What to Do If You Owe Delinquent Property Taxes.
Delinquent property taxes, if you have them, may put you in a bit of dread. Property taxes, aside from income taxes are often one of our largest tax bills. Often they can be difficult to pay. If you have issues with delinquent property taxes here are some ideas to consider to resolve the problem.
Communication is the key. First get in touch with your local tax collector. You’ll just make matters worse if you try to avoid their calls and letters. roofing . If you communicate with the local taxing authorities, many times they will agree to a payment plan to wipe out the delinquent property taxes. When they do not hear from you, they assume you don’t intend to pay the delinquent property taxes, and they move on to use additional legal means of collection of the debt.
When discussing your situation with the tax collector, be sure you know the amount of penalties and interest that have been added to the overall tax bill. If the interest rate on the delinquent balance is greater that you may be able to secure elsewhere, you might consider a loan to pay off the balance.
Your second step, if you have a mortgage on you home, is to talk to your mortgage company. Now is the time for you to make your property tax payments along with your mortgage payments. The property tax portion of your mortgage payment will be placed into your escrow account. The mortgage company will then pay your next year’s property tax payment out of your escrow account. This won’t do anything to help with your delinquent property taxes but you’ve assured the problem won’t happen in the future.
Lastly, make arrangements to pay the local taxing authority something. Even if it’s only $20-$50 a month it tells the tax collector you’re trying to pay the bill. What you don’t want to do is pay nothing because you can’t pay the entire balance. In many tax jurisdictions, your installment plan will prevent the taxing authorities from putting a lien on your property.
If your taxes are eventually not paid, your tax lien could be sold to the highest bidder at a delinquent tax lien sale. Bathroom remodeling Allentown Pa . This is not the sale of your property just the sale of the tax lien on your property. If after a definite period of time you have still not paid the delinquent taxes the holder of your tax lien can foreclose on the lien and acquire the property.
Property taxes that are delinquent can be a stressful time for anyone. But if you carefully assess the situation it can be resolved. Work with the taxing authorities and work out a plan to pay off the balance of the delinquent taxes. Jordan Schultz . Then to keep it from happening again and to make sure you keep current on your annual property taxes, either through an escrow account at you mortgage holder or set aside the necessary funds each month to pay your annual property tax. Plan ahead and you won’t end up in this unpleasant situation again.
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