Property Taxes and Your Bankruptcy
February is tax season, when the winter property taxes become due. While often property taxes are included within a mortgage payment, when it is not, the property tax payments can be a burden. Many households then wind up doing a balancing act of deciding which bills take priority. If property taxes are not paid, usually within 25 months, you will lose your home. The only action that can extend this time period is filing a bankruptcy petition. To help readers I have drafted the following time line for tax foreclosure on a property. This is the legal process that will happen if property tax payments are not made.
- July-December 2006: Property taxes billed by city or township.
- March 1, 2007: Unpaid 2006 property taxes received by County Treasurer a 4% administration fee is added plus 1% per month interest.
- March 1, 2008: Property is forfeited to the County Treasurer, a $225.00 fee is added and interest rate is increased to 1.5 per month retroactive to the date the property tax becomes delinquent.
- February 24, 2009: The Circuit Court enters a Judgment of Foreclosure for non-payment of property taxes. Property owners have until March 31 to pay taxes, penalties and interest or lose their property.
- March 31, 2009: Title to the property passes to the County Treasurer.
- July or September 2009: The foreclosed property may go to public auction by the County Treasurer.
For more information see M.C.L. 211.135 et seq and P.A. 123 of 1999.
The Law Firm of Gene Turnwald, P.C. will help you determine the best solution for your financial situation. If you are seriously considering foreclosure, contact Lansing Bankruptcy Attorney, Gene F. Turnwald, for a free consultation. Mr. Turnwald may be reached at (517) 347-6700 or through the firm's website, http://www.gturnwald.com/
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property tax bankruptcy attorney chapter 7 chapter 13 mortgage foreclosure unpaid taxes irs
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