If you are unable to pay property taxes in time, there are severe consequences ahead. Even if you are moving on in the process of filing bankruptcy, you need to attend to these property tax obligations. Pick up a few tips on how to manage delinquent property taxes from these useful questions and answers.
Can I lose my home if I don't pay property tax?
Yes. The municipality in which you live will auction your home in a tax sale if you do not pay your property taxes within a specified time period.
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What is a delinquent tax?
A delinquent tax is a tax that has been forwarded to the County Treasurer for collection.
What does it mean if my property is in forfeiture?
It means that you have about one year until your property goes into foreclosure.
How do I get my property back after foreclosure?
You cannot get your property back after foreclosure. At foreclosure, your property will be auctioned for sale. Foreclosure is final, avoid it at all cost.
What if I pay part of my overdue property taxes?
Most municipalities accept partial payments, but payment in full is necessary to avoid foreclosure.
Will I be notified before my property falls into foreclosure?
Yes, most municipalities send multiple notifications to the homeowner before a property is foreclosed. In addition to these notifications, the names and addresses of property tax delinquencies are usually placed in the newspaper.
I thought my mortgage company paid these taxes.
Sometimes, when mortgages are sold between banks, the new lender misses the payment. In addition, if your bank or mortgage company is holding these funds in escrow, and they have not been paid, you need to contact them immediately. If funds were available in your escrow account and your lender did not pay on time, you should request that, in addition to the tax, they pay any accrued late fees, penalties, or interest. Anyone with an escrow arrangement should check to make sure that their taxes have been faithfully paid every year.
What if I already paid my property taxes?
If you have already paid your property taxes and are still receiving demands for payment, you must provide proof of payment to your municipality. You should have been given a receipt when you paid, or maintained a copy of a cancelled check, receipt from a money order, or a statement from your credit card company. Offer your municipality a copy of the proof. Never surrender the original document to anyone.
What if I am in bankruptcy?
Bankruptcy generally halts the forfeiture/foreclosure process, although it does not stop interest from accruing. A taxpayer in bankruptcy needs to include their property taxes in the bankruptcy action. Municipalities generally do not send demands to property owners under bankruptcy protection. If you are under bankruptcy protection and have received a property tax demand from your municipality, they are probably unaware of your bankruptcy filing. Have your attorney contact your municipal tax office to settle the matter.
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