Thats basically what will happen - I arrived in early 2000, and i'm paying my year 2000 tax in 8 installments from september 2001 to april 2002...
sounds like a dream come true - i start paying my tax in interest-free installments 9 months after the year i'm being taxed finishes... 
the catch is if you quit your job, they hit you for everything you owe them all at once, plus they DON'T give you all the funky rebates on what is remaining.