With property taxes continuing to increase each year in Texas, many property owners are finding themselves struggling to pay the bill on time. Homeowners may face unexpected expenses from year to year, like medical bills or home repairs, that can make the property tax bill a burden they simply cannot meet. Financial changes in a difficult year, such as a divorce or loss of a job, can make property taxes an overlooked expense. Many professionals and business owners cannot afford to tie up a lump sum of their operating capital by making a large property tax payment all at once. Sometimes people inherit property from the estate of a relative and simply have not budgeted for the tax bill – or they may inherit a backlog of unpaid property taxes along with the land itself.
Tax Loans are an Excellent Solution For Many Texas Property Owners
Fortunately, a property tax loan can give property owners in Texas the flexibility of paying their property taxes over time, in installments over a term of up to ten years, at an interest rate that can save up to 60% when compared to the penalties and interest added by the tax assessor. As long as they are not currently in bankruptcy, most property owners can qualify for a loan regardless of their credit history, but the profile of a typical property tax loan borrower varies widely and includes people of every imaginable socioeconomic status. According to data reported by the Office of the Consumer Credit Commissioner to the Finance Commission of the Texas Legislature in August of 2012, more than 12,000 property tax loans have been made every year since 2008. These borrowers ranged from average families struggling to make ends meet in a down economy to wealthy professionals who wanted to spread payments of high property tax bills over a more manageable period of time.
Is a Property Tax Loan Right for You?
No matter what reason a property owner might be considering a property tax loan, he is certainly not alone. The flexibility offered by a property tax loan can make it a common sense alternative to facing late payment penalties and interest imposed by the tax assessor, and can provide a solution that prevents the risk of foreclosure due to a tax lien. Property taxes are not likely to go down in the immediate future, so the available option of a property tax loan could provide great relief to owners of property in Texas in the years to come. To learn more about how property tax loans work contract Property Tax Funding at 877-776-7391.