Questions and Answers Regarding Property Taxes
If you're unable to pay property taxes in time, there are severe consequences ahead. Whether or not you're moving on in the process of filing bankruptcy, you would like to attend to those property tax obligations. Choose up some tips on a way to manage delinquent property taxes from these helpful questions and answers.
Will I lose my home if I do not pay property tax?
Yes. The municipality in which you live can auction your home in a very tax sale if you are doing not pay your property taxes within a specified time period.
What is a delinquent tax?
A delinquent tax could be a tax that has been forwarded to the County Treasurer for collection.
What will it mean if my property is in forfeiture?
It means that that you've got about one year till your property goes into foreclosure.
How do I get my property back after foreclosure?
You cannot get your property back when foreclosure. At foreclosure, your property can be auctioned for sale. Foreclosure is final, avoid it in the slightest degree cost.
What if I pay part of my overdue property taxes?
Most municipalities accept partial payments, however payment in full is necessary to avoid foreclosure.
Will I be notified before my property falls into foreclosure?
Yes, most municipalities send multiple notifications to the house owner before a property is foreclosed. Additionally to these notifications, the names and addresses of property tax delinquencies are sometimes placed within the newspaper.
I assumed my mortgage company paid these taxes.
Sometimes, when mortgages are sold between banks, the new lender misses the payment. Additionally, if your bank or mortgage company is holding these funds in escrow, and they have not been paid, you wish to contact them immediately. If funds were accessible in your escrow account and your lender did not pay on time, you ought to request that, in addition to the tax, they pay any accrued late fees, penalties, or interest. Anyone with an escrow arrangement ought to check to create positive that their taxes are faithfully paid every year.
What if I already paid my property taxes?
If you have already paid your property taxes and are still receiving demands for payment, you want to provide proof of payment to your municipality. You must are given a receipt once you paid, or maintained a copy of a cancelled check, receipt from a money order, or a statement from your credit card company. Provide your municipality a replica of the proof. Never surrender the first document to anyone.
What if I'm in bankruptcy?
Bankruptcy usually halts the forfeiture/foreclosure process, although it will not stop interest from accruing. A taxpayer in bankruptcy wants to incorporate their property taxes within the bankruptcy action. Municipalities usually do not send demands to property owners under bankruptcy protection. If you are below bankruptcy protection and have received a property tax demand from your municipality, they're probably unaware of your bankruptcy filing. Have your attorney contact your municipal tax workplace to settle the matter.
Author Resource:
aaron adish has been writing articles online for nearly 2 years now. Not only does this author specialize in Taxes Property, you can also check out latest website about
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