Do you have unpaid property taxes in Oklahoma City? If so, the consequences can be pretty severe. In our latest post, we will help you learn more about what’s at risk and the solutions available to you!
Depending on the neighborhood you live in, the size and value of your home…..property taxes can become a huge burden to keep up with. 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 Can Happen?
The worst case scenario? You could lose your home as the city will sell it in order to get their tax money. In Oklahoma, if you are 3 years behind on property taxes, the city will auction your home off the next year in the tax auction held in June of every year. If you just miss one or two years of taxes, your house won’t be sold at auction BUT you will get hit with monthly interest on the amount you owe. The city will charge you interest EVERY month that your taxes are late. This can turn a $1,000 tax bill into $2,000 pretty quickly.
What Can You Do?
There are a few things you can do when you are faced with unpaid property taxes. You can pay them along with the interest you owe. You can try to get them lowered. Or, you can sell the house and move on.
Pay Them Off
You can always just pay the late taxes on your property. The longer you wait the more expensive this gets with the interest on the taxes. If you don’t have the cash to pay off the taxes, you’ll have to borrow it somehow. You can try putting a home equity line of credit against your house or refinancing your house to pay off the taxes. You might have to sell a few things to pay them off and get out of a hole.
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 and lower taxes. 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.
Sell Your Home Directly
A great way to get away from the burdens and consequences of unpaid property taxes is to work with a buyer who will help you to resolve the unpaid property taxes. The team at W Properties will help you evaluate your situation and provide the solutions available to you. We can buy your houses as-is and pay all of your late taxes. Or, we can figure out another solution that works for you.