April 19, 2009
http://www.propertytaxfunding.com/
Property Tax Payment
Taxing units usually mail their tax bills in October. The date of delinquency is normally February 1st. If you have not received your tax bill by January 1st, you should contact your tax assessor to determine the amount owed.
Property tax bills often include more than one taxing jurisdiction because some taxing jurisdictions combine their collection operations. Likewise, certain properties will be subject to multiple taxing jurisdictions collected by different assessors. Contact the central appraisal district for your respective county to determine the taxing jurisdictions which apply to your property. Many county central appraisal districts now post their property tax data online.
If you escrow taxes and insurance, then your mortgage company will pay the property taxes on your home. You should receive a receipt from the tax assessor indicating payment has been made. The receipt is important to retain, as many homeowners deduct property taxes for federal income tax purposes. When Is the Deadline for Payment? In most cases, the deadline for paying your property taxes is January 31. Taxes that remain unpaid on February 1 are considered delinquent. Penalty and interest charges are added to the original amount.Taxes are due in one lump sum. Some tax collection offices provide payment options, such as:
If you are qualified for the over-65 or disabled homestead exemptions, you may pay your current taxes on your home in four installments. You must pay at least one-fourth of your taxes before the February 1 delinquency date. The remaining payments are due before April 1, June 1 and August 1, without any penalty or interest. If you miss an installment payment, you will face a penalty and also pay interest at 1 percent for each month of delinquency. You must indicate on your first payment that you are paying your home taxes in installments. Installment payments apply to all taxing units on the tax bill.Homeowners whose residences are damaged in a disaster and are located in a designated disaster area also may pay their taxes in four installments, in the same months as over-65 or disabled homeowners.What If my Taxes are Delinquent?The longer you allow your delinquent property taxes to go unpaid, the more expensive and risky it becomes for you.
Month Penalties & InterestFebruary 7%March 9%April 11%May 13%June 15%July 32% to 37%*
*Collection Attorney Fees Vary by County, but are typically 15% to 20%.
Accounts not paid in full by June 30th of the year in which they become delinquent are normally referred to the delinquent tax attorneys for collection and incur an additional penalty equal to 15% – 20% of the total taxes, penalties and interest due. Generally, any payment on the quarterly payment plan that is not paid before the delinquency date of the installment accrues a full penalty of 6% immediately, and begins to accrue interest at the rate of 1% per month until paid.
Are there other options available to pay property taxes?
Yes, specialized lenders exist who focus solely on property tax lending. These lenders provide an alternative to the lump sum payment of your property taxes. A property tax loan will immediately stop the added penalties, interest, attorney fees, and pending lawsuits for the county. Most lenders offer flexible loan terms with repayment schedules up to 10 years. Loans are available for almost any type of real estate as long as the borrower is not in bankruptcy, there is no IRS lien on the property, and the property is reasonably maintained. This includes residential, commercial, investment properties, and vacant land.
To learn more about property tax loans and the lending programs available visit Property Tax Funding, http://www.propertytaxfunding.com/, or call a loan officer at 877-776-7391.
Jason Keller has extensive experience in real estate valuation and property tax assessment. Mr. Keller is the Director of Property Tax Services within the Private Lending Group at Resolution Finance, LLC.
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