Do you have unpaid property taxes in Los Angeles, Orange, San Bernardino or Riverside Counties? If so, the consequences can be very difficult to deal with. In our latest post, we will help you learn more about what's at risk and the solutions available to you! Depending on where you live, the size and value of your home, property taxes can become a huge burden. Once you get behind, the penalties and fees will start compounding, making it even more difficult for you to get out of the hole you are in. What are the consequences? The worst case scenario? You could lose your home. After a certain amount of time, the property can be put up for public auction by the county. Properties are auctioned off to the highest bidder to cover the taxes owed as well as any penalties and fees that have accumulated along with the taxes. What Can You Do? There are a few things you can do when you are faced with unpaid property taxes. You can pay them, have them lowered or work with a buyer who is willing to help you out of the hole you are in. Nobody wants to lose their home, especially to a complete stranger. Before your unpaid property taxes get out of hand, do everything you can to resolve the situation. Pay Them Off You can pay them back with the help of a loan. While this might seem like you are replacing one debt with another, having the peace of mind that you aren't going to lose your home, sometimes makes it worth it. Keep in mind, you will also likely have fees and penalties that have been added on to your original debt. The entire amount must be paid off in order for the county to remove the lien on your property. Try To Get Them Lowered You can choose to reach out to the property appraiser to have your property reassessed. Examine your tax bill and the amount you have been assessed. If you feel that they have the information on your home incorrect or that the amount you are being assessed is too high in comparison to other homes in your neighborhood, you might be able to secure a lower assessed value. Getting them lowered isn't always easy. Make sure you have accurate and up to date information about the homes that have recently sold in your area. Work Out a Payment Plan You can often work out a payment plan with the county to pay the back taxes over time. This can help them be more manageable especially if the back taxes owed amount has grown to a very large number. Sell the House If there is equity in the property and selling it is an option, this may be an easy way out. Selling the house will allow you to use the value in the property to pay off the taxes and not potentially lose out on some of that equity were it to be force sold by the county. Whatever you decide - don’t ignore it! It’s best to make a decision and deal with the problem head on.
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July 2021
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