When Property Taxes are Due
Real estate taxes are ad valorem taxes, meaning they are taxes on your property’s assessed value. The more valuable your real estate, the higher your property tax bill. You typically pay this bill annually, but may be able to make quarterly payments if you need to spread out the sum that’s coming due.
Property taxes may cover different governmental and local services, depending on where you live. Your local government decides what to do with collected revenue, but may use it for:
What Happens When You are Late on Your Property Taxes?
Your local government relies heavily on collecting real property tax, meaning someone who does not pay their tax bill could negatively impact its ability to provide necessary services. Your tax collector may thus assess fines and penalties for any real property tax that is passed the due date.
Here’s what you need to know:
Late Property Taxes FAQs
No. Failing to receive a real property bill will not provide extra time to make payments.
Each piece of real property is unique and your neighbor's property may be less valuable than yours. There are countless reasons why those real estate assessments might be different, so that alone is not enough to appeal. It can be useful if your property is substantially similar to theirs and your assessments still vary greatly, however.
Partner with a Tax Law Expert for Help with Property Taxes
People are often under the mistaken belief that a property tax bill is set in stone, but everything is negotiable under the right circumstances. Challenging your assessment means your tax law advisor may be able to help you reduce your tax debt and real estate taxes over the long-term, plus help you negotiate a fair and affordable payment plan to get caught up on your late property tax bills.
Paying real estate property tax is something everyone who owns property must do. If you cannot afford to pay yours or if you have missed payments, contact Silver Tax Group today to speak with an experienced tax law advisor who can answer all of your questions and help you negotiate a fair payment plan.