Property tax late fees & other important tax facts to know

by Tony Blevins 10/02/2022

Like most recurring expenses, property taxes have late fees if not paid on time. While the amount and specific consequences vary from one municipality to the next, property tax late fees are something homeowners will want to avoid. Here are some basic facts about paying your property taxes on-time and in the correct amount:

How property taxes are calculated

Property taxes are calculated based on many factors. However, you can estimate them for yourself by multiplying the assessed value of the home by the local tax rate. The number you come up with is likely not the exact amount you'll see on your bill, but it's a great way to familiarize yourself with the general amount.

How to pay your property taxes

Luckily, most property tax payments get wrapped into your monthly mortgage payments. Otherwise, you have the choice of paying the taxes directly on an annual or semi-annual basis. Depending on your tax authority, this may mean writing and mailing a check or paying through an online portal.

How to know if you qualify for exemptions

There are some exemptions for property taxes. Some of the most common exemption types are available to seniors, people with disabilities, veterans and homesteaders. These exemptions usually don't eliminate taxes completely, but can significantly reduce the cost.

What happens if you don't pay your taxes

If you fail to pay your taxes, you'll get a tax lien placed on your home. Liens can adversely affect your credit score, and if taxes are left unpaid for too long, they can become levies allowing the government to seize your property. It's important to stay up to date on your property taxes and reach out to a professional if you expect any issues paying on time.

About the Author
Author

Tony Blevins

Hi, I'm Anthony Blevins and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you. I have been a licensed realtor since 2015 and have lived in South Florida for over 30 years. My background is a business professional with over 14 years of experience as a wealth portfolio manager for high net worth clients in both the Naples and Palm Beach Island area. One of my first jobs while I worked my way thru college was in the construction industry, building, remodeling and restoring homes as I earned my Bachelors degree in Finance.  I like to spend my free time offshore fishing, boating, scuba diving in the keys and enjoying all the benefits the South Florida weather has to offer.