Jason Keller has extensive experience in real estate valuation and property tax assessment. Mr. Keller is the Director of Property Tax Services within the Private Lending Group at Resolution Finance.
While the recent recession and economic crisis have made it difficult to secure many types of loans, Texas property tax loans stand out as an exception. Texas continues to report some of the highest property tax rates in the country and with real estate values holding up well in this state, there has been little tax relief for property owners. Given the high rates and the ever present challenges in the economy, property owners should know that delinquencies can be addressed with a property tax loan before penalties, interest, and possible foreclosure by the county.
With the economic crisis worsening, property tax lenders expect a record number of borrowers in the months ahead. If you are interested in a solution for your delinquent property taxes, these frequently asked questions may assist your search.
Q: What is a property tax loan and how can it help me?
A: Property taxes are due in a lump sum by January 31st. The amount of tax due increases every month thereafter until the taxes are paid. A tax loan consolidates the delinquent taxes, accrued penalties, interest, and any legal fees owned on the property into a loan with affordable monthly payments. The taxing authority´s existing lien is transferred to the property tax lender as security for the loan.
Q: What type of property will qualify for a Property Tax Funding loan?
A: Loans are available for almost any type of real estate as long as the borrower is not in bankruptcy, there is no IRS lien on the property, and the property is reasonably maintained. This includes residential, commercial, investment properties, and vacant land.
Q: What if I've had past credit problems?
A: Credit history is typically not an issue, except in cases of current bankruptcy. Loans are approved for most applicants, even those with not so perfect credit. All loans are subject to income verification
Q: How long does the loan process take?
A: From the time the application is completed the closing can occur in less than a week. Applications can be taken online or over the phone. Loan closings are typically handled with a mobile notary that comes to a location convenient to the borrower.
Q: How much money can be saved by avoiding interest and penalties on a delinquent property tax bill?
A: Penalties and interest are set by state legislature and begin to accrue on February 1st. While county rates vary, you can expect penalties, interest, attorney fees and court costs of 37% to 44% per year. It´s easy to see how a property tax loan can save thousands in penalties and interest, while more importantly, avoiding foreclosure and lawsuits by the taxing authorities.
Q: What are some considerations when choosing a property tax lender?
A: In addition to choosing a lender with years of experience and specialization in property tax lending, only work with a lender who is licensed by the state of Texas. You can validate if the property tax lender is licensed to make property tax loans in Texas with the Office of Consumer Credit Commissioner. http://www.occc.state.tx.us/pages/searches.html
You can also learn more about Texas property tax loans by contacting Property Tax Funding at http://www.propertytaxfunding.com/ or calling a loan officer at 877-776-7391.
- Related Videos
- Related Articles
- Ask / Related Q&A
- How To Get Legal Tax Help - Tax Relief
- Should You Sell or Let Your Former Home to Reduce Tax?
- Resolve Irs Tax Debt Fastly!
- How the New Tax Law Can Help Your Business: Two Tax Breaks for Businesses
- How To Settle Your Tax Debt By Negotiating A Payment Plan With The Irs: What You Need To Know If You Can’T Afford To Pay Your Tax Bill
- Payment of Residential and Commercial Property Taxes in Texas
- Virginia Income Tax- Related Guidepost for Taxes on Income
- Property Tax Loans in Texas - A Funding Solution That Benefits All Parties
Everything you Need to Know About Innocent Spouse Relief
By: Roni Deutch | 22/12/2009When you are married, you can either file a joint tax return with your spouse, or you can file separate returns. If you and your spouse file a return together, then you are both equally liable for all taxes during the years you are married, as well as any penalties or interest. However, realizing that there are instances when it would be unfair to hold both spouses equally responsible, the IRS created the Innocent Spouse Relief Program.
The Coming 69% Capital Gains Tax Increase May Be Even Higher
By: Jarrod Mejiza | 22/12/2009Wall Street Journal editorial, A 69% Capital Gains Tax Hike . . . Pelosi’s 5.4% Income Surtax Would Hit Capital Gains and Dividends.
Tips for Finding a Tax Professional to Help You to Fight against IRS
By: Joseph Waldman | 22/12/2009If you have not paid taxes in the past, you may face serious tax problems. You may notice this when a specific amount of debt appears on your statement of account.
The Dreaded Tax Time - Doesn't Have To Be So Bad
By: Ruth | 22/12/2009Tip for tax time. I dread this time of year, but have found some ways to make it easier and have learned from some mistakes made in the past.
Use the Appraisal District's Information to Reduce Your Property Taxes
By: Patrick O Connor | 21/12/2009Homeowners are amazed to learn they can obtain a copy of the appraisal district's evidence at a nominal cost. This is referred to as a House Bill 201 package, and is the only information many homeowners use to successfully reduce their property taxes.
Tax Preparation Oceanside
By: New Wave Marketing | 21/12/2009If you are looking for a trustworthy and professional tax preparation firm in Oceanside, look no further. Depauw and Johnson Financial Services offer the very best in tax preparation.
Alternative Minimum Tax Planning Ideas...Investment Interest Deductions
By: George Bauernfeind | 20/12/2009Investment interest is deductible in computing the Regular Tax, although certain limitations apply. The Alternative Minimum Tax similarly allows this deduction, but it is subject to differences in the limitations. Understanding these differences will allow a taxpayer to plan in advance to minimize the AMT impact.
Alternative Minimum Tax Planning Ideas...Home Mortgage Deductions
By: George Bauernfeind | 20/12/2009Home mortgage interest is deductible in computing the Regular Tax, although certain limitations apply. The Alternative Minimum Tax similarly allows this deduction, but it is subject to differences in the limitations. Understanding these differences will allow a taxpayer to plan in advance to minimize the AMT impact.
Commercial Property Tax Loans in Texas
By: Jason Keller | 14/10/2009 | TaxesBusinesses often use the financial leverage found in credit as the primary source of capital to fund their growth. The easy availability of commercial property tax loans is welcome news to many Texas property owners. They are seen as an excellent solution for many reasons.
Payment of Residential and Commercial Property Taxes in Texas
By: Jason Keller | 19/04/2009 | Real EstateProperty owners in Texas have rights and responsibilities. This article addresses the payment requirements, deadlines for payment, payment options, and delinquency implications for past due property taxes. The options listed include a property tax loan from a specialized property tax lender.
Property Tax Loans in Texas - A Funding Solution That Benefits All Parties
By: Jason Keller | 23/03/2009 | Real EstateTexas continues to report some of the highest property tax rates in the country and with real estate values holding up well in this state, there has been little tax relief for property owners. Given the high rates and the ever present challenges in the economy, property owners should know that delinquencies can be addressed with a property tax loan.