TAP helps Arlington residents meet their tax obligations by offering them the opportunity to apply for a short-term loan to cover their tax bill.
- In a partnership with the Treasurer, John Marshall Bank offers taxpayers short-term loans without a credit check. You can use this short-term loan to pay your County tax bill. (Note: The bank can offer these loans because the Treasurer guarantees them.)
- You must complete the TAP application in person at the Treasurer’s Office.
- Any other fees that you owe the County won’t be financed, and you must pay them in full when you submit your TAP application.
- You pay the bank an up-front Origination Fee of 10 percent of the amount to be financed. This fee equals the late-penalty payment that the Treasurer would, by law, impose upon you for a late tax payment.
- The bank immediately pays the Treasurer the tax amount.
- You pay back the loan in 6 to 10 monthly installments.
- If you make on-time payments, you won’t incur any other loan fees.
- You can have only one TAP loan outstanding at a time. If you want to finance both installments of your real estate tax, you must do so in the same loan.
- You can also finance County car taxes through TAP.
- For business eligibility, at least two of the business owners must apply in person and present their corporate resolution.
- If your property has one or more co-owners, all must sign the loan documents.
Defaulting on Your TAP Loan
- The Treasurer reimburses the bank for the unpaid portion of the loan and begins collection action against you. Collection action may include seizure of your bank accounts, wages and property.
- The 10 percent Origination Fee is nonrefundable — if you default on your loan, you’ll lose the fee.
- The Treasurer will impose a 10 percent late-payment penalty on your outstanding tax balance as well as interest at a 10 percent rate per year.
- You’ll be charged $42 for each real estate parcel that had taxes financed — this covers the cost of filing and subsequently releasing the bank’s lien on the property.
- If you default on your loan, you won’t be eligible for future TAP loans.