Property taxes in Texas are due on January 31st, 2020 - right after the Christmas holiday season. And, with some of the highest property tax rates in the country, many property owners are struggling to get enough funds together to pay their bills. One question that property tax lenders in Texas often get asked is “Can I get a property tax loan before Feb 1st?”. Here’s some helpful advice.
At the beginning of each year, a tax lien is placed on every property in Texas by the local government. When you pay your tax bill, this lien is lifted. If you miss the January 31st deadline, penalties are activated. This includes interest, which will start accumulating from the first business day in February, and a penalty of 6% of your original tax bill. For each month that this bill goes unpaid, an additional 2% penalty will be added. Your county may also charge you a fee for collecting your overdue property taxes, which can be as high as 20% of your total bill.
This is a very worrying position to find yourself in, as it makes it more and more challenging to get your finances back on track and pay your property taxes. However, leaving your bill to mount up is no solution. Non-payment will start the foreclosure process which, if it is not resolved within a certain period of time, will allow the local government to sell your property to recover the outstanding taxes and property tax penalties.
When it comes to getting a property tax loan, time is everything! So, don’t wait! If you don’t have a mortgage, you can get a loan before February 1st. Be sure to speak to a reputable firm that will not only offer you a good rate, but will also actively help you get a loan as quickly as possible in order to limit penalties, if not avoid them entirely.
American Finance & Investment Company, Inc. (AFIC) is one of the leading property tax lenders in Texas, servicing all counties including Harris County, Dallas County, Tarrant County as well as Bexar County. We are proud of our exceptional rating on the Better Business Bureau, and our compassionate and experienced team is ready to assist you by providing you with a structured loan to pay property taxes and designed to work with your financial situation. The earlier you contact us, the faster we can help you.
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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.
If you are over 64 or disabled, don’t get a property tax loan, contact your tax office about a deferral.
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