What Happens If You Don’t Pay Your Property Taxes On Time?

Blog November 26, 2021 By Admin

What happens when you are late paying your property taxes?

Few people love paying their taxes. Yet, not paying your taxes, or paying them late is only going to make them a source of even more pain and stress.

If you are struggling to pay your property taxes, or are desperately trying to juggle your bills, and extra expenses at this time of the year, make sure you get the help that is available while you still can.


Late Fees, Fines & Financial Penalties

The first impact of not paying your property taxes on time is the financial penalties.

Depending on your jurisdiction, this may show up as an increasingly higher bill each month until you pay it, late fees and other administrative costs.

Many end up losing their properties due to this step alone. Even if they end up paying the original property tax bill in time, they often miss the notices in the mail for these other fees. Some have lost their homes or businesses for less than $10 in outstanding late fees.

It is best to avoid the risk of this happening at all.


Your Tax Lien Is Sold

If you still haven’t paid your original property tax bill and any late fees, then a lien on your property is auctioned off. This goes to public bidders, who bid on the amount of interest they are willing to take on it.

You end up having to pay your bill, plus any of this ongoing interest. This can be as high as 18%.

The longer you take to pay in full, the more interest you will have to pay on top of it all. That makes it increasingly harder to catch up. It can be a difficult spiral to beat.


Your Property Is Seized & Sold 

If you still haven’t paid your property taxes and all associated fees and interest, you will lose your property. It doesn’t matter how little you owe.

The county itself may seize the property and auction it off for pennies on the dollar. Or whomever bought the lien can foreclose and take over your property for the amount you owed. It doesn’t matter if you only owe $10, and your property is worth $1M.


There Is Help Available

You don’t have to live through that. Though of course, the sooner you act the better it will be for you.

As many as half of all property owners receive over-inflated and inaccurate property tax bills each year. That means you are likely being charged thousands more than you should really have to pay each year.

If you get this fixed, then these substantial savings will mean it is far easier to pay your tax bill on time, and avoid all of this stress and added cost.


Get in touch with Property Tax Adjusters, Ltd. today to get your bill lowered.