Is there any relief from Texas property taxes - a point where you, as a homeowner, can stop worrying about them? Unfortunately, there is no way to shake property taxes off entirely, but when you reach a certain age, you are eligible for some relief.
Property tax deferral for seniors
You may be aware that seniors can apply for an exemption from Texas property taxes. This is true: when you reach the age of 65, you can file an affidavit with the chief appraiser in your district to exempt yourself from the collection of taxes on your property. However, before you start thinking that you can finally forget about property taxes forever when you reach that age, there is a crucial point to remember: this is only a deferral - it does not erase the taxes altogether.
What this means is that, at the age of 65, you can file your affidavit requesting that the local tax authority stop collecting taxes on your homestead - not indefinitely, but for a specific period. The deferral will end 181 days after one of two events: 1) the homeowner’s death or 2) the sale of the property. At that point, the accrued taxes become due - plus a statutory interest rate that is less than the standard county 12.0% rate. This means that the account will either have to be paid out of the proceeds of the sale, or the deceased’s estate will have to pay it.
For those that can’t take advantage of a deferral, American Finance & Investment Co., Inc. (AFIC) offers our clients an affordable, hassle-free way to manage their Texas property taxes. We can ensure that your account with the local government tax office is paid in full and will work out a manageable repayment plan for you. AFIC can provide you with an instant quote by completing the form on our homepage. For qualifying properties, we can help you pay off your delinquent taxes and offer you the following benefits:
- Quick and completely online process
- No money down
- No credit check
- Free 30-day rate match
- Match competitors and beat their rate by 1%
- Avoid high penalties and foreclosure
We pride ourselves on finding solutions to suit the unique needs of our clients. If you would like to discuss our property tax loans, please contact our experienced team at AFIC today.
