Property taxes are a given when you own your property. Some homeowners choose to roll the taxes into their mortgage payment and let the lienholder pay when they are due. However, some prefer to pay it themselves.
Here is what may happen if you do not pay your property taxes.
Property tax is calculated by taking the local tax rate and multiplying it by the home's assessed value. While there are tax breaks from owning a home (thanks to the property tax you pay), there are limits. Essentially, if there is a higher assessed value, there will be less beneficial to your tax credit. But whether or not you get the maximum benefit from paying property taxes, it's still a requirement.
Homeowners could run into financial trouble if they did not plan for their property taxes. Coming up with $2,000-3,000 last minute is difficult but possible. However, coming up with $7,000-$10,000 at the last moment may prove to nearly impossible, and that could lead to some serious trouble.
If you are unable to pay the property taxes, you could lose your home. This is possible because the local tax authority can put a lien on your home and force a sale, just like a foreclosed home.
Fortunately, situations as dire as those don't happen overnight. Usually, your local taxing authority will first charge interest on the unpaid taxes, giving you a short timeframe to catch up.
You might be able to avoid this altogether by applying for property tax relief where you pay in installments rather than in a lump sum.
If you can't afford to pay because your property taxes have gotten too high, look into appealing it.
The process varies from state to state and involves you proving that the home's assessed value is has been calculated too high. The rate, however, cannot be negotiated.
You can try to prove that it's been assessed too high by presenting comparable sales in the neighborhood. You can also argue the number down if you discover that the tax assessor has inaccurate details about your home.
Our mortgage office is all about transparency and helping you to make smart financial decisions. Do you have more questions about how much home you can truly afford? Contact us today to get honest and transparent answers!
We've been helping customers afford the home of their dreams for many years and we love what we do. Licensed in NY and Florida
Company NMLS: 5947
www.nmlsconsumeraccess.org
3974 Amboy Road Suite 302
STATEN ISLAND, NY 10308
Phone: (718) 759-1035
Greg@BestRateOne.com
Powered By LenderHomePage.com
Fidelity First Mortgage Corp strives to ensure that its services are accessible to people with disabilities. Fidelity First Mortgage Corp has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Fidelity First Mortgage Corp makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows bestrateone.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Fidelity First Mortgage Corp accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Fidelity First Mortgage Corp continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Fidelity First Mortgage Corp website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Fidelity First Mortgage Corp website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: Greg@BestRateOne.com