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Property Tax Help: How To Get A Property Tax Loan

There are several reasons that can cause a home or business owner to miss the property tax deadline. It’s important to know you have options when it comes to paying your tax assessor the amount they’re requesting. There are options that may fit better into your monthly budget.

We get questions all of the time about our loan process. Not only do we want to work with you to ensure your loan fits within your budget, but it’s important to us to educate our customers.  We want you to know how the process works and what to expect when applying for a Propel property tax loan. For even more help, you can visit our FAQs page.

How quickly can I get approved?

Our approval process is lightning fast. Since a credit check is not required, your loan can be approved the same day of your initial application.

What does a loan from Propel Tax look like?

It’s important to note that you don’t technically take out a loan to pay off a tax lien. Although the phrase, “property tax loan” is often used, you aren’t actually incurring debt but merely authorizing the transfer of an already existing tax lien amount from your tax assessor to Propel. Liens are placed on properties by local tax offices who send out bills every October. The lien is only released once your taxes are paid. When using Propel, we agree to pay your property taxes, which triggers a transfer of the tax lien from the tax office to Propel.

What are the up-front costs?

Typically, there is $0 out of pocket cost to you at the start of your loan. Our financing options include all costs, such as recording fees, title searches, and origination fees, making it so you don’t have to put any cash down at closing.

What about interest rates?

At the time of application, you and Propel will align on an interest rate based on your  situation. However, your interest rate will be fixed during the life of your loan, even if national interest rates increase. Also, if you happen to find another licensed property tax company with a lower interest rate, we will try our best to match or even beat those competitors’ interest rates. We believe it’s our responsibility to improve your property tax situation, not make it worse.

After I close, how do I track my loan?

Propel built the industry’s first (and only) online customer portal so that customers can view their account details and make payments at any time.

How long will my plan be?

We are happy to offer a lot of flexibility with the length of each customer’s plan . You can select a term between 2 and 10 years. There are no prepayment penalties on our loans. In fact, Propel encourages our borrowers to prepay. 

Propel is here to help

Avoid increasing cost with your tax office and the risk of possible foreclosure. Give us a call at 877.324.8445 or fill out this form and we’ll be happy to provide you with the resources you need.

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