If you don't pay your tax by the due date then you will be charged a penalty and interest. The interest will be added to your tax bill from the first day of March at the rate of 1.5% and will keep on accrued per month at the same rate (total 18% annually). That's why it is advised to pay your tax as soon as possible.

Property tax bills are mailed out by October 1. And you can pay your tax from October 1. Your tax will become delinquent on the first day of March. So it is recommended to pay your tax on or before the last day of February.