payments as each missed deadline is usually associated with a 10% penalty assessed on the owed sum, to which another monthly variable percentage is added after the first year of delinquency. Your tax collector can be a great source of useful information. A productive meeting will help you better understand your situation and the risks that you face. The tax collector may also help you devise a plan to help resolve the issue. Being honest about your problems and financial issues with your tax collector is the best option. This way, he or she will better understand the situation and can help you determine the necessary steps to alleviate the debt. Those steps will be determined by several factors. First, compare the interest on a loan with the interest rate charged by the government. Each state sets its own deadlines and payment delinquency structure. In some situations, refinancing your mortgage, applying for a rescue loan to pay the taxes, or putting your house up for sale with the assistance of a professional Realtor® may be a better financial idea. In other cases, if your damaged credit score will only permit you to arrange high-interest rate loans, paying the delinquency penalties and making a payment plan might be financially wiser. Paying property taxes through an escrow account attached to your mortgage is a convenient way to ensure currency with property tax billings. This only applies if you have a mortgage on your home. In these cases, you pay these taxes as well as your mortgage on a regular monthly basis. Many mortgage companies collect this monthly tax and put it aside in an escrow account. At the end of the year, they pay your property tax from this account.
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