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Property Taxes: Did you miss the January 31st Deadline?

Property taxes are assessed one time per year. They do not actually reflect the real value of your home because your property value fluctuates depending on different factors such as renovation or natural disasters. In other words, your home may be worth more or less this month than they were last month.

Tax assessed value is done once per year and your taxes due are figured accordingly. If there is a recession that is causing drops in property value, this may not be reflected in the year that you are in.

Your taxes always have a date by which they are due. It is not uncommon for home and/or landowners to miss the due date deadline. Sometimes people have a hard time coming up with the money to pay their tax bill and sometimes people simply get busy with their lives and forget to pay the assessor’s office.

If I Miss the Due Date What Happens?

First of all, do not panic. If you miss this deadline, you are not going to lose your home or land. There is a specific process that happens once you are behind on your property taxes. You definitely want to waste no time in handling the back taxes. Once you are late, late fees are assessed and added to the tax bill. There may be penalties as well.

In Texas, as well as most states in the United States, you can be behind on your taxes for up to a year. Once that year is up and a new tax bill is now due, you run the risk of your taxes being handed over the county treasurer for collection. You will have to pay fees, interest and collection costs. This can add a great deal to your original bill.

In finality, a lien may be filed on your property which means that you cannot sell it or remortgage it until the taxes are paid. After one year, in the state of Texas, your home will be foreclosed upon for back taxes, even if your house payments are current. Obviously, you do not want to have this happen under any circumstances.

Contact O’Connor & Associates today if you have further questions regarding the January 31st deadline.

Blog Author

Patrick O’Connor, MAI, Owner and President
Patrick O’Connor has been active in reducing property taxes, providing expert witness testimony and appraising commercial real estate property since 1983. Pat is active in publishing analyses and data with respect to the real estate market, while being a highly regarded media spokesperson for the real estate community. He holds a MAI, the highest achievable designation from the Appraisal Institute, and is a licensed senior property tax consultant. Pat earned a Master of Business Administration from Harvard University. In 2001, he authored the first definitive consumer guide to Texas property taxes, Cut Your Texas Property Taxes.

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