The property is in Houston, Texas. It is commercial property with back taxes owed for 8 years. Does the city negotiate the penalties and interest? Need answers ASAP. Thanks to all who can advise.
2006-12-09 07:13:16 · 3 answers · asked by gdforreal 2 in Business & Finance ➔ Taxes ➔ United States
They might - can't hurt to ask. They might at least cut down on the total of penalties and interest. If it's not a very desirable piece of property, your chances are probably better - otherwise they can just take it and sell it, and maybe make more money that way.
2006-12-09 16:26:37 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I doubt any taxing authority will negotiate on the taxes, as a matter of principle.
You should at least try to get the penalty and interest written off, but be prepared to pay the interest. The reason I say that is because penalties are to discourage irresponsible behavior. So if you can show good cause they may be inclined to write the penalty off. However, interest reflects the time value of money. You have had use of the money that you have not paid during that time, whereas the city has not. Consequently, they are likely to pursue the interest more than the penalties.
2006-12-10 00:56:46 · answer #2 · answered by skip 6 · 0⤊ 0⤋
Can't speak directly about Houston, but often a settlement can be reached that waives penalties, sometimes interest, not usually any of the original tax (but anything is possible).
2006-12-09 10:41:29 · answer #3 · answered by Dee 4 · 0⤊ 0⤋