A property tax deferral is a good option to delay paying your property taxes. If you are over the age of 65 or meet the Social Security Administration definition of disabled, a property tax deferral might be a good option for you. Not all properties will qualify for a deferral and they must be applied for through the Central Appraisal District.
What happens after a tax deferral is removed? Most don’t ever think that the appraisal district will remove a deferral after it has been applied. That is not the case. Here are events that the appraisal district will remove a deferral.
Type of deferral that can be applied to homestead properties that allows the homeowner to delay payment of their property taxes. This does not cancel paying the property taxes.
What are the circumstances that the property no longer qualifies for a deferral?
- If the homeowner passes away
- If the surviving spouse is under the age of 55 years old when the deceased spouse dies
- If the homeowner sells that home or deeds it to someone else
Once the tax deferral ends, all outstanding taxes along with interest must be paid within 180 days.
In some cases, homeowners may have many years of deferred taxes. If not properly managed, the person inheriting the property will also inherit this huge property tax bill.
If you are someone who inherited a property with outstanding taxes due to a tax deferral being removed, Ovation Lending can help. Here are some benefits to using our services:
- Flexible pay terms
- Affordable monthly plans
- Avoid foreclosure on your property
- Stop paying excess penalties, interest, and fees
- Avoid county lawsuits
- Repayment periods up to 10 years
- No out of pocket expenses
- All credit types welcome
Ovation Lending customizes every property tax loan to best fit your needs. We have helped property owners in every situation find the perfect solution.
Reach us at (877) 419-7392, and let us explain why we are a top provider of property tax loans in Texas!