Property taxes cost property owners thousands of dollars or even more every year. If the property tax bill is in your hand, and you are worried you can’t pay thousands of dollars, the fear that your property can get sued can make you stressed. There are several options that can help you settle it before any legal action is taken. Here are a few tips on how to pay your property tax bill.
File an appeal
Local tax assessors cannot be right all the time. If you feel your property taxes are not fairly assessed, take a step forward and file an appeal against your property tax valuation. File an appeal as soon as you receive your tax bill as most appeals are sought soon after the property tax bills are sent out. There is a narrow line between the receipt and payment, hence, it is important to make sure there is no mistake in the process. Seek help from a property tax consultant, to figure out if filing an appeal is the best option to reduce your property tax bill.
Did you know, late payments can be the best option to save time and money. A few property tax authorities let you pay your property tax bills late if you had started paying your bill before the first of February. If you had paid a fair amount before the due date, then late payments can be the best option for saving money and your time.
But, remember the longer you take, the more penalties and interest come along. In cases where the wait is too long, you could end up in a legal bind with the collections attorney. It is better you contact your taxing authority, find out how much is the balance, and evaluate if you can pay the large tax bill in a few months.
Know about the tax deferral
Property owners who are 65 years or older can receive a tax deferral. However, failing to make the payments completely will just accumulate the tax bill, and when the property owner passes away or no longer occupies the property, the family will have just 180 days to pay the bill. Else it will end up in foreclosure.
Opt for a property tax loan
Opting for a property tax loan can help you pay off the remaining balance on your property tax bill and also offers a flexible repayment plan that will not affect your future taxes. However, finding the right lender can be difficult. Consult an expert before taking a step forward.
Get expert advice
If you need help in appealing your tax bills, O’Connor’s team of professionals possesses all the resources and unparalleled market expertise. We analyze existing assessments, research, prepare and present appeals on your behalf at the informal hearings, and coordinate a mutually agreed lawsuit if appropriate.
We are offering a $25 gift card to new clients who enroll after the 2021 protest deadline (May 17th for most owners). A $25 gift card will be sent to new clients who enroll early for the 2022 protest and complete the client agreement and appointment of the agent. Enroll now to get started!