Property taxes have always been a hassle for Texas property owners. Texas has the second-highest property tax rates in the country. For many Texans, their tax bills are sent out right before the holidays when budgets get tight. If a property owner can’t pay their property taxes they can consider borrowing money to pay them. There are lots of property tax lenders to choose from. It is important to choose the right one when it comes time.
It is very stressful on property owners when they are unable to pay their property taxes. Once property taxes go delinquent on February 1st, the county starts adding on hefty penalties & fees. To bring relief for Texas property owners, tax lenders have come up with a solution that will free the property owner from the burden of additional county penalties & fees. It is called property tax loan. It is different from traditional loans. Here, the risk is less for both borrowers and lenders.
The Property Tax Lien
In Texas, on January 1st of each year, a tax lien is automatically put on a property by the county to secure the payment of all taxes, penalties, & interest that is imposed for the year. If the property taxes go unpaid for an extended amount of time and the county is forced to foreclose on the property and the county will use the home as collateral to collect what is due.
Texas property owners need to pay their property taxes by January 31st. If they fail to pay their taxes by then penalties & interest start to accrue. If taxes are still unpaid by July 1st, tax lawsuits are often filed by the county. In a year, a tax owner’s obligation might increase by up to 50%.
Texas Property Tax Loan – Relief for Homeowners
Property tax lenders are a great option for property owners to reduce the annual burden of taxes, penalties, interest, fees, and the possibility of foreclosure. Tax lenders will pay the taxes for you by providing a property tax loan. If a property owner decides to use a property tax lender, the lien the county placed on the property will be transferred over to the tax lender. The property owner is then liable to the tax lender for the property tax loan, but the payments will be considerably less than the penalties and interest charged by the taxing authority. Once the loan if paid off the tax lender will release the lien on the property, just as your taxing authority would.
The payment plans offered by the tax lender will have lower interest rates, limited penalties and an opportunity to refinance if any hardships are encountered.
Ovation Lending can help you in paying your property tax
Ovation Lending can help you in paying your property taxes whether it’s residential, commercial, or small business. The process is very simple and hassle free. Contact us so that we can help save you from all the property tax hassles like penalties and interests. Reach us at 877-419-7392 and our dedicated loan professionals will ease the stress on you.