It is very common here in the United States for many people to own more
than one property. This could be the case for a variety of reasons. Some
people own several properties because of the result of an inheritance
from a family member. Or, perhaps you own multiple properties because it
is possible that you are a landlord of these properties. But, do not
forget there are yearly personal property taxes owed on all properties.
And if these taxes are not paid in a timely manner, you could be facing
the possibility of losing your property in the tax sale.
What is a tax sale? Well, it is a sale by which the county in which you
live takes ownership of your house and the land that it sits on because
you did not pay your taxes. During this process the county will sell
your land and house at auction to recover the taxes that are owed. It is
not uncommon for people to forget to pay their taxes. And, there are
many more people who are unaware that if they do not pay their personal
property taxes their house may end up in the countys tax sale.
So, it is obviously important to not get yourself in the situation
whereby you find yourself in poor standing with the county. But, if you
are behind on at least two or three years of taxes you may be surprised
to find out that your property will be taken and auctioned off. Of
course all counties have a variety of methods of recovering payment
before a tax sale is imminent. Most often this means they try and set up
a payment plan with you so that you can keep you property intact.
However, if you are behind on your taxes so much so that you find it is
hard to keep up with the mortgage and the taxes your best bet is to sell
the property out right. And, the sooner the better.
Many people believe that they can keep making these tax payments to the
county as part of their delinquent taxes. But, it only takes one or two
missed payments for your property to end up with a lien or worse. But,
you can avoid all this hassle by simply cutting your losses and sell the
property yourself. You may be thinking you want to hold onto it because
of sentimental value or value in the future. But, truly the best way to
get out of the situation is to sell it yourself.
Selling your property yourself or through a realty will net the most
money. At a tax sale, the only thing that the county is interested in is
getting the taxes that are owed to them. So, this means as long as they
get out of it what they need your property can be sold for very little.
But, if you sell the property yourself you can pay off your delinquent
taxes. Not only that but you will have relieved yourself of the burden
of paying yearly taxes on this property as well as having a little
something to invest in or save for later.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
If you’re interested in learning more about selling your property before
it ends up in the tax
sale a wide variety of legal resources exist in your area to
help. Find out more about this process at http://www.civicsource.com.