The Borough levies a real estate tax on all real property at the rate of 5.5 mills on each thousand dollars of assessed valuation. Real estate tax notices are issued on February 1st of each year. Taxpayers subject to this tax may take a 2.00% discount off the face amount of the tax by paying the amount due in full within the two-month discount period (February 1 – March 31). Taxes remaining unpaid on June 1 or later each year are subject to a penalty of 10.00% of the tax amount.