Property taxes can be more than overwhelming. We can help you sell your property with back property taxes in San Antonio so you can move on with your life! Learn more about how to do it in our latest post!
If you, or someone close to you are dealing with property tax problems, you might be worried about your ability to pay them back. The consequences of not paying your taxes can result in losing your home if the problem is not taken care of. Sometimes in Bexar county, the big issue is that you never know when they will decide to move forward with the foreclosure of the home to satisfy the accrued property tax debt. So what are your options when facing this issue? Keep reading…
1. Pay Them Off
This option can be seen as the best and most obvious option. But how do you do it if you are struggling to do pay them in the first place? You can create a savings and repayment plan or work with your local property appraiser to try to get them lowered. Unfortunately, for many people facing this problem, this option just isn’t realistic.
A) Saving Plan
If saving to pay down the property tax debt is on option, sit down with a financial planner or someone who can assist you by taking a good honest look at your financial situation. An outside perspective on your spending might be just what you need to pay off your debts. Come up with a plan to save a set amount each month and use that to pay down the balance of your property taxes. Bexar county is unlikely to initiate the foreclosure process if you are making regular payments to your outstanding balance. Keep in mind, you will not only need to pay back the back taxes that have built up, but also the fees, penalities and interest that will have added to the total balance.
At times, you can work to have the property appraiser lower the value of your house which can lower your tax rate if you believe they have been assessed incorrectly. You won’t be able to negotiate the rate at which you are taxed, however, you can attempt negotiate the assessed value of your home. Check to make sure they have the important details of you house recorded correctly. For example, don’t let them say you have 2 bathrooms when you really only have 1.5. The assessor will look at other homes in your area and what they are selling for. Sometimes you need to take a deeper look into the numbers. If you are going to challenge the value the assessor has placed on your home, make sure you have comparable houses to compare it to. Fair warning, this process can be time consuming, frustrating, and in today’s climate of run-away taxes, it doesn’t always work. Additionally, this won’t help you with the balance that has already accrued.
2. Find Someone To Help
A) Property Tax Loan
While it might not make sense to replace one debt with another, getting a property tax loan from a private lender can provide temporary assistance should you be on the verge of having your home foreclosed on at the property tax auction. Before you agree to the loan, make sure you read the fine print and understand the repayment terms. The interest can be high and there can be severe penalties for nonpayment. Before you get yourself in this situation, take a good look at all of the options available to you first.
B) Find A Buyer
There are buyers and investors out there who are ready to help you right now! Capstone Homebuyers is a reputable homebuying company who will help you with tax liens or anything else that is keeping you from selling the property the traditional way. You don’t have to sink more money into the house or toward your tax bill. We will handle everything so you can sell the house and walk away from your property tax problems once and for all. Keep in mind, not all buyers are the same. When you work with Capstone Homebuyers, you can rest assured you will receive a fair price and honest treatment every step of the way. Selling your house to a direct buyer for cash can be one of the best ways to stop the frustrations that arise from back property taxes!