies for each taxing entity for which the city collects taxes and deliver a tax receipt to taxpayer along with a refund of any amount in the account in excess of the amount paid. D. If the amount in the account is not sufficient to pay the taxes in full, the city will apply the amount in the account in proportion to the amount of taxes imposed by each entity and issue a tax receipt for partial payment and a tax bill for the unpaid amount. E. Taxpayer may withdraw all, but not less than all, of the amount in the account before October 1st of the tax year or the time the tax bill is prepared, whichever is earlier.

(Ord. 12744, 1996)