Yes, there is a penalty if you miss the property tax due date.
The due date for property tax payment is the date shown on the front of your tax bill. To avoid a penalty, payment must be received no later than the due date. If your bank is paying your taxes you are still responsible for ensuring they are paid on time.
Penalties are imposed under the authority of the Town of Cochrane Tax Penalties Bylaw 08/2008, which was passed pursuant to provisions of the Municipal Government Act and cannot be waived by the Town of Cochrane Tax Department.
Property tax account balances remaining outstanding after the due date are subject to the following penalties:
- 7% applied July 1 to current outstanding amount
- 8% applied October 1 to current outstanding amount
A further penalty of 15% is applied on January 1 to the total outstanding balance as of December 31 (including taxes and applied penalties).