Increased Property Taxes vs. Increase in Household Incomes
Those in the Lone Star state know the only thing certain in life is death and taxes. However, for many real estate owners, skyrocketing property taxes have them scratching their heads. In Texas, when a borrower is delinquent on their payments, it sparks a series of severe penalties that can tack on an additional 48% of the delinquent tax bill in just one year. For many, climbing out of this additional debt is virtually impossible. Property owners find themselves facing foreclosure, bankruptcy or worse.
Tax Vs. Income
To further exacerbate the problem, property tax rates have become increasingly disproportionate to incomes. Household earnings in Texas have slowly crept upward since 1990. Property taxes, on the other hand, are growing by leaps and bounds. Over the last 20 years, Texas local property tax levies soared by 205 percent. This is nearly three-times faster than the average household’s income. Currently, property tax consumes almost five percent of an average household’s income. Texas is the 15th highest in property taxes in the nation. As taxes grow in sheer volume and in proportion to household incomes, property owners are increasingly susceptible to problems arising from any hiccup in their financial well-being. This can start a downward spiral to financial ruin.
A Unique Solution
To aid property owners, third-party tax lenders offer property tax lending for Texans facing an overwhelming tax bill. Property tax lending for past due property taxes on real estate offers Texas borrowers a reasonable and economical way to meet their tax obligation. Whether taxes are owed on a home, rental property, or commercial property, a property tax loan can prevent an overwhelming tax assessor penalty.
The Better Choice
Thousands of Texas property owners have chosen property tax lending to address their tax obligation. After evaluating the costs, terms, and risks of property tax lending, it is clear that this form of assistance represents an affordable and efficient option. Grappling with other forms of credit or the frightening delinquency process can be daunting. Property tax lending is specific to the needs of those that fall behind on their tax bill. It is fashioned to be the most streamlined and cost-effective way to tackle the Lone Star State's unwelcome property tax burden.