Property tax is a tax liability imposed on property owners and is typically levied by a city, school district or county. Each entity uses the revenue from property taxes to fund public services such as the public school system, law enforcement, and recreational programs.
We call foreclosure "the atomic bomb of credit scars" because it cuts the deepest and lasts the longest. The truth is that foreclosure is the beginning of an eight to 10-year nightmare that can involve:
Failing to pay your property taxes by January 31st results in monthly penalties and interest charges that continue each month until you pay the amount of your overdue taxes and fees in full.
This example is based on a tax bill of $10,000Accounts not paid in full by June 30th are assigned to an attorney and incur an additional penalty of 15 to 20 percent of the total taxes, penalties, and interest due. Any other costs incurred by the county to collect your taxes (costs to auction the property, additional attorney fees, processing and ling fees, etc.) will also be added to your tax bill.
Note: Penalties and interest are based on counties in Texas, excluding Travis County. Attorney’s fees are an estimate and may be higher or lower depending on your taxing authorityEveryone else was trying to run a game on me. I found these two guys and I wouldn’t have sold my house to anyone else.