Property tax loans are cost-saving alternatives for many Texas home, commercial and rental property owners, and can halt the tax assessor's collection process and prevent foreclosure. There are some instances, however, when this type of past-due tax financing isn't the ideal option. We've put together some examples of circumstances when a property owner shouldn't get a property tax loan:
Property Tax Funding Blog
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:
Perhaps you've heard of property tax loans but you're not familiar with the industry. Private lenders provide property tax relief in Texas based on the Tax Lien Transfer law of 1933 (and subsequent revisions to that law), which provide for regulation and added protection for property owners. Today, these specialized lenders are an invaluable resource for property owners who find they need property tax financing help. Here are some important things you should know about property tax lenders:
Learn How Texas Property Tax Loans Work
5 Steps to Finding a Reputable Property Tax Lender
Loans for Back Property Taxes Assist Texas Property Owners
In states that levy personal income tax, some of the revenue collected is passed down to local governments to fund services and infrastructure. Here in Texas, much of that funding comes from the annual taxes paid by property owners. Local taxing authorities take the collection of property taxes very seriously, because they depend on the revenue to keep their county, town and city governments functioning. As a result, property owners who owe back taxes are subject to extremely high interest charges, late-payment penalties and collection fees. Once an owner gets behind on their property taxes, the tax assessor begin a collection process that does not cease until the entire balance is paid in full. Fortunately, there are loans for back property taxes that can help.
Loans for Property Taxes - Made Easy
Property Tax Assistance
In today's tough economy, it's hard to stay ahead of all the regular bills that come with day-to-day life. For anyone who's already struggling, it can be next to impossible to get a large lump sum payment like annual property taxes taken care of by the January 31st due date. Letting property taxes slide into delinquency is expensive and risky though -- it leaves an owner facing escalating penalties, interest and fees from their tax assessor, and vulnerable to legal action and foreclosure. Cumulative first-year tax assessor charges can increase an overdue tax balance by a staggering 48 percent, which makes affordable property tax assistance an absolute necessity.
Property Tax Assistance Is Available To Help With Past Due Taxes
Property Tax Loans Provide Help for Back Taxes
Texas is tough on property owners who don't pay their taxes, because local governments here rely on that revenue to pay for many of the services they provide. Assessed property taxes are due in one lump sum payment every January 31st, unless an owner has escrowed their taxes with their mortgage payments throughout the previous year. When a property owner doesn't have the cash they need to get their taxes paid in full by the due date, their local taxing authority begins adding on penalties, interest and fees. In twelve months, these incredibly high charges can equal 48 percent of the original tax balance.
Failure to Pay Property Taxes has Serious Consequences
Property ownership in Texas comes with an obligation to pay annual Ad Valorem taxes. Every January 1st, local governments place liens on the properties in their jurisdiction, and these aren't removed until the assessed taxes are paid. A failure to pay property taxes can be extremely costly, and it can have other serious consequences as well.