It’s just about that time, and we consulted our Tax Doctor, Rob Wheelock at Property Tax Managers, for help!
A lot of homeowners escrow for taxes and insurance and their mortgage company will have paid your property taxes by now, but for those of you that pay them yourselves, pay attention!
Taxes for 2013 are due and payable in full on October 1, and become delinquent if not paid on or before January 31st.
State law requires that penalty and interest be charged on taxes paid after January 31st. And it’s a bucketload. Penalty and interest to be added for delinquent payments are as follows, with an additional 12% interest per annum thereafter.
Delinquent Penalty and Interest Schedule
If paid in:
| February |
7% |
| March |
9% |
| April |
11% |
| May |
13% |
| June |
15% |
| July |
18% |
| August |
19% |
| September |
20% |
| October |
21% |
| November |
22% |
| December |
23% |
| January |
24% |
According to Dallas County Appraisal District, the average market value (county wide) in 2013 was $170,842.
In the city of Highland Park the average market value was $1,740,199 and in University Park it was $1,153,622.
A home owner in an average Dallas County home would incur penalty and interest charges of approximately $575 if they delay paying until June (15%).
If you live in University Park and forget or can’t pay until, say May, you would incur penalty and interest charges of approximately $2,300 (13%) on top of the nearly $18,000 in 2013 property taxes. Delay until next December and all of a sudden you’re looking at $4,100 (23%) in interest and penalties.
Jeeze Louise!
No matter where you live, a penalty of 7% or more is expensive. There is plenty of incentive to pay on time which means your payment needs to be postmarked no later than Friday, January 31, 2014, to avoid any penalties.
Failure to receive a tax statement does not relieve the property owner of the tax, penalty or interest liability. If you did not receive a statement for each piece of property you own – NOW is the time to inquire about your other statements. Call the Dallas County Tax Office today at 214-653-7811.
There is an alternative available if you can’t pay by January 31st. Ken Frisbie at Tax Ease can help you avoid the big interest and penalties with a property tax loan. Tax Ease pays off all taxes owed on your property along with penalties, interest, and even court costs. You just make affordable monthly payments over a term you select for up to 10 years. Tax Ease has helped thousands of Texas homeowners meet their property tax obligations with very flexible payment terms. With their assistance you can quickly resolve your property tax obligations and do so within your budget! Their Loan Officers are among the most experienced in the industry and will explain how easy it is solve your problem. You can reach Ken at 877.Tax.Ease (877.829.3723).
IF YOU ARE 65 YEARS OF AGE OR OLDER OR ARE DISABLED, AND YOU OCCUPY THE PROPERTY AS YOUR RESIDENCE HOMESTEAD, YOU SHOULD CONTACT THE APPRAISAL DISTRICT REGARDING ANY ENTITLEMENT YOU MAY HAVE TO A POSTPONEMENT IN THE PAYMENT OF THESE TAXES.
Taxpayers with an over 65 or disabled exemption qualify for an installment payment plan on their residence homestead. Contact the Customer Care Center prior to January 31 for details at 214-653-7811.
