The only two things that people can’t avoid in life are death and taxes. Property tax can seem like a daunting amount of money to pay on taxes each year, but regardless of the price, the tax must be paid. Yes, there are ways to get around paying your property taxes on the due date through payment plans arranged by your local tax collector, but we believe that there are some great benefits to paying your property taxes on time. Here are our top four reasons why you should be writing a check for your property taxes before Feb. 1 each year.
1. Relieve the Stress of Potential Property Loss
Property taxes are paid to keep your surrounding community maintained. It’s only right that if you are living in the area that you are obligated to pay your taxes each year. By putting off paying your taxes and letting time elapse, you run the very real risk of losing your property to the county at a public auction.
Even missing one year of your property taxes puts you at risk because the chances of your successfully playing catch-up from last year to the current year are pretty slim if you were already not paying due to being unable to afford the bill.
We suggest that you speak with a local property tax consultant that can help get you on a winning payment plan and help you plan ahead and budget for next year so you aren’t scrambling around.
2. Gain Some Substantial Tax Advantages
By paying your taxes on time or before the due date, you are eligible for some great tax advantages.
One of these advantages is the property tax write-off allowed on your federal income tax return. Generally, the deduction is taken in the year associated with the property tax bill.
3. Save Money and Prepare for Next Year
Yes, payment plans can get your bill paid off over time, but you will soon find yourself in a cycle of scheduling and rescheduling payment plans as the years go on. While this technically doesn’t hurt you, it doesn’t necessarily help.
By talking with a Dallas property tax consultant, you can quickly get your finances under control and put the right amount of money aside for taxes, rather than be subject to what your county demands as payment each month.
4. Think About Paying Them Early
Speak with your county on the policy for paying your taxes early. Some areas will allow you to pay half at one point of the year and the other half at a later date in the year. This helps you to get your property tax split up into two payments and makes it a much more manageable event each year.
The Hegwood Group Is Prepared to Answer Your Property Tax Questions
If you are in a panic about paying your property taxes or need some advice on real estate tax or other tax services, the Hegwood Group can help get you out of your bind. Get in touch with us today to find out how our services can help relieve the stress of tax season.