|Southwest Tax Team during our annual Finance Olympics representing Jamaica|
Once the assessed values are finalized, taxable values are calculated and multiplied by the tax rate to come up with the invoice amount. The tax collectors mail out the invoices for each property site that contains Southwest owned assets. Schools and bond issues are usually the biggest recipients of property tax dollars. Because property tax invoices are usually extremely high and are paid within a few months of the fiscal year, they are charged to an accrual account. Tax payments are estimated prior to the beginning of the fiscal year to determine the monthly accrued expense.