Not everyone can afford to pay their property taxes by the due date set by the county. Even if you were planning and saving to pay your property taxes before they were due, unexpected things happen. Hospital bills, natural disasters, theft, vehicles break down, job loss… there are so many things that can put you behind. Although you know that you will be back on your feet and in the swing of things soon, that property tax deadline is coming full speed ahead, and you’re not in a position to pay it all upfront before penalties and interest begin to accrue.
Or perhaps you have not yet encountered any emergencies, but you like to be prepared. Maybe it has been a slow year and you don’t have as much money in your savings account as you would like to feel secure.
In situations like these, a property tax loan can be used to avoid the steep charges from the county and give you the financial freedom to build a stable foundation again.
Have Easily Accessible Cash On-hand
Even if you have enough (or almost enough) cash to pay off your property taxes, the last thing you want is to spend every last dime on paying them off and then have a emergency arise. Especially if your budget is already tight from a recent unexpected cost.
Instead of leaving yourself with no financial safety net, you can use a property tax loan to turn your $1,000+ property tax bill into a small monthly payment. A benefit to this method is that Ovation Lending will not penalize you if you get some extra cash flow and decide to pay the loan off before the agreed term.
Start Saving for Next Year
Now that you have cut your lump sum of property taxes due into affordable monthly payments, you can begin setting aside money for the following year’s property taxes. This can be especially important when your property tax amount assessed increases significantly every year because of increasing appeal of your neighborhood/area or improvements you have made increased the value of your home. Now when your next property tax bill comes around you can be ready to pay off your property taxes before the deadline with time to spare.