How flexibile is property tax in your municipality?

[Flyback]

What is it like where you live? Do you get a year or two in flexibility?

 

[Greenman]

You can get two or three years around here, but you will pay interest and penalties.

 

[dullard]

My 2007 property taxes are theoretically due Dec 31, 2007. However, it isn't considered late if you pay half in April 2008 and the other half in July 2008. Heck, most escrow accounts just automatically pay it in 2008 in two halves.

Here is a nice trick for those people who have cheaper houses or low interest rates (ie those of us who's itemized deductions barely beat the standard deduction on income taxes). Pay your 2006 taxes in 2007, then pay your 2007 taxes in 2007. You now double the property tax deduction in 2007 and get a big tax cut. Then in 2008 don't pay any real estate taxes (delay it until 2009). In 2008, just take the standard deduction. Sure, you'll pay a bit more tax in 2008 because you didn't itemize deductions, but the added tax will be minisucle compared to the 2007 tax savings because the standard deduction is near your itemized deduction amount. Rinse and repeat. Every other year, get a massive tax savings, every other year pay a tiny amount more in tax. Overall, you come out a big winner.

This only works if states let you pay late penalty free like mine does.

 

[D1gger]

My property taxes are due at the end of June, but you can generally let it slide for at least a year before they will seize your property and sell it for back taxes.

 

[Vic]

Due every November. You can make trimester payments but you get a discount if you pay in full. Deliquent taxes are a lien against the property with interest and fees. 3 years deliquent and you go into tax foreclosure.
For most people, I recommend just paying towards your property taxes with your mortgage payments.

 

[DrPizza]

Paid. Payment got there a day late. $1.47 (or something like that) in penalties and interest applied. Check for the payment was sent back to me, rather than accepting it and billing me for the $1.47. That just kinda irritated the heck out of me, especially since it came a couple weeks after the city whining in the newspaper about not having enough money on hand because people were paying their taxes late.

So, what did I do? I ate the penalties and interest just to make the city wait. Value of satisfaction >> cost of penalties and interest.

 

[jadinolf]

One half due by November 10 and other half by April 10.

Thank you prop 13.

 

[ponyo]

My county tax is due sometime in November and the city tax is due in December. Late penalties and interest are applied if a day late. I just got a notice in the mail this week from the county board of assessors that my property value went up around 14% from last year. :| I guess the county doesn't believe in the housing slowdown. :disgust: