1. Pay the taxes on time
Obviously, paying property taxes on time will cost the least–you’ll be charged for nothing but your property taxes. However, if that is not an option, there are two others that may work for you.
2. Payment plan with taxing unit
The Office of Consumer Credit Commissioner created a report that examined four ways to pay overdue property taxes. The cheapest way to pay overdue tax bills is by creating a payment plan with your taxing unit.
3. Property tax loan
However, many people do not qualify for a payment plan, which requires:
- property is your residence
- you had no installment agreements in the past 2 years
If you are overdue on property taxes for commercial property, rental property, or any other property you don’t live in, a payment plan isn’t an option.
However, the Office of Consumer Credit Commissioner found that the next cheapest option is to get a property tax loan. It costs less than putting the money on a credit card and is far, far cheaper than remaining delinquent.