Help I Owe Back Property Taxes!
Unless you live in Alaska, a part of homeownership includes paying property taxes. The severity of these taxes varies drastically from state to state. Failure to pay these taxes can result in losing your home. In this article, we will be explaining how a home owner can lose their house to back taxes, and what you can do to prevent it. Help I Owe Back Property Taxes!
What are Property Taxes?
Property Taxes in Watertown NY are broken down into 3 categories.
- Town/City Taxes
- County Taxes
- School Taxes
Each one of these taxes are billed at a different time of the year. These taxes will vary on the area you live in and how much your house is “assessed” for. An assessor is employed by the area to determine the value of your property and apply that to the areas taxable rate. That calculation spits out a number that you’re expected to pay yearly. One important rule to remember is that property taxes supersede ALL other liens/mortgages. This means that the town/city/county gets 1st opportunity to sell your home at the foreclosure auction if your taxes remain unpaid for 3 years.
When do I have to pay my Property Taxes?
You’re expected to pay them within 30 days of receiving your bill in the mail. If you’re 30 days late, then you’ll be charged a % fee. If these aren’t paid by the time the next years taxes come out, then your previous balance is added onto your new bill.
What happens if I don’t pay my Property Taxes?
Initially, nothing happens other than fee’s being charged to you for missed payments. However, if your taxes remain unpaid for 3 years, then the municipality will send you a notice that your home will be sold at their yearly auction that year. You will have until the day of the auction to pay your property taxes in full. If you do not do so, then your property will be auctioned and you will lose your home.
Can I win my house back at the auction?
Unfortunately not. One rule is the home owner may NOT bid on their own property.
What can I do to stop my house from being sold for back Property Taxes?
- Call your municipality and see if you can work out a monthly payment plan to work on paying on your back taxes
- Talk with a bank and see if you can tap into your house equity and borrow the money
- Offer friends and family a lien against the property in exchange for enough cash to pay off your taxes
- If you have enough time, contact a Real Estate Agent like www.marblekey.com and attempt to sell it on the open market
- Google search terms like “sell house quick Black River NY” or “sell my house fast Watertown NY” (insert your area/state). This will pull up your local “We buy houses” business will buy your house for cash and close on any day of your choosing. This option is usually the easiest and most stress free option outside of renegotiating your payment terms with your lender. These businesses will evaluate your property, and make an offer based on it’s condition relative to comparable properties in your market.
Help I Owe Back Property Taxes! In conclusion
Life has a way of throwing the unexpected at us. Whether it’s illness, injury, or economic downturn, it’s very easy to get behind on your bills. However, we have the ability to overcome any obstacle if we set our mind to it. That’s why it’s extremely important to educate yourself and keep your mind open to alternative strategies. If you find yourself losing your house to Back Property Taxes in Watertown NY, then please don’t hesitate to reach out to us at www.nnyhomebuyer.com.