What will happen if I don't pay my property taxes by the end of the year?

Question

I can probably pay them by the end of January or February, but I just don't have the money by the end of the year. We just bought our house last summer and have not had enough time to build up enough money in our tax account to pay the bill. What will happen if we don't pay it by the end of the year?

Answer 1

Do you escrow? When you say you have a seperate tax account, that seems to suggest that you pay into an escrow account. That means that your escrow company will pay your taxes. They usually also pay property insurance and mortgage insurance (if you are required to carry it). Your monthly mortgage payments include 1/12 of those annual expenses due.

Also, from my experiences, proparty taxes are usually due by the end of January and July, not by the end of the year. Each municipality is different, but you may want to double check that due date.

If you are in fact not escrowing and you are unable to pay your taxes in full, then pay what you can and call your tax collector and ask what happens if you pay late. You will probably pay a penalty based on what is unpaid.

Answer 2

Unpaid porperty tax bills accrue interest, and usually at a high rate. You will be sent a past due notice, most likely. Then if you pay 30 days late, you will most likely have an additional 1 to 1 1/2% interest due. 60 days 2 to 2 1/2%. Tax liens are not usually filed until you are 6 to 12 months delinquent.

I suggest if you have some of the money go ahead and pay the partial amount. That will lower you interest payment.

Answer 3

In most places they will have to be paid before the house is sold. Could be a few years later. I think they put a lien on the house so it would have to be paid before the new person would buy it.

I don't know what most authorities actually do if you don't pay for a lot of years....then they may take bigger action.

In some places, you can find out online if taxes have been paid and how much. Maybe you can get some idea when they take some type of legal action.

Answer 4

depends on ur location.
however in real world what happens is this
bill is due in their hands before Feb o1.
bills and payments received that day are in default and a penalty is added.
how much depends on location here it is a increase of 7% , March up 9% and so on.
At some time point the fee can increase to 24% , suggest u both get budgets , extra jobs and pay it OFF.
IN real world payment schedule needs to be Food 1st, Utilities 2nd, House (includes TAXes Insurance) 3rd, Transportaion 4th, all other bills get feed on left overs.
visit daveramsey.com learn ur hard lessons from others bigger mistakes. it is cheaper.
As for lossing ur place that takes some time due to legal requirements. u'll have the money b4 that - won't u.

Answer 5

If you are paying impounds for taxes as part of your mortgage payment, the mortgage company will pay the bill. Make sure that they are sent the bill by the tax office.

If there is not enough in your escrow account to cover the bill by the next annual reconciliation, the mortgage company will adjust your payment as needed to cover the shortage.

Answer 6

You'd have to pay the back taxes plus interest and penalties.

Answer 7

For a short term delinquency, late charges will be added to the bill. Period.

Don't take my word for it, call you local tax collector. They get the question all the time.

Answer 8

You will end up paying more. Read your statement. It should explain it.

Make sure ytou are putting aside about a twelfth each month for the next year.

Answer 9

If you don't pay them by the due date, there will likely be an additional penalty fee.

Answer 10

You will lose your property