Do you have unpaid property taxes in Rogers? If so, the consequences can be very difficult to deal with. In our latest post, we will help you learn more about what’s at risk and the solutions available to you!
Depending on where you live, the size and value of your home, property taxes can become a huge burden. Once you get behind, the penalties, fees, and interest will start compounding, making it even more difficult for you to get out of the hole you are in.
What Can Happen?
The worst case scenario? You could lose your home. The least that could happen? You will incur penalties, fines and interest, making your final bill more than the original tax bill.. When you fail to pay your property taxes, the government will put a tax lien on your property until the balance has been paid off. If enough time goes by, your home will be auctioned off so the county can recover the past due taxes, fees, penalties, and interest. Once it gets to this point, you may have a limited redemption period during which you can still reclaim your property, but time is of the essence. If you have unpaid property taxes, do not continue to wait and let time go by. Address this is quickly as possible.
What Can You Do?
There are a few things you can do when you are faced with unpaid property taxes. You can pay them, have them lowered or work with a buyer who is willing to help you out of the hole you are in. Nobody wants to lose their home, especially to a complete stranger. Before your unpaid property taxes get out of hand, do everything you can to resolve the situation. You absolutely do not want to wind up in a situation where you lose your home and all of the equity you have worked so hard to build.
Pay Them Off
If possible, get a loan and pay your property taxes. While this might seem like you are replacing one debt with another, having the peace of mind that you aren’t going to lose your home, sometimes makes it worth it. There is also a good chance you will pay a lower interest rate with a loan than you will pay on your past due taxes, not to mention the fees and penalties that have been added on to your original debt and may continue to accrue. The entire amount must be paid off in order for the county to remove the lien on your property. If you have past due property taxes and can get a loan to pay them, this is absolutely your best approach.
Try To Get Them Lowered
It may not help you with your past due amount, but to help with future tax bills, you can contact your local assessors office to have your property reassessed. Examine your tax bill and the amount you have been assessed. If you feel that they have the information on your home incorrect or that the amount you are being assessed is too high in comparison to other homes in your neighborhood, you might be able to secure a lower assessed value. Getting them lowered isn’t always easy. Make sure you have accurate and up to date information about the homes that have recently sold in your area. If you are a senior citizen, you may be able to get your property taxes frozen going forward. Also make sure you are taking advantage of any homestead exemption for which you are eligible.
Sell Your Home Directly
If the above solutions don’t work for you or only provide temporary relief, a great way to get away from all of the burdens and consequences of unpaid property taxes is to work with a buyer who will help you to resolve the lien. The team at Northwest Arkansas Home Buyer will help you evaluate your situation and the solutions available to you. We are usually able to help you take care of the lien when purchasing the home. This will allow you to sell the property and walk away unscathed. Property tax problems do not have to mean that you will lose your home and your hard-earned equity. There is a way out!