There are valid reasons why property taxes are not paid on time. An unstable economy, scarce employment opportunities, a sudden downturn of your business, or an emergency in your family are just a few of them. If you own of a Texas property with past due property taxes, you are not alone. Why you might feel like the sky is coming down on you, the situation can be turned around quickly with a low cost property tax loan.
How Property Tax Loans Work
Property tax loans are quick, flexible and a low cost alternative to pay off the exorbitant property tax assessor penalties and interest. Tax loans are helpful forms of assistance to property owners with accumulated unpaid property taxes on residential, commercial, or raw land properties situated in Texas. To qualify the individual must be property owner and not currently in bankruptcy. Additionally, the property must be located in Texas and in reasonably good condition. Property tax lending is state approved under section 32.06 of the Texas tax code.
Why Low Cost Property Tax Loans Are Great Alternatives For Paying Past Due Property Taxes
After the passage of the Property Tax Lender License Act, the property tax lending industry has flourished. A healthy competition among lenders has resulted in lower interest rates and fees for prospective borrowers. Additionally many lenders require nothing down and will roll all closing costs or fees into the loan resulting in a zero due from the borrower at closing. The zero down feature of low cost property tax loans makes them very attractive to property owners who are cash strapped and looking for a low payment without any large upfront expense.
When property taxes become past due, significant interest and penalty charges are added to the tax balance, making it very burdensome for property owners to pay them off. On the first month of delinquency, a 7% fee is slapped on to the tax balance and then a 2% monthly penalty is imposed during the succeeding months. Taxes still delinquent on July 1st of the year they were due are subject to additional collection costs ranging from 15% to 20%. This cumulative effect of penalties and interest can result in up to a 48% increase in your tax bill during the 1st year alone. Worst yet, you can be sued by the delinquent tax attorney which is the 1st step to a foreclosure and ultimately losing your property.
With the availability of easy qualification low cost property tax loans, there is no reason property owners should continue to pay the exorbitant tax assessor penalties. Act now and consult with a tax lender who offers low interest rates, flexible payment terms, and no upfront expenses. Securing a low cost property tax loan has never been easier. They are a great choice for property owners looking to regain their piece of mind while avoided the huge tax assessor penalties and interest. To lean more contact Property Tax Funding, the home of quick and easy property tax loans at 877-776-7391 or online at www.propertytaxfunding.com