TAX NEWS - 2010

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What happens if property taxes are not paid?

My friend said that if the property (real estate) is not borne by the government to pay property tax, sales and all the money to maintain it, regardless of the amount of property. I said, the Government of the House of Representatives and sales, and gives the right propriƩtaire. Qui difference. . Thank you.


Answers:

- You will continue to accrue penalties at a honestly rapid rate and if you continue to not pay your taxes, after several years they can repo your home…laws vary by state so check with your local tax assessor.

Also if you live in an area hit hard by the foreclosures you can also question for a re-assessment and have your taxes lowered…to reflect the current value of your home. This can help you catch up.

Most of the time a payment plot will be a excellent place to start and you might have to make huge payments. but dont forget.. these taxes are deductable!


- Each taxing authority has different processes, But they go on the deliquent list and the ones I've seen. The property is sold for the delinquent amount and the person who pays the bill owns the property ( excepting for other liens that may still be in place from mortgage holders etc ) .

The delinquent list is usually published once a year in the newspaper , also called tax sales .


- Depending on the municipality, the taxes will continue to accrue penalties and interest. Finally, the taxing authority will file suit against you in court for the fees and seek to exercise putting a lien against your property. Once they have that lien in place, it supersedes any mortgage arrangement. Worst part is though.. you will still owe the mortgage company even though you are no longer in possession of the real estate… Then the property can be sold for the amount of taxes owed on it. But, any amounts collected above taxes, fees, and other penalties charged, those amounts are refunded to you (if no mortgage) or to the mortgage company.


- Depending on the state, it is possible to lose your property for back taxes. Some states sell the lien for the tax amount, and if not paid back, they force it into foreclosure and the new lien holder get the property, the government gets its taxes, and the property owner loses his property.


- After real property taxes are not paid for a certain number of years, five in California, my state, the county tax collector can sell the property or in some states, sell the lien rights to any interested private party. If there is a mortgage, the mortgage holder can pay the tax and declare the mortgage in default and foreclose.
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