Whatever the reason for falling behind, finding out that you are delinquent on your property taxes can be a nerve-wracking experience. Among other things, the taxing authority that you owe money to can take away your home. Just because your home is at risk does not mean that you will have an easier time of coming up with the money you need to pay off your taxes, and paying the penalties and fees associated with falling behind on your taxes does not make the situation any easier. However, you do have options.
Re-Apprasing Your Home
Taxes are based on the value of your home. If you feel like your home is undervalued, you should look into having your home re-appraised. If you get a lower appraisal, you will have a lower tax rate that can help you to avoid falling behind more.
When the tax authority in your state tells you that they are going to take legal action because you have fallen behind on your property taxes, you should look at this as the beginning of a dialog rather than a final sentence. By contacting the tax authority, you may be able to arrange a settlement, which will take one of a few forms:
1. Abatement—Each state has laws that govern how tax abatements are rewarded. If you qualify for an abatement, the state will agree to lower your taxes to make it easier for you to pay them.
2. Deferral—If you are allowed to defer your taxes, the state will give you more time to come up with the money you need.
3. Repayment Plans—A repayment plan allows you to pay back your taxes on a monthly schedule. Such a plan should be easier to pay off than a lump sum payment.
4. Waiving Penalties—A final option is that the tax authority may waive the penalties you have accrued by failing to pay your taxes. This should make it much easier to come up with the money you need.
Talking to the tax authority in your state, like Tax Assessment Xperts Inc, can be intimidating. Besides, learning the tax code in your state takes time and a good understanding of legal jargon. Trying to go it alone can be stressful and your outcome is much less reliable than if you trust your options to a tax professional. They will have plenty of experience with tax law and for a fee they will put that experience to work for you.