In Texas, property taxes are due and payable every January 31st. If you can't come up with the full lump sum, you need to find an affordable solution instead of putting your tax bill on the back burner. Property tax loans are a low-cost financing option that offer you many benefits:
They save cash. The longer you wait to pay your taxes, the bigger the bill you'll face. The tax assessor starts charging interest and penalties on February 1st, and by the end of the year, you could owe 48% over and above your original taxes. The sooner you apply for a low-interest property tax loan, the less you'll owe.
They're budget-friendly. Most taxing jurisdictions offer payment plans, but they may not be a viable alternative if you're already tight on your monthly budget. Typically, they require one-third or one-half of the outstanding balance up-front, with the remainder paid off in as little as 12 months. In comparison, a property tax loan doesn’t have any out-of-pocket costs, and have flexible repayment terms between one and ten years. This can make the monthly payments as affordable as you need them to be.
They save time. Property tax loans have a simple and swift application and approval process, and are very easy to qualify for, even with bad credit. Approvals are often done in the same day and your loan can be closed within days of your application.
They save headaches. Unpaid taxes create a lot of pressure and stress for a property owner. There can be delinquency notices from the tax assessor, payment demands from their attorneys, and steadily increasing fees and interest charges. Owing back taxes won't go away if the problem is ignored, and will get worse over time. Property tax loans can end the ordeal.
They preserve property ownership. If the tax assessor and their legal representatives decide you have no intention of paying your taxes and their massive fees, they can file a lawsuit any time after July 1st. When you take care of the problem with an affordable property tax loan, you remove the risk of losing your property through a tax foreclosure.
If you have a back-tax problem that needs a fast, easy solution, the licensed loan officers at Property Tax Funding can help. You can reach us by phone at 877-776-7391, or through our online application.