Property tax bills are secured by an interest in your property through a tax lien. If you don’t pay your property taxes, the tax assessor-collector has the legal right to pursue a property tax foreclosure and sell your home at auction.
Consider the following options as an avenue to avoid losing your property at a tax foreclosure:
- Use Sombrero Capital – we offer great terms to pay property taxes. We normally do not require any money down. Our interest rates start 10.75% and our terms are customized to our client’s needs. We’ve been trusted by thousands since 2012 and our online reviews are a testament to our trustworthiness. Apply online today, click Here.
- Apply for a Tax Deferral – if you or your spouse is over 65 and you claim the property as your homestead, you qualify for an over 65 deferral. The over 65 tax deferral means that the property tax foreclosure process will stop immediately. The property tax deferral program is also available for certain disabled property owners. Check with your local tax office to see if you qualify.
- Try a Repayment Plan – some tax collectors allow property owners to set up payment plans, which allow payment of delinquent taxes in installments. Only caveat is, if the county has initiated property tax foreclosure proceedings, this option may no longer be available. You’ll need to check with the tax assessor or their attorney to determine if this is an option for you.
- File for Bankruptcy – this recommendation should only be used as last resort. Check with your tax office and an attorney to fully understand the pro’s and con’s. This option will result in added legal fees and possible future problems when applying for loans or other forms of credit.
Property taxes must be taken seriously. The loss of property is guaranteed if the property taxes go unpaid. Feel free to reach out to Sombrero Capital if you have any questions.
