Preliminary tax bills are estimated bills. The estimate is based on the actual tax bill of the previous fiscal year. Preliminary tax bills are due in August and November.
Formula: Total Paid in Prior Fiscal Year X 2.5% = X; Total Paid in Prior Fiscal Year + X / 4
$4,000 X 2.5%= $100; $4,000+$100=$4,100; $4,100/4=$1,025