Every month, the property owners have to pay property taxes of around one-twelfth of the annual estimated cost. But what if you cannot pay your property taxes? What other options do you have? For this, we first need to know what property taxes are.
Understanding Property Taxes
Real property owners have to pay their property taxes. From these taxes, the government provides various services such as schools, roads, parks, and libraries. The due tax amount usually depends on the assessed value of the home.
What Happens If You Don’t Pay Taxes
Tax Lien: If the property owners don’t pay their taxes, that amount then becomes the home lien.
Tax Deed Sale: In this case, the owner’s home is sold right away by the tax authority, and the buyer gets the property deed.
What Options Do You Have?
If you are far behind the due property tax amount, then you’ll receive the tax sale notice. In this case, consult with the attorney as early as possible. He will guide you better after looking at your whole situation. You can have other options too, depending on where you live.
Some tax authorities let the owner request for the tax abatement if facing economic hardships. In abatement, the tax authority forgives all property taxes, and the owner gets out of the danger zone of foreclosure or tax sale.
But the homeowner has to prove that their income and saving can only meet the necessary living expenses. Another option is to apply tax authority to enter you into the payment plan. In this plan, you can pay the property taxes in installments over the given time.
Another option is to use We Buy Broward to sell your home. We Buy Broward South Florida’s #1 home cash buyers will be able to help you downsize if you cannot afford the property taxes.