Property taxes, like any debt, can be overwhelming. We can help you sell your property with tax liens in Raleigh NC so you can be done and move on with your life! Learn more about how to do it in our latest post!
If you are dealing with delinquent taxes or tax liens on your property, you might be worried about your ability to pay them back. The consequences of not paying your taxes can result in losing your home to foreclosure.
Plan A – Pay Off The Debt
The most obvious plan is to just pay off the outstanding debt. But how do you do it if you are struggling financially? You can’t give someone something that you don’t have, right? Well, one option would be to go to the Wake County Government website and request a payment plan. The great thing about Wake County is that all the resources you need are searchable online so you don’t have to call them and sit on hold for an hour.
This is a great opportunity to sit down and take a hard look at your spending habits. It’s amazing to see how recurring monthly memberships accumulate, and some of them have not been used at all!
One of the easiest ways to save money is to spend it! Well, not exactly. The key is to pay yourself first! Every time a check comes in the government takes their taxes out first, right? Do the same for yourself. Whenever a check comes in pay yourself first. Take a small portion of that money and put it into a savings account. A good rule of thumb is 10% of whatever comes in you will deposit to a savings account. You may be able to set up and auto-transfer option from your bank. If you can’t afford 10% you can pick a number..even if its just a few dollars a month, get into the habit of doing it.
You can then use that money to pay down the balance of your property taxes. The county is unlikely to issue a tax lien if you are making regular payments to your outstanding balance. Keep in mind, you will not only need to pay back the back taxes, but also the fees, penalties, and interest that has piled up.
Disputing The Assessed Value
Like most counties in North Carolina, Wake County issues its taxes on an “ad-valorem” basis (according to value). So the amount of tax you pay is based on the assessed value of the home. There is an option to dispute this “assessed value.”
Check to make sure they have the specs of you house notated correctly. This is especially true of older homes. Don’t let them list your home as a three bedroom three bath if you only have one full bath and one-half bath–this makes a big difference. Also, make sure they are aware of the condition of the home. If there is a lot of deferred maintenance this will negatively impact the value.
The assessor will look at other homes in your area and what they are selling for. If you are going to challenge the value the assessor has placed on your home, make sure you have comparable houses to compare it to.
Plan B – Find Someone To Help
The easiest and the least expensive way to cure delinquent taxes is to pay them off as soon as possible. If you don’t have the money to do so you can sell the property to a person, or company, who can. There are buyers and investors out there who are ready to help you right now! Otranto Real Estate Co – Mike Buys Houses is a professional homebuyer who will help you with tax liens or anything else that is keeping you from selling the property the traditional way. You don’t have to sink more money into the house or toward your tax bill.
We will handle everything so you can sell the house and walk away from your property tax problems once and for all. We buy houses for cash in Raleigh, Durham, Chapel Hill, Greenville, and surrounding areas. We pay cash for homes and buy them as-is, meaning you will not have to make any repairs or even clean the home. Not all buyers are the same. When you work with Otranto Real Estate Co – Mike Buys Houses, you can rest assured you will receive a fair price and honest treatment every step of the way. Selling your house to a direct buyer is one of the best ways to stop the frustrations that arise from tax liens!