Property Tax Help

Your 2010 Texas property taxes are now due. In most Texas Counties property taxes are delinquent if payment is not made by February 1st. Taxing Authorities  assess a 7-10% penalty on February 1st and then a 1% per month charge. Counties also assess a 20% collection penalty on June 31st. The cumulative impact of all the charges is annualized interest and penalties of 44%.
Unpaid property taxes not only expose property owners to excessive penalties, but there is also the risk of legal collection and foreclosure if taxes remain unpaid. Properties owners should exhaust all available means to pay their taxes before penalties are assessed. Available options include the following

→ Property owners who are disable and/or over the age of 65 should contact their taxing authority about tax deferral options.
→ Property Owner with sufficient equity ,and the ability to qualify, should consider a home equity loan or a 1st mortgage cash out refinance.
→ Most counties will accept credit cards payments. The utilization of credit cards for paying your taxes is only a prudent option if you are certain that you can pay off your card in full within 60-90 days.
→ Some Tax Collectors’ offer payment plan options. However, before entering into a payment plan, it is import to weigh the cost of the plan against all other alternatives.
→ Property owners who have no mortgage on their home or who have obtained a property tax loan for previous tax years have the options of financing current year’s taxes before the penalty is assessed on February 1st.
→ Property owners who have not previously obtain a property tax loan; can apply now for a loan to pay their 2010 taxes. However, Texas Finance Code does not permit the loan to be funded until after February 1st. This means that you will only be subject to the initial January 31st penalty.

Whatever your situation, the most important thing to keep in mind is that there is no benefit to doing nothing. For property owners who do not qualify for a Tax Collector Deferral or conventional financing, a Property Tax Loan is a great option. Most property tax loans can be approved within minutes and closings can be coordinated within 2-4 days of your approval.