Owasco Township assesses property in January, sends out property tax bills in February, and expects payment of property taxes in two equal installments on June 30 and December 31. Owasco Townships fiscal year begins on March 1, which also is the lien date for property taxes. Fisher Co. received a $8,400 property tax bill on February 17. Make the monthly entries related to property tax for one year as it relates to the accrual and payment of the $8,400 tax.