October is just around the corner and it’s time for commercial real estate owners to wait for their annual property tax bill to arrive in the mail.
Although property taxes aren’t considered late until February 1st, getting a bill in October doesn’t mean you should sit around until the deadline.
Take advantage of the extra time you have and start focusing on your commercial property taxes now! Here’s a look at some of the biggest benefits of making fall your new property tax season.
Beating the Deadline Lets You Focus On Your Business
As a business owner, worrying about an upcoming property tax payment could result in reduced productivity. As property tax consultants that see these astronomical bill prices daily, we understand why you’d be stressed and say to start planning ahead, now!
If you know that you’re going to have trouble paying a lump sum come February 1st, reach out to a property tax consultant and your local tax collector. Most tax offices will gladly work out a payment plan with you if you contact them well in advance with your concerns.
There is also the possibility of taking advantage of online accounts and payments. Most property tax sites have a section where owners can log in, view their property tax bill, and make payments directly from the site.
When you start paying this way, as long as it’s before the deadline, there is no lump sum to match with each payment. Paying what you can comfortably afford each month until the deadline can help cut your bill down by thousands or even pay it off altogether.
Paying early in this way allows you to beat the deadline, save money in the long term, and properly focus on the business matters that count the most.
More Time to Plan for a Tax Appeal
If you received your property tax assessment and had questions but didn’t take action, this October bill is your wake-up call to set yourself up for potential tax savings in the next tax year.
Although you may have missed the deadline to apply for a property tax appeal (May 15 or 30 days after you received your assessment), you could still make an appointment with a property tax consultant to find out if you could be eligible for a successful contest next tax season.
Whether local valuators made a mistake and overvalued your property or you failed to file the correct exemptions, a property tax consultant can guide you through the process and help bring you closer to making your future property tax bills as accurate and low as possible.
Late Payments Result in Penalties
The unfortunate truth about owning property in Texas is that the foreclosure process can begin at any moment that your property taxes become delinquent. However, even if your property isn’t slapped with a lien or foreclosure process right away, you’ll still have interest and penalties to pay until your property taxes are covered.
Getting ahead on payments helps ensure that your property won’t fall victim to the worst consequences, allowing you to move into a new year stress-free of any potential penalties.
Successfully Navigate Commercial Property Tax With The Hegwood Group
If you have questions about your property tax assessment or know that your property taxes will require the professional touch of a property tax consultant, let the experts of The Hegwood Group help!
We have experience with assisting clients with a wide range of real estate property tax concerns. From how to start an appeal to how to determine if a mistake was made in an assessment, our consultants have the expertise you need.
Contact us to schedule a free consultation with a member of our firm.