Let’s face it…Texas has high property taxes! Because this great state has no income tax, they rely on property taxes to make up the difference. This means they also have a strict and expensive policy for dealing with delinquencies. That is why property tax loans Texas are so vital to the people of this state. Unfortunately life happens and unforeseen bills arise. Not everyone can pay their steep tax bill immediately and that is where we come in. Safe Texas Investments gives families the time they need to pay their bill before they begin to accrue penalties and legal fees.
So what kind of penalties are we talking about? According to the Texas Tax Code 31.01, the penalty is 6% for the first month alone and 1% for each additional month up to 12%. Then add 1% in interest for each month delinquent. If the bill is not paid within 6 months of the delinquency date, then an additional 20% penalty is applied for attorney fees (http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.33.htm). Therefore, what started out as a $9,000 tax bill, in six months has become $12,420. If the county files a lawsuit to collect, (which they begin at the 6 month mark) then additional court costs can be added to the bill. At one year past the delinquency date, that $9,000 is closer to $14,700. Once the tax collectors win the lawsuit, they will foreclose on the property. How are families supposed to recover from difficult financial circumstances when such penalties are mounting? Property tax loans Texas can be the grace you need to save your home!
What other options are there? If you are over 65 years old, you are eligible for a tax deferment from the Tax Assessor and are not eligible for a property tax loan Texas under Bill SB247. The taxing agency may be willing to offer you an installment agreement. Most of these require a down payment of 25% with the remaining balance to be paid within a year. If payments are missed, penalties apply retroactively. If monthly payments are still more than your budget can handle, a loan may still be necessary to save your home.
Texas is an amazing state to live in, so don’t let property taxes get the best of you! If you find you can’t make that January 31st deadline, call Safe Texas Investments and ask about a property tax loan Texas before the penalties start mounting!
loan agency McKinney TX
Safe Texas Investments
7290 Virginia Parkway, Suite 2300
McKinney, Texas 75071