Taxes are one of life’s unavoidable necessities, and ensuring that you pay your federal, state, and property taxes on time is all part of being a responsible member of society.
However, what if life got in the way and you let the property tax deadline slip by? Are you in trouble? Is there a way to redeem yourself in the eyes of local tax assessors?
We answer all of these questions and more while giving you expert tax advice on what you can do if you’ve missed the property tax payment deadline.
Why Don’t You Want to Miss the Tax Deadline?
In short, missing the property tax deadline will automatically lead to a 6 percent penalty on your account that accrues by 1 percent for every month that you continually fail to pay your property taxes.
Aside from higher property tax payments than what you had prior to the deadline, the county has the ability to place a lien on your property and eventually foreclose on it they decide it is an appropriate reaction to non-payment.
When Are Property Taxes Considered “Late”?
Property taxes in Texas are due on February 1st of each year. Any date that property taxes go unpaid after February 1st is considered a late payment that will incur penalties.
What Can You Do if You’ve Missed the Property Tax Deadline?
It’s easy for property owners to become busy and somehow miss the February deadline. However, even if you’ve missed the deadline, your property taxes still need to be paid.
Fortunately, even with incurred penalties, local appraisers can make it easy for you to make payments and get your account back in good standing.
Here are some things you should do, once you’ve realized that you forgot to make your payment on February 1st.
Meet With a Property Tax Consultant
Once you know that your property taxes are late, meeting with a property tax consultant can help you make the right decisions to rectify the situation. We can help you determine exactly how much you owe (with interest), what potential payment plans you can bring to county assessors, and how you can plan ahead for your property taxes in the future.
Having a property tax consultant on your side is an excellent way to stay on top of deadlines and eventually save money on future payments via potential property tax disputes if your commercial property was incorrectly valued.
Reach Out to Your Local Tax Assessor
Even though your property taxes are late, your local assessor is typically willing to work with you to achieve a successful outcome. From negotiated payment plans to accepting full payments over the phone or online, there is always the opportunity to bring your account up to date.
Will Lawyers Come Knocking at the Door?
Not right away, but yes, eventually they will. If you continue to ignore your property tax payment, the county will have to send your account to collections with their legal representatives. At that point, if you continue to leave your account in a non-payment status, you are inching closer and closer to a lien or even losing your property.
Whenever your situation has lawyers getting involved, it’s always best to create a monthly payment plan with them and ensure your property taxes for the missed year are paid in full.
Keep Your Property Taxes in Line, With The Hegwood Group
If you’re concerned about missing property tax payment deadlines, then your head is in the right place. However, you may need a little professional help to ensure that you are able to pay your property taxes on time or make the right moves to decrease your annual tax bills.
The property tax consultants of The Hegwood Group specialize in helping commercial property owners navigate tax season smoothly. Reach out to us today to learn more about our services and schedule your free consultation with a member of our team.
