The January 31st property tax payment deadline is near. If you do not have the funds available to pay your taxes on time, there are few options available for you under certain circumstances.
CREDIT CARD PAYMENTS
Tax collectors accept credit card payments, which might seem like a quick and easy way to pay your taxes. However, they typically charge a fee and you will need to pay the entire balance off in the next month to avoid the credit card companies large interest rates.
PAYMENT DEFERRALS
A deferral is an option available to those who are 65-years and older or are disabled, including disabled veterans. Deferrals push out the tax bills indefinitely, but still accrue interest at 5% that adds up month after month.
ESCROW AGREEMENT
You may enter into an escrow account agreement with the taxing collector, and then make payments before your taxes are due so when they come due all of the money has been paid.
INSTALLMENT PAYMENT
Installment payment plans are available only to homestead property owners 65-years and older, as well as the disabled, disabled veterans, and those living in disaster areas. The installment plans allow for taxes to be broken up into four equal payment over the year.
WORK CONTRACTS
Property owners 65-years or older have an additional option to enter into a work agreement to pay their property taxes off on their residence homestead. Additionally, a governing body of a school district can permit qualified individuals to perform teaching services at a junior high school or high school as payment of their residence homestead's property taxes.
PROPERTY TAX LOAN
A tax loan is good option for many property owners. A property tax loan stops your tax bill from increasing and prevents the county from foreclosing. And as you make affordable monthly payments, your balance begins to decrease until you pay off your loan allowing you to save extra money each month to cover the next year's taxes. A tax loan can only be taken after the tax deadline if you have a mortgage on your property.
Call us at (877) 324-8445 for help on determining if a property tax loan can save you the most time and money towards paying your property taxes. Our team of professionals will work with you to collect all related information and guide you through every step of the process; including application, processing, approval, and closing.
Contact us today.
Your tax office may offer delinquent tax installment plans that may be less costly to you. You can request information about the availability of these plans from the tax office.
** Not applicable to Travis County
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