What many property owners are not aware of is just how large the July 1st delinquent property tax penalty actually is. Under section 33.07 of the Texas Property Tax Code, delinquent taxes not paid prior to July 1st are subject to an additional penalty of up to 20%. This 20% penalty is on top of the up to 3% penalty and interest charged by the tax assessor, resulting in additional penalties of 23% on July 1st.
Past Due Property Taxes – Huge Penalties and Costs
Let’s look at these numbers in real dollars. Let’s say you had a $5,000.00 initial property tax bill. If left unpaid the $5,000.00 tax bill would have increased to $5,750.00 by June 1st, an increase of $750.00. Now, if your property taxes are not paid by July 1st the amount owed will increase to $7,080.00. This is an increase of $1,330.00 or 23% in a single month. Unfortunately, it doesn’t stop here. After July 1st, the attorney for the tax assessor can file suit on you for non-payment of taxes. Well, guess what happens when the attorneys get involved? Yes, your right, more fees. A typical tax suit cost can increase your tax bill from a few hundred dollars to over a thousand dollars, which is on top of all the other penalties and fees.
Why a Property Tax Loan?
A property tax loan gives you time to improve your financial situation. Upon approval, Property Tax Funding pays your past due property taxes directly to the tax authorities and sends you a tax receipt. Your tax loan includes taxes, fees, penalties, and interest so that you have no more worries about your tax bill.
We then set up a simple interest loan with you with affordable monthly payments. We also allow our borrowers to delay their 1st payment up to 90 days. On top of this, we have no prepayment penalty on all residential loans, so if you decide to pay us off earlier there is no added cost to you.
Our interest rates are low, we don’t require a credit check, and we do not require any money down. It’s really simple; you can trade the huge tax assessor penalties for a 0 down property tax loan with affordable monthly payments.
Will You Qualify For a Property Tax Loan?
Qualifying for a property tax loan is quick and easy. Most property owners will qualify, regardless of credit history. Even if you’ve had prior bankruptcies, charge offs, or severe past delinquencies you can still qualify for a property tax loan. Applications can be taken online or over the phone and closings can be scheduled in as little as 48 hours. Within a few days of your initial call your property tax problem can be solved.
To learn more about our Quick & Easy property tax loans, apply online at www.propertytaxfunding.com or by calling 877-776-7391.
