Delinquent Property Taxes

Property Taxes 101

Have you ever wondered what might happen if you don’t pay your property taxes? 

Fees and Interest 

Things will add up quickly! If you don’t pay your property taxes when they’re due, you’ll quickly see your tax bill increase with penalties and interest. It’s important to know when your property taxes are due. In most cases, this is by Jan. 31st each year. 

Property Tax Lien 

When homeowners don’t pay their property taxes, the overdue amount becomes a lien on the property. A lien effectively uses the property as collateral for the debt and will complicate the process of selling your home. 

Potential Foreclosure 

If you get too far behind in paying your property taxes, you could lose your home to a tax foreclosure. Not only can your bank foreclose on your home if you miss too many mortgage payments, local governments have the authority to foreclose on a property in order to collect delinquent taxes. This is called a tax lien foreclosure. 

Options for People with Delinquent Property Taxes 

Get current on the delinquent amounts. If this isn’t an option, start working with the collections staff to let them know you’re serious about staying in your home. 

If you’re over the age of 65, disabled, or a disabled veteran, you have the option to defer payments on your property taxes for your homestead. There is a process for filing for a Deferral and it’s important to work with your local appraisal district to claim this status. 

It’s possible you will work out an installment agreement to pay off the overdue taxes, penalties, and interest. This agreement will be formalized in writing and the payment period will last between 12 to 36 months. 

The key takeaway should be, pay your property taxes! 

Nov 16th 2020

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