Property Tax Delinquency In Texas: What To Expect
Topics: property tax loans
When times are tight, people are often faced with the decision of whether to buy food or make mortgage payments. Foreclosure on any property, whether it is a house or a vacant lot, is bad news, and it can happen anywhere in the great state of Texas. Failure to pay property taxes may result in disaster for your family. Here are some things you should know if you are property tax delinquent in the Lone Star State.
– Of course, the best way to resolve tax delinquency is to avoid it in the first place. With very few exceptions, property taxes are due on the last day of the year and are considered delinquent if they remain unpaid by February 1. After that time, you can expect to face additional interest payments on that amount and hefty fines.
What many seniors may not realize is that people 65 years and older are allowed to avoid the difficulty of making a high lump sum payment, and instead, pay in four installments spread throughout the year.
– If, for whatever reason, you cannot or choose not to pay your property taxes, it is in your best interest to take action to take care of the debt with the government quickly. The longer you delay action, the more the additional costs will add up. Penalty charges alone may be up to 12% of the additional debt. When you add to that a 1% monthly interest charge and possible legal fees, the initial amount owed will quickly seem like a pittance in comparison.
– If you are lucky, you may be given the option of making payments over a period of 3 years, but in no way is that a guarantee. It is up to the individual tax collector to decide whether to grant this reprieve or not. You are basically at the county’s mercy on this point.
– Having delinquent taxes puts an automatic lien on your property, and it becomes more difficult to sell it. You may also be sued for the amount due and be required to pay any associated court costs.
Obviously, it is best to avoid property tax delinquency if at all possible. But if that is the dilemma you are facing, you may find relief by obtaining a property tax loan from a reputable lender. In doing so, you would avoid the harsh penalties imposed by the government and improve your chances of maintaining a good credit rating by avoiding foreclosure.
No matter what you choose to do to satisfy the debt, make sure to not delay in resolving the problem. You will benefit most by acting quickly and intelligently.
If you are seeking professional advice about the possibility of obtaining property tax loans in the great state of Texas, contact the good folks at Texas Property Tax Loans (texaspropertytaxloans.com) Art Gib is a freelance writer.
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