Posts Tagged ‘property taxes’

3 cheapest ways to pay your property taxes

Published by Research Editor on September 13th, 2015 - in Loans

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.

Options for Delinquency

Published by Research Editor on June 3rd, 2013 - in Tax Penalties, Taxes

A new law requires property tax lenders to include this line in their ads:

“YOUR TAX OFFICE MAY OFFER DELINQUENT TAX INSTALLMENT PLANS THAT MAY BE LESS COSTLY TO YOU. YOU CAN REQUEST INFORMATION ABOUT THE AVAILABILITY OF THESE PLANS FROM THE TAX OFFICE.”

While the all-caps and bold font may seem a little excessive, it is good to remember that property tax loans are only one option among many for dealing with delinquent property taxes:

Property tax loan

Advantages: your taxes are paid, which means you avoid delinquency status, penalties, lawsuit, and foreclosure. Disadvantage: a property tax loan is a superior loan, meaning the lender can foreclose on your house if you don’t pay back your loan.

Delinquent tax installment plans

Split your payments into four smaller payments. However, this plan is not always available in every county to every citizen.

Split payments

Pay your taxes in two smaller payments instead of one giant payment. Disadvantage: the first half is paid a month early: November 30 Instead of January 1.

Tax deferral

You don’t have to pay your property taxes right now. However, this is limited to senior citizens. Your taxes accrue 8% interest each year–and you do have to pay the taxes eventually.

Borrow money from family or your savings

This could be a great option–or a horrendous option–depending on your situation. Be wise.

Refinance your mortgage to include the taxes

Establish an escrow account

Ignore it

Worst idea ever. You’ll suffer penalties, lawsuit, and foreclosure. Don’t just ignore your delinquent taxes.

 

Whatever option you choose, be wise and make an informed decision.

How a tax lien transfer works

Published by Research Editor on March 22nd, 2013 - in Loans, Taxes, The Basics

howataxlienS
Every year, a tax lien is placed on your property by the government. When you get a property tax loan, you transfer your tax lien to your lending company. Here’s how it works:

PMTP-How-a-TLT-Works

 

This graphic comes to you courtesy of Protect My Texas Property, an alliance working hard so you can keep your right to get a property tax loan if you choose.

Dallas County Property Taxes

Published by Research Editor on October 13th, 2011 - in Dallas, Local taxes

Dallas county outline "dallas county property taxes"

Is your property in Dallas County? The county’s websites provide a wealth of information that you may find useful. The official Dallas County Website, for everyone in Dallas county, covers:

The Dallas Central Appraisal District website has even more information, devoted to property taxes:

© 2013 FYP, LLC.