Understanding Property Taxes

What are property taxes?

Property taxes are the main source of income for local and state governments in the United States. These taxes provide the wherewithal for streets and roads, police services, schools, fire departments, as well as city, county, and state governments – even the dogcatcher in many cases. Property owners pay taxes to support the area in which they live.

Many people immediately assume that renters are not responsible for property taxes, but that is not so. Renters indirectly pay for the cost of property taxes through their rent. Costs of merchandise vary to accommodate the hidden costs of property taxes to owners. So, property taxes affect all of us.

How does an assessor determine tax valuation?

Property taxes are based upon the owner’s interest in land, buildings, and permanent improvements. Ordinarily the tax is based upon the fair market value of the property. An assessor uses various formulas, including most recent sales, to give a figure, determines this market value. The actual tax is determined by using a percentage of the value. As was mentioned before, property taxes support various entities within the jurisdiction, so you will see percentage levies for schools, fire districts, and other levies on your tax bill. Be careful to not misinterpret the tax bill as representing an actual percentage of the value of your property. Tax bills are stated in mils, which are a percentage of a percentage.

Note that it is possible to appeal the tax valuation of your real property if you believe it is incorrect. There is a certain amount of time in which to appeal this, so don’t let your tax bill sit on the counter unopened because there’s not enough money to pay it. Open the bill and plan on what to do.

Property taxes are ordinarily due on the first of the year in Texas. Late payments are assessed a percentage of the tax, increasing throughout the year. As of July, attorney’s fees are levied also, which increases your tax bill quite a bit.

If you are not able to pay for one reason or other…

Perhaps you lost your job, had to declare bankruptcy, suffered an accident, or someone in your family has contracted a costly illness, anything that makes it difficult for you to pay your tax bill. Contact Reliance Tax Loans (www.reliancetaxloans.com), complete an application online, and make an appointment to solve your property tax problems. You need to wait a short while until your tax payments are delinquent to finance your taxes. The government will file a tax lien on your property, making sure you cannot sell it without paying the back taxes.

Why use Reliance Tax Loans?

Reliance has an excellent reputation for straight dealing in the industry. They will not sell your loan to another party and will do their best to make your tax payments both affordable and convenient for you. They subscribe to the highest industry standards of confidentiality. Interest rates are reasonable. Reliance arranges to have the tax lien filed by the government to be placed in their name to reduce paperwork for you, your lender, and the taxing entity. Reliance Tax Loans is a member of FTLA, an agency that ensures the highest integrity in the industry.

Finally, Reliance Tax Loans make certain that the loan agreements are clear and fair to the customer. Either call for an appointment or complete an online application now.