Prepayments
The City of Winnipeg offers tax payers the ability to prepay their property and/or business taxes each year in either January or February.
The prepayment discount rates are normally approved by City Council in either November or December for the following year.
The City of Winnipeg will not be mailing out prepayment notices to property owners and/or businesses who prepaid their taxes for the current year.
If you wish to determine what your prepayment amount will be please use the Prepayment Estimator. The Prepayment Estimator will estimate the amount of the payment along with the discount based on your prior years taxes.
The prepayment of taxes may be made by electronic banking (telephone or personal) through arrangements you have made with your financial institution, in person or by mailing your cheque to the Assessment and Taxation Department. Cheques must be made payable to the City of Winnipeg and all prepayments must be received in the Assessment and Taxation Department before 4:30 pm on the last working day of January or the last working day of February in order to receive the prepayment discount.
To see the current rates and to learn how to calculate the prepayment discount please review the following information.
DISCOUNT % |
FACTOR |
||
| January | Realty | 0.062% |
0.99938 |
| Business | 0.050% |
0.99950 |
|
| February | Realty | 0.049% |
0.99951 |
| Business | 0.038% |
0.99962 |
The equivalent annual discount rate approximates 0.15%
Please use the Prepayment Estimator to calculate your current year estimated discount.
______________________________________________________________________
1. TO APPLY A SPECIFIC AMOUNT AND WANT TO KNOW HOW MUCH TO PAY:
The amount of taxes x the discount rate = the discount
The amount of taxes - the discount = total payable
For example, to make a $100 prepayment in January: $100 x 0.062% = $0.06, total payable is $100 - .06 = $99.94
Realty or Personal Property Tax |
Business Tax |
|||||||
January |
February |
January |
February |
|||||
Discount @ |
Payable |
Discount @ |
Payable |
Discount @ |
Payable |
Discount @ |
Payable |
|
| Taxes | 0.062% |
0.049% |
0.050% |
0.038% |
||||
| 100.00 | 0.06 |
99.94 |
0.05 |
99.95 |
0.05 |
99.95 |
0.04 |
99.96 |
| 500.00 | 0.31 |
499.69 |
0.25 |
499.75 |
0.25 |
499.75 |
0.19 |
499.81 |
| 1,000.00 | 0.62 |
999.38 |
0.49 |
999.51 |
0.50 |
999.50 |
0.38 |
999.62 |
| 1,500.00 | 0.93 |
1,499.07 |
0.74 |
1,499.26 |
0.75 |
1,499.25 |
0.57 |
1,499.43 |
| 2,000.00 | 1.24 |
1,998.76 |
0.98 |
1,999.02 |
1.00 |
1,999.00 |
0.76 |
1,999.24 |
| 2,500.00 | 1.55 |
2,498.45 |
1.23 |
2,498.77 |
1.25 |
2,498.75 |
0.95 |
2,499.05 |
3,000.00 |
1.86 |
2,998.14 |
1.47 |
2,998.53 |
1.50 |
2,998.50 |
1.14 |
2,998.86 |
| 3,500.00 | 2.17 |
3,497.83 |
1.72 |
3,498.28 |
1.75 |
3,498.25 |
1.33 |
3,498.67 |
2. TO PAY A SPECIFIC AMOUNT AND WANT TO KNOW THE AMOUNT APPLIED:
The amount paid divided by the factor = amount applied
For example, to make a $100 payment $100 divided by 0.99938 = $100.06
Realty or Personal Property Tax |
Business Tax |
||||||||
January |
February |
January |
February |
||||||
| Amount Paid | Amount applied to the account - Factor @ 0.99938
|
Amount applied to the account - Factor @ 0.99951
|
Amount applied to the account - Factor @ 0.99950 |
Amount applied to the account - Factor @ 0.99962 |
|||||
| 100.00 | 100.06 |
100.05 |
100.05 |
100.04 |
|||||
| 500.00 | 500.31 |
500.25 |
500.25 |
500.19 |
|||||
| 1,000.00 | 1,000.62 |
1,000.49 |
1,000.50 |
1,000.38 |
|||||
| 1,500.00 | 1,500.93 |
1,500.74 |
1,500.75 |
1,500.57 |
|||||
| 2,000.00 | 2,001.24 |
2,000.98 |
2,001.00 |
2,000.76 |
|||||
| 2,500.00 | 2,501.55 |
2,501.23 |
2,501.25 |
2,500.95 |
|||||
3,000.00 |
3,001.86 |
3,001.47 |
3,001.50 |
3,001.14 |
|||||
| 3,500.00 | 3,502.17 |
3,501.72 |
3,501.75 |
3,501.33 |
|||||
Please note that the discount actually received on a prepayment is based on the prior years taxes.