Property Taxes: The Cost of Doing Nothing
Texas property taxes are regarded as an unreasonable burden by many Texan homeowners. Unfortunately, however, they are here to stay and must be managed. Paying property taxes might be painful, but failure to do so is guaranteed to hurt even more. As American Finance & Investment Corporation Co., Inc. (AFIC) explains, doing nothing when you receive your county property tax bill will only lead to even higher liabilities, resulting in debt, wasted money, and - in the worst-case scenario - the seizure of your property.
How late fees and interest inflate your property tax bill
As if the cost of property taxes weren’t enough already, they increase exponentially in the event of non-payment, as the graph below demonstrates. Say you start off with an outstanding balance of $17,500 at the beginning of 2022. If you do not pay what the county demands, interest and late fees accrue to your account. On February 1st, your outstanding balance will have increased to $18,725.
Continued failure to pay or to seek the aid of a property tax loan causes the balance to explode. By July of 2022 (a mere five months), you will owe nearly $25,000 to your local tax authorities, 140% of your original tax bill! You will have wasted 7,700 on top of your already considerable tax bill. You could easily have saved this money by applying for a tax loan from AFIC in January/ February. Had you chosen to do so, the county balance would immediately have been settled, and you would have begun paying AFIC back on a repayment schedule tailored to your needs and budget.
As you can see by looking at the area shaded in dark blue on the graph, your balance decreases steadily and rapidly - both in the short term and over a more extended period - after you take a property tax loan. Compare this to the light red line, which shows the scenario if you make the same payment you would have paid AFIC, instead to the county. In this scenario, your costs increase rapidly - unreasonably, for most taxpayers - over the short term, and then level off and decrease very slowly over the long term. If you choose this route, you will have wasted a total of $17,000 over ten years - owing nearly the same bill you started with, while your AFIC property tax loan would be paid off. All you have to do to save that money is apply today.
About AFIC
Don’t make the mistake of inaction when faced with a mounting Texas property tax bill. Instead, apply for an AFIC property tax loan today. You can receive an instant quote by completing the form on our website. For qualifying properties, we can help you pay your back taxes and offer you the following benefits:
- Fast and completely online process.
- No money down
- No credit check
- Match the 30-day rate for free
- Match competitors and beat your rate by 1%.
- Avoid high penalties and foreclosure
We pride ourselves on finding solutions that fit the unique needs of our clients. If you would like to talk more about our property tax loans, please contact contact our experienced team at AFIC today.
