Failing to pay your property taxes could cost you a lot more than you think…
Homeowners and real estate investors must be aware of the extreme penalties of not paying their property taxes. Many strive to pay cash or own properties free and clear today but there are always annual property taxes to be paid too.
At the very least, becoming delinquent on real estate taxes can result in penalties and interest being added to bills, but from there it gets much more serious. Many Americans have even lost their homes as a result of becoming too far behind on property taxes.
This is a growing problem due to tighter economic times, local government budget constraints and the recent slew of storms and severe weather hitting the east coast.
Just south of Fairfield, CT in Westport, the town reports a current tax collection rate of just 73.36%. This means a whopping $4.65 million in outstanding uncollected taxes with some individual property owners owing almost $200,000.
Westport claims to try and put off foreclosure and make every attempt to collect first. However, they have begun to publicly publish a list of local Connecticut real estate owners that are delinquent. The Westport News recently published a list of the top 25 offenders based on data from the Tax Collector’s Office showing some haven’t paid from as far back as 2005. So in addition to losing your money and your property, your reputation could be on the line too.
Some Connecticut real estate owners feel that they are far overpaying when it comes to property taxes. As others fail to pay those missing revenues are frequently passed onto neighbors and some may find that their tax assessments are based on outdated or incorrect information. However, instead of refusing to pay, the answer would be to file an appeal instead.
