How much money can be saved by avoiding interest and penalties on a delinquent property tax bill?
Penalties and interest are set by state legislature and begin to accrue on February 1, when property taxes become delinquent. On July 1, the taxing authorities generally turn the delinquent accounts over to a law firm for collection, adding a 15-20% legal fee to the amount owed. In just six months, the penalties, interest and legal fees can total 38% of the original taxes owed, ranging as high as 44% within 12 months. Its easy to see how a property tax loan can save thousands in penalties and interest. More importantly, a tax loan can help property owners avoid foreclosure and lawsuits by the taxing authorities.
