Property taxes in Texas are due by January 31st. If unpaid on February 1st the county will start adding penalties and interest. The penalty starts at 6% and the interest starts at 1% for a total of 7% being added on February 1st. The penalty and interest will increase at a rate of 2% until July. 

As a homeowner, the cost of owning property extends well beyond your monthly mortgage payment. You have homeowners insurance, maintenance, repairs, and, of course, property taxes to take care of. If you are currently facing a temporary financial hardship it could make it hard to pay your property taxes before the January 31st deadline. Don’t worry, you have options.

Property tax loans in Texas

Property Tax Loan

A property owner in Texas has the option of contacting a property tax lender like Ovation Lending to get help with property taxes. We will work with the local taxing authority, paying them the total amount owed on the property and then provide you with a payment plan that fits your needs. The payment plans are usually two to ten years allowing for low and affordable payments. Qualifications are not based on credit and there are no out of pocket expenses. And unlike a bank loan, we can close in as little as 3 days. 

County Payment Plan 

The County Tax Collector also offers different payment plans. To find out the best payment plan option for your situation we recommend contacting them directly. Here are some things to think about before going with a county payment plan:

  • The terms are from 12 to 36 months
  • Might require a down payment
  • The property owner cannot be involved in a prior installment payment agreement in the past 24 months
  • Upcoming taxes must be paid in full before going delinquent
  • A missed payment might cause penalties to be retroactive 
  • Penalties and fees could continue to be added 

In general, county payment plans can be more restrictive than a property tax loan. In many cases, the interest rate on a property tax loan is lower, and the payment terms are longer, i.e., up to 120 months.  It will give the property owner a more reasonable payment with greater flexibility. To find out more information about affordable property tax payment plans, contact Ovation Lending at 877-419-7392 or Click Here to apply.

Tagged: annual property taxes, delinquent property taxes, Ovation Lending, property tax loans, Texas property tax lenders, Texas Residential Property Tax Loans