SB 787 - This act authorizes a county to adopt an ordinance or order which allows taxpayers to obtain a discount for prepayment of property taxes. The amount of the discount is intended to reflect the savings achieved by the county by receiving and investing the funds earlier.

If such an ordinance or order is adopted by the county, a taxpayer may prepay all or a portion of his or her estimated property taxes. Prepayments of the full estimated amount shall receive the following discounts: a full payment of the estimated tax by March 31st is discounted by 5%; a full payment of the estimated tax by June 30th is discounted by 4%; and a full payment of the estimated tax by September 30th is discounted by 3%. Partial advance payments receive the following discounts: a payment of one-fourth of the estimated tax by March 31st is discounted by 5%; a second payment of one-fourth of the estimated tax by June 30th is discounted by 4%; and a third payment of one- fourth of the estimated tax by September 30th is discounted by 3%. The act does not require mortgage companies or financial institutions to prepay property taxes from escrow accounts.

The act has a nonseverability clause.
JEFF CRAVER