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Property Tax Funding Blog

Texas Property Tax Loans – What are the Advantages?

Posted by Matt Longhofer on Tue, May 25, 2010 @ 09:05 AM

property tax loan

Each year thousands of property owners find themselves unable to pay their property taxes due to short-term financial problems such as illness, job loss, divorce, or death of a family member.  In Texas, property owners are able to obtain more reasonable repayment terms for their unpaid property taxes with a property tax loan.  While a property tax loan may not be the right solution for everyone, they do offer many advantages to the property owner.      

What is a Property Tax Loan?

  • A loan made to the owner of real property for the specific purpose of paying delinquent property taxes. The property tax loan pays a property owner's complete past due property tax liability, including any penalties, interest, and fees.
  • Loans are made by third party lenders and secured by a transferred tax lien from the tax assessor.
  • A new lien is not created; rather the existing tax lien is transferred from the tax assessor to the third party lender.

Why should a Property Owner Secure a Property Tax Loan?

  • Allows property owner to retain property ownership.
  • Provides flexible repayment plans.
  • Eliminates all fines, legal fees and interest charged by the taxing agency.
  • Gives property owner time to solve existing financial problems.
  • Keeps property owner from having to make a lump sum payment which might deplete cash reserves.
  • The property tax loan is quick and easy to obtain.

How does the Taxing Agency Benefit from a Property Tax Loan?

  • The property tax payment is immediately received.
  • Collection rates improve.
  • Eliminates collection and foreclosure steps.

How is the Mortgage Company helped by a Property Tax Loan?

  • Ends foreclosure by the taxing agency.
  • Eliminates the need to set up an escrow account.
  • Does away with the need to restructure a loan.

Where do I go for more information on Property Tax Loans in Texas?

  • You can go to the Texas Property Tax Lienholders Association website at http://www.tptla.org/ for more information on Texas property tax loans.


Topics: texas property tax loans, Property Tax Loan

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