By Sandra Kilgore, GRI, ABR, SFR –
It’s that time of the year again!
It seems like only yesterday that I rushed into the tax office to pay my tax bill, and prevent the dreaded interest that is tacked on after the deadline.
Delinquent property taxes can be a very complicated issue to solve, especially when the owner is dealing with a delicate financial situation. The recent increase in property taxes could be quite challenging for owners on a fixed income, and could take a considerable bite out of your yearly earnings.
If you have not paid your taxes, do not panic. Be proactive. Contact the county collector’s office to determine what options may be available. Depending on your individual situation, a payment plan might be an advantageous solution if you are having difficulty paying off your current taxes.
Also, if you have fallen behind on your taxes, you have likely accumulated additional penalties and fees that will increase the amount you owe. If you are able to set up a plan, make sure you receive the amount that is due in writing. It is also important to understand that the interest will continue to accrue.
Once your taxes become delinquent, it becomes public record. You can expect to be contacted by many investors making offers to buy your property. While that may sometimes be your only option, it is imperative that you adequately research all of the possible alternatives. Contacting a real estate professional for assistance can go a long way towards ensuring a favorable outcome.
Sandra Kilgore GRI, ABR, SFR