JOHNSON CITY, Tenn. -

Time is running out for Johnson City residents to pay their property taxes.

The deadline for property owners to pay taxes is 5pm on December 31.

The city says it's not responsible for remittance errors made by banks, mortgage companies, or taxpayers, and cannot waive penalties and interest resulting from these errors.

Not meeting that deadline will cost residents even more. Johnson City Collections Supervisor Marry Hylton says, "The penalty is one and a half percent a month, and the interest is based on prime rate plus one then divided by 12. So right now the interest rate is .35 and the penalty is 1.5."

The city is expecting to collect just over $28 million in property taxes this year. Residents can pay online or at City Hall.