Nobody wants to deal with the fear of losing their home to foreclosure. If you can't manage to pay your property taxes, then you may be at risk. There are several things that you can do in order to prevent this from happening. There are ways to get your property taxes lowered, and there are ways to buy yourself some extra time to get caught up on your taxes.
If you do not pay your taxes, a taxing authority can sell your home. Your mortgage lender might pay the taxes, but bill you later. If you fail to pay this to the mortgage lender, then you definitely could be at risk of foreclosure. Check out our previous blog posts to find out more about foreclosure. There are several steps that you can take in order to prevent this. You may have to come to a different payment agreement with the mortgage lender.
If you are looking to reduce your property taxes, you may want to challenge the assessed value of your home. There are actually a good percentage of homes that are over-assessed. In order to get rewarded with a reduction, you must show that the estimated market value placed on your property is unfair or inaccurate. You will need to get familiar with your state's procedure in order to make sure you do not lose the appeal. Make sure to find out about the documents you may need.
Each state has property tax abatement or exemption programs as well. This will allow certain homeowners to reduce the amount that they pay based on age, disability, income, or personal status. An older homeowner or a veteran may be entitled to a reduction. You will have to apply and show proof of this.
If you live in a state that does not qualify for this, you may qualify for a deferral or repayment plan.
If you have any questions in regards to real estate law, Palacios Law Group is here to help!