The problems that Texans face when owning a home, commercial property, or land is that not only are you paying monthly bills on it, you still have to pay annual property taxes on it. Michael L. Young explains in Reading Eagle Business Weekly “according to the Tax Foundation and other sources, the most hated tax in America is the local property tax.”

Background on Property Taxes

Texas doesn’t encourage imposing income tax but instead focuses more on property tax. It is one of the fundamental ways to generate revenue for the state. These revenues are utilized for the well being of the state like the development of schools, the infrastructure of the state, &pays the salaries of the public employees for the services they are providing to their citizens.

Where are your property taxes going?

Have you ever wondered what happens to the money when you pay property taxes?

  • Public Schools: A huge amount goes to the development of the schools in your area. Around 50% from property taxes is spent on schools.
  • Police, public safety, and fire protection is another important area where property taxes are spent. The money from property tax payments help with building a good infrastructure keeping the citizens safe.
  • The money from property taxes is also spent on the basic maintenance of your community like the roads on which you drive, the parks where you take a stroll and the sewage system on which you rely on.
  • Though not a major portion but a limited amount is used for paying your government and municipal administrator’s salaries for their services.

What happens when you don’t pay?

If you fail to pay your property taxes:

  • The property taxes will start accruing penalties and interest which could be difficult to pay in the long run.
  • If property taxes are unpaid on July 1st of the taxing year, the county can turn over delinquent tax accounts to collection attorneys who will start the foreclosure process.
  • You might end up losing your property or business.

Do you need help paying your property taxes?

Let Ovation Lending help you find an option to help with your delinquent property taxes. The process is very simple, contact us so that we can save you from all the property tax hassles. Reach us at 877-419-7392 and our dedicated loan professionals will ease the stress on you.

 

 

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