Many Texans have lost their jobs due to the pandemic and are finding it hard to make ends meet. Those Texans who are property owners must now figure out a way to pay their property taxes before the penalties and fees grow exceedingly large. The results for a property owner who cannot pay the property taxes can be severe, both financially and emotionally, but a property tax loan can provide support.
Falling behind on your property taxes in Texas can lead to significant penalties, interest, and fees, which will only increase with time. Starting on February 1st, property owners who have not paid their taxes in full will have a 6% penalty and 1% interest fee added to their bill. It increases by 2% every month (1% penalty + 1% interest) until July 1st. On July 1st, taxing authorities can charge a 20% collection fee and turn over those accounts to county collection attorneys who will start the foreclosure process. After July, penalties stop accruing but interest continues to accrue at 1% per month.
There is no cap on the interest, and property owners will continue to see their unpaid tax bill increase every month. In the first year alone, penalties, interest, and fees can grow to 42%, almost half of the original tax bill.
Benefits of a Property Tax Loan?
In Texas, property owners have the option of using a property tax lender Texas, such as Ovation Lending, to pay their property taxes. Getting a loan provides multiple benefits to property owners struggling to pay their property taxes:
- Stop penalties, interest, and fees
- Avoid county lawsuits
- Repayment periods up to 10 years
- No out of pocket expenses
- All credit types welcome
If you are a property owner and your property taxes a delinquent, a property tax loan from Ovation Lending can offer financial and emotional relief. We will work with you to find a repayment plan that best fits your financial needs. We will then pay off all taxes, penalties, interest, and fees to the county or appropriate tax office offering peace of mind during this difficult time.
Contact Ovation today and speak to one of our Licensed Loan Officers to find out what options you have. 877-419-7392 or Click Here to apply.