Third installment due on May 31 for Disabled or Senior Citizens

Published by Research Editor on May 24th, 2013 - in Taxes

Are you paying your property taxes in installments? Your third payment is due next week! Hurry and send in 1/4 of your 2012 property tax bill.

Remember, you can always pay extra, but don’t get behind! Failing to pay the full 1/4 of your taxes will earn you interest and a 6% penalty on the unpaid amount.

If you are having difficulty paying your installments, consider a property tax loan among your options.

Protest Property Taxes Before It’s Too Late!

Published by Research Editor on April 4th, 2013 - in Taxes

Last Day to Protest Property Taxes

 

April 30 is the last day to protest your property taxes if your property is a single-family residence. You have a constitutional right to protest your taxes if they are too high.

To get your protest started, review our protest series, which will take you through the four steps of protest:

  1. Filing notice
  2. Preparing for your hearing
  3. The hearing
  4. Dissatisfied? Next steps.

If your property taxes are fair, but you’re not in a position to pay them, consider a property tax loan.

Property Taxes in El Paso County

Published by Research Editor on March 29th, 2013 - in El Paso

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El Paso County is one of the most transparent counties I’ve seen so far, regarding property tax loans. They have lots of information clearly stated and easily accessible. Information like:

Overall, I am quite impressed with El Paso County’s service to its citizens by making information clear, accessible, and transparent.

 

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How a tax lien transfer works

Published by Research Editor on March 22nd, 2013 - in Loans, Taxes, The Basics

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Every year, a tax lien is placed on your property by the government. When you get a property tax loan, you transfer your tax lien to your lending company. Here’s how it works:

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This graphic comes to you courtesy of Protect My Texas Property, an alliance working hard so you can keep your right to get a property tax loan if you choose.

Texas Needs You.

Published by Research Editor on March 19th, 2013 - in Loans

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Texas needs you.

As a property owner, you know first-hand that home and business owners sometimes need a little extra help or a little extra time to pay their property taxes. When that happens, Tax Lien Transfers are a flexible, affordable option.

But all of that may change, unless you help right now.

Powerful collection law firms and certain banks are trying to pass legislation in Texas that would kill the Tax Lien Transfer business and take away this affordable option for you.

This is bad news for the 15,000 Texans helped by Tax Lien Transfers each year. And it’s bad news for our communities, which rely on property tax payments to provide essential services such as schools, hospitals and first responders.

Join our coalition to help Texans fight for property rights!

A group of concerned business owners, property owners and Tax Lien Transfer employees across the state have joined together to protect our rights and our property – and we need your support.

Visit www.protectmytexasproperty.org and sign up for the coalition. It takes just 30 seconds. We’ll list you as a member on the website and notify you of ways you can engage with your elected officials, if you want. The only way to fight these powerful special interests is to ban together to stop them from destroying an industry that helps people stay in their homes, keep their land and stay in business.

Thank you for helping.

Sincerely,
FYP, LLC

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Second installment due on March 31 for Disabled or Senior Citizens

Published by Research Editor on March 16th, 2013 - in Taxes

Are you paying your property taxes in installments? Your second payment is due next week! Hurry and send in 1/4 of your property tax bill for 2012.

Remember, you can always pay extra. If you get behind, though, you will earn interest and a 6% penalty on the unpaid amount.

If you are having difficulty paying your installments, consider a property tax loan among your options.

The Senior Citizen’s Guide to Property Taxes

Published by Research Editor on February 23rd, 2013 - in Tax loopholes and exceptions, Taxes, The Basics

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Senior citizen by allspice1, on Flickr
While American culture at large does not seem to respect or revere its mature citizens the way other cultures do, laws are written to benefit senior citizens more than just about anyone else.

As a senior aged 65 or older, you are entitled to extra exemptions, a tax ceiling, payment in installments, and tax deferral.

Exemptions

As a homeowner, you get a $15,000 homestead exemption. As someone 65 or older, you also get a $10,000 exemption on top of that. Be sure to apply for both!

Tax Ceiling

When you apply for the $10,000 Senior exemption, the school taxes on your property are limited. Even if the market explodes and your $100,000 house is suddenly worth a million dollars, some of your property taxes will be based on that $100,000 value. See our article on tax ceilings for more details.

Installments

As a mature citizen, you have the option to pay your property taxes in installments. Instead of paying your entire property tax bill by January 31, you have the option to make four payments, ending in July. Click here to see our guide for more details.

Deferral

Your final option is to defer your taxes. This means you can postpone paying your taxes as long as you live in your home. You won’t be foreclosed on.

Deferral doesn’t mean that the taxes are gone–you must pay them eventually. They also accrue 8% interest each year while they are deferred. But deferral is an option for those times you just aren’t able to pay.

Your Options

Senior Citizens have more options than most when it comes to property taxes. The law is written to be more lenient toward seniors than anyone else. It is your right to use as many exemptions and benefits that you qualify for.

4 ways to lower your property tax bill

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1. Claim your exemptions!

Exemptions exist to lower your tax bill. Take as many as you qualify for.

  • Homestead exemption. This significantly lowers your bill.
  • 100% disabled veteran’s exemption
  • Partially disabled veteran’s exemption

2. Set a tax ceiling on your taxes.

Property tax ceilings are for residents 65 or older and limit your taxes.

3. Look for errors.

We’re all human, and mistakes do happen. Look over your tax bill carefully to ensure it is correct.

4. Protest if your assessment is incorrect.

The Texas constitution guarantees your right to equal and uniform property taxes. Your property taxes can’t be significantly higher than a similar property with similar characteristics. However, appraisers don’t appraise your specific house every single year, so their assessment might be off.

If your house has been appraised incorrectly, follow our outline to protest the appraisal. The lower your appraisal, the lower your property taxes will be.

3 secrets the property tax lending industry doesn’t want you to know

Published by Research Editor on January 29th, 2013 - in Loans

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Credit checks

Property tax lenders usually don’t submit you to credit checks. This isn’t a sales gimmick. It’s because your loan is 100% equity secured. So if you stop paying off the loan, you can lose your house. Credit is irrelevant when your home is on the line.

Foreclosure

“We never foreclose!” If you hear that from a property tax lender, run fast.

Generally, when lenders claim they never foreclose, it’s because they sell your loan instead. And then someone else will foreclose on your home.

This also means that, if you become delinquent, that lender is more likely to sell your loan than try to help you through your difficult times.

Instead, look for a lender who is willing to work with you if times get tough.

Outsourcing

Most loans you get will never be touched again by the company who gave you the loan. If they don’t immediately sell the loan, they, at least, hire another company to service the loans. And whoever services the loan is the company you’ll spend the most time dealing with.

So if the lender’s bedside manner or courtesy is important to you, make sure they’re not going to outsource their servicing.

Are you looking for a property tax loan? Texas Property Tax Loans services their own loans and works with their customers–especially during hard times.

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Everything you need to know about appraisal districts

Published by Research Editor on January 26th, 2013 - in Protest, Taxes, The Basics

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What is an appraisal district?

The appraisal district sets the value of your property each year. Namely, they appraise your property and decide how valuable it is.

The chief appraiser is the head honcho and operates the appraisal office.

What is the appraisal review board (ARB)?

This is a board of citizens that listens to disagreements between property owners and the appraisal district regarding the property’s value.

Is a taxing district the same thing as an appraisal district?

Not at all. The taxing district–like your city or school district–will set the rates of your taxes. The appraisal district decides how much your home is worth.

For example, let’s say your home and property are worth $150,000 and you pay 2% taxes to the school district and 0.5% taxes to your city. The appraisal district was the one to determine that your house was worth $150,000. The taxing district determined (and will use) the 2% or 0.5% taxes.

Can I protest the appraisal district’s decisions?

Yes, of course! If your house has been appraised incorrectly, you should definitely protest. Visit our Protesting Property Taxes Series for an outline on how to proceed.

© 2013 FYP, LLC.