Correct.
It does not end in December...
The next time that you would pay taxes.
It would end in June. And the new budget would be in effect, with the option of using the excess toward the new budget rather than raising it from property taxes... or shuffling it to a capital improvement account.
Your June payment would be an estimate, base on the past, and your December payment would be the difference base on the budget that began in July.
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