Will Property Taxes Fall Due to Covid-19?
With Covid-19 throwing the world into tumultuous and uncertain territory, many homeowners and business owners are concerned about property taxes during this time. Since Texas implemented the state-wide lockdown which forced businesses to close their doors, the state has suffered economic blows just like the rest of the country and the world. More than 10 million Americans are now regarded as being temporarily out of work and the effects of jobs lost will continue to echo as people struggle to keep up with monthly bills and obligations such as property taxes. Many have been asking and wondering whether property taxes might be adjusted lower as a result of Covid-19 and at this stage, no relief is forthcoming, despite lawmakers continuing to seek relief for home and business owners.
Texas property tax legislature to consider
When the Senate Bill 2 was passed in 2019 to cap property tax growth rates at 3.5%, it included a loophole that would allow municipalities to raise property tax rates to as high as 8% during a state of emergency. While many cities could have used this loophole to increase property taxes, none seem to have done so, as many Texas municipalities have been releasing their budgets without the 8% cap.
Texas property owners are, however, not expected to see a fall in property tax rates this year due to Covid-19 due to appraisal districts already having set property values in January of 2020. The opinion released by Texas Attorney General Ken Paxton doesn’t invoke any confidence in reduced property tax rates either, after stating that Covid-19 should not be considered a natural disaster – which would usually qualify for such tax exemptions.
Consider a loan to settle your Texas property tax bill
American Finance & Investment Co., Inc. (AFIC) has assisted thousands of homeowners and business owners across the state with their financing needs, including for many to pay their property taxes on time and to avoid having to face any potential penalties for late payment fees. If you want to apply for a property tax loan from AFIC, follow the easy steps below:
Complete the easy online form on our website and receive an instant loan estimate. The only information we will require to get you started is the following:
- The county where your property is located
- Your email address and phone number
- Your first and last name
We specialize in working with people from across the state who are in different situations with different budgets and nearly always find a solution to pay your property taxes on time. You don’t have to put down any money, there will be no credit check, and we guarantee a rate match.
Get in touch with our team at AFIC today to determine how we can help you with your property taxes needs.
