The town operates on a Fiscal Year (FY) calendar (July 1 to June 30).
1st and 2nd quarter bills (due August 1st and November 1st) are preliminary bills. These two billing amounts reflect 1/4 of the prior Fiscal Year's annual amount.
In December, the new tax rate is set and any revaluations to properties are assessed. Working with the new tax rate and new property values, the actual Fiscal Year annual amount is calculated.
Once the actual annual amount is obtained, the two preliminary amounts paid are subtracted from the actual FY total, and the remaining tax amount due for the fiscal year is divided between the 3rd and 4th quarter bills (due February 1st and May 1st).