What Do High Property Taxes Mean For Property Owners In Texas?
Despite the ripple effect that the global pandemic has set into motion and the related financial uncertainty it has created for many, home prices have soared in Texas. Prices are said to have reached historic levels amid the Covid-19 outbreak – with Austin leading the major metropolitan areas with a price increase of 6.5% recorded in July. The July Housing Insight report by property data provider CoreLogic has shown that home prices have surged by 5.9% nationwide in August 2020 compared to the previous year. Austin has become increasingly popular among homebuyers – to such an extent that the housing supply cannot meet the demand, culminating in skyrocketing home prices. Rates have also reached a record low during the pandemic. This has created a vortex of sorts, where homeowners or home sellers own an appreciating asset with higher costs attached to it. However, prospective home buyers are in a precarious situation where home prices have become inflated to such an extent that they might seem impossible to achieve.
The impact of house prices on property taxes in Texas
While this significant increase in home value might benefit property owners looking to sell in the future, an appreciating trend will inextricably result in higher property taxes. This property tax increase means that while the asset might carry a higher value in the future, the current owners still bear the full burden of the reappraised property taxes. It is not surprising that many Texas homeowners might be concerned about how they will cover higher rates once the property valuations reflect these higher home values. Texas already has some of the highest property tax rates in the country, so many homeowners will be looking for ways to reduce their property taxes and save money.
We have a solution for property owners in Texas
Property Taxes in Texas are so high because the state does not charge state income tax. This means, that the local government relies heavily on the revenue from property tax payments to fund public schools, libraries, the roads, and pay the salaries of police and firefighters. These high property tax rates also mean that many property owners find themselves unable to pay their property tax bills on time. If these property owners do not qualify for property tax exemptions or deferrals, they are left with delinquent tax accounts, sky-high interest payments, and tax liens on their properties which could result in foreclosure. A property tax loan is an effective way to avoid costly penalties and settle your property tax bill with a lower interest rate and more flexible repayment plan.
American Finance & Investment Co., Inc. (AFIC) offers our clients an affordable, hassle-free way to manage their Texas property taxes and avoid crippling penalties and interest. We can ensure that your account with the local government tax office is paid in full and will work out a manageable repayment plan for you. AFIC can provide you with an instant quote by completing the form on our homepage.
For qualifying properties, we can help you pay off your delinquent taxes and offer you the following benefits:
- Quick and completely online process
- No money down
- No credit check
- Free 30-day rate match
- Match competitors and beat their rate by 1%
- Avoid high penalties and foreclosure
We pride ourselves on finding solutions to suit the unique needs of our clients. If you would like to discuss our property tax loans, please contact our experienced team at AFIC today.
