Your Texas property tax bill is due no later than January 31. The really bad news: If you haven’t found a way to pay them on February 1 taxes and penalties are added every month until you get them paid. This will get expensive quick. The average property tax bill in Texas is $3,327. The chart below explains how much it will cost you each month your tax bill remains unpaid.
If you wait till December you’re going to have to come up with an extra $1,431 out of your wallet. That is a whopping 43% increase. The prospect of adding so much to your tax bill is frightening, but there is a better way!
A recent industry survey shows the average interest rate on a property tax loan is 12.8%.
Take a look at the chart below to see what you would pay if you got a tax loan in January for just one year.
At the end of one year you would have paid $235.16 in interest on your loan. That is just a few dollars more than a single month’s penalty and interest from the tax collector. If a $296.85 monthly payment is too much for your budget let’s see what it looks like spread over two years.
Your monthly payment would be $157.86 and your total interest paid $461.62. Quite a bargain compared to what the tax man will charge you.
Of course there are other options available for you and we’ve detailed some of them in our article I Can’t Pay My Texas Property Taxes, What Are My Options?, but if help with a property tax loan is the right solution for you then we are ready to assist.
Home Tax Solutions is an Accredited Business with the Better Business Bureau carrying an A+ rating with no complaints ever filed against us. We’re the leader in providing property tax loan help. When Texas residents find themselves in a pinch and unable to pay property taxes, we’re the affordable solution they turn to for hassle-free, low-interest loans. Apply for a property tax loan TODAY!