understandable reasons for failing to pay property taxes, but for others, it’s a complete disaster. Here are a few examples that paint a picture of why some people fall behind in property tax payments: • According to a statement given by a county treasurer, a significant percentage of the delinquent property holders declare bankruptcy and, over the waiting period of six months, accrue back taxes as proceedings go on. • Some property owners don’t possess a sufficient amount on hand when the bills are due. However, most usually try to pay later.
A CALL TO ACTION
“Advice when most needed is least heeded”; that’s the norm. But that’s the norm only if you want to pay unnecessary interest, or worse, lose your property to foreclosure. The process of calculating the property taxes is complicated. To begin with, a taxable value approximately equal to its corresponding market value based on its previous sale as well as sales of nearby properties is assigned to your property. To get the assessed property value, the assigned value is multiplied by 35%. To come with the final bill, the assessed value is again multiplied by the property area’s tax rates, which are set in June every year. With your final bill duly calculated, you can clear it with your county government in a one big lump sum payment, or choose to pay in four installments. Further, each of the bills must be paid within a period of 10 days of the deadline; penalties for failure to comply are automatically assessed by the county.
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