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Property tax questions are common when people own property. Each year there is the burden of paying these property taxes so that you can comfortably own your home. However, there are still several property tax questions that you have for many years before they are answered. Here are some of the most common property tax questions.
1. How Are Property Taxes Determined?
Your property tax is determined by a number of different factors. When the tax assessors determine your property taxes they will estimate the value of the house, from the outside, based on square feet, land area, number of rooms, last selling price, and value of similar homes in the area.
2. When Do I Pay My Property Taxes?
Typically you can pay your property taxes after you have received your bill for the previous year. This must be paid by the end of the year, or by the time that the books close for year end reviews. This is generally at the beginning of the New Year. However, if you put your taxes and insurance into an escrow when you bought your home, the property tax bill will be taken care. You don't have to worry about receiving a bill until the mortgage is paid.
3. What Happens if I Miss My Tax Payment?
The answer to this question is usually up to the local municipality that you owe the taxes too. However, even if you miss one year's tax payment, a tax lien could be placed on the home, on your wages, and even your bank account. Most generally the municipality will not sell the home unless your taxes are at least three years delinquent. You can enter into a payment agreement if possible, but there will be late fees, interest, and other charges attached to the payment.
4. Can I Pay My Property Tax with a Credit Card?
For the most part, the answer to this question also depends on whether or not the municipality accepts credit cards. As a general rule, you cannot not pay property taxes with a credit card. You could get a cash advance from your credit card, but that would be the only way you could pay your property taxes with a credit card.
5. What if I Don't Agree with My Property Tax Assessment?
Your property tax is determined after an assessment by the county tax appraiser. If you do not agree with the assessment and feel you should have lower taxes, you can arrange a meeting with the appraiser. They will show you how the appraiser came up with your assessment. If you still feel that an error has been made you can file a petition to appeal the appraisal. In most states the deadline for filing this petition is within 25 days of the notice of your sales tax.
If you still have property tax questions, then it is recommended that you talk with your local town manager, or clerk. Ask for the town assessment books and talk with the appraiser themselves when they come to appraise your home. Property taxes are a necessary component to owning a home, but knowing more about them is your duty in knowing what you are paying.
1. How Are Property Taxes Determined?
Your property tax is determined by a number of different factors. When the tax assessors determine your property taxes they will estimate the value of the house, from the outside, based on square feet, land area, number of rooms, last selling price, and value of similar homes in the area.
2. When Do I Pay My Property Taxes?
Typically you can pay your property taxes after you have received your bill for the previous year. This must be paid by the end of the year, or by the time that the books close for year end reviews. This is generally at the beginning of the New Year. However, if you put your taxes and insurance into an escrow when you bought your home, the property tax bill will be taken care. You don't have to worry about receiving a bill until the mortgage is paid.
3. What Happens if I Miss My Tax Payment?
The answer to this question is usually up to the local municipality that you owe the taxes too. However, even if you miss one year's tax payment, a tax lien could be placed on the home, on your wages, and even your bank account. Most generally the municipality will not sell the home unless your taxes are at least three years delinquent. You can enter into a payment agreement if possible, but there will be late fees, interest, and other charges attached to the payment.
4. Can I Pay My Property Tax with a Credit Card?
For the most part, the answer to this question also depends on whether or not the municipality accepts credit cards. As a general rule, you cannot not pay property taxes with a credit card. You could get a cash advance from your credit card, but that would be the only way you could pay your property taxes with a credit card.
5. What if I Don't Agree with My Property Tax Assessment?
Your property tax is determined after an assessment by the county tax appraiser. If you do not agree with the assessment and feel you should have lower taxes, you can arrange a meeting with the appraiser. They will show you how the appraiser came up with your assessment. If you still feel that an error has been made you can file a petition to appeal the appraisal. In most states the deadline for filing this petition is within 25 days of the notice of your sales tax.
If you still have property tax questions, then it is recommended that you talk with your local town manager, or clerk. Ask for the town assessment books and talk with the appraiser themselves when they come to appraise your home. Property taxes are a necessary component to owning a home, but knowing more about them is your duty in knowing what you are paying.
