Payment of Land Improvement Tax — Article 56

Payment of Land Betterment Tax (Article 56)

• The final betterment tax is payable in five equal annual installments. The first installment becomes due on 1 July of the year following the year after the assessment schedules are notified.
• The final betterment tax resulting from irrigation projects is payable in ten equal annual installments. The first installment becomes due on 1 July of the fourth year following the year in which the assessment schedules are notified.
• Interest at a rate of 1% per month automatically applies to each installment that is not paid when due.
• The taxpayer may request, once only, an extension of one installment for a period not exceeding two years, subject to interest at a rate of 5% per year.
• The full tax, or any remaining balance, becomes immediately due in one payment when the property benefiting from the betterment is sold, whether voluntarily or through compulsory sale.