After the holiday season ends, property tax season starts. Texas property taxes are due January 31st. After that, penalties and interest charges will begin to accrue on any unpaid property taxes.
So, what are your options if you need help paying property taxes?
If you can’t afford to pay your Texas property taxes, Home Tax Solutions is here to help you understand your options. Read on to see how you can pay off your property taxes quickly and avoid additional charges.
Can you make payments on taxes after the due date?
Paying your taxes late is one solution, but it’s an expensive one that will add penalties and interest to your tax bill. Immediately following the January 31st deadline, penalties rapidly begin to add up, often becoming more unmanageable as time goes on. In addition, collection attorneys can tack on an additional 20% of your overall cost to your property tax bill. In fact, your Texas property tax bill increases approximately 47% in the first 6 months of delinquency!
Can you get a tax deferral?
Yes, if you are over 65 years old and the property you owe payments on is your personal homestead. Your taxes won’t go away, but late fee penalties will stop and your interest will be reduced to 8%. If you no longer occupy the home, you’ll need to pay the accumulated taxes within 180 days to prevent foreclosure. If you are granted a tax deferral, it is wise to make interest payments you can afford to minimize the amount that will accumulate.
Can you get a property tax payment plan?
Yes, but you must be confident that you can repay your late taxes quickly and prepare to pay next year’s taxes without assistance. If Texas property taxes are due on your homestead, taxing entities are required by law to offer you a payment plan. While payment plan details vary by county, there are a few points to keep in mind:
- Down payments can be as high as 25% and an interest rate of 12%.
- In most cases you must make equal monthly payments for 12-24 months often resulting in relatively high monthly payments.
- Can only be done once every 2 years, so you can’t get a repayment plan every year.
- If you default on your payment, you’ll be subject to retroactive penalties and interest.
How do you get a property tax loan?
In Texas, a property tax lender can pay your property taxes right away and protect your property. At Home Tax Solutions, payment plans for Texas property tax loans are flexible and come with low monthly tax payments. We offer loans with no property tax payment for 12 months and some of the most competitive rates in the industry. With employees throughout Texas, let us help you as our team has done for thousands of home and business ownersall over Texas.
Call Home Tax Solutions at (800) 688-7306 or visit hometaxsolutions.com to apply for a loan online in minutes and receive a free quote right away.
