Frequently Asked Questions About Texas Property Tax Loans
When is the deadline to pay property taxes for the previous year?
The deadline for paying property taxes is January 31st of each year. Penalties and interest charges will immediately accrue and be added to your unpaid tax balance on February 1st.
What are the State of Texas penalties for failing to pay property taxes?
Penalties plus interest on unpaid property taxes begins with 7% for failure to pay by January 31st. The penalties and interest increase by 2% each month until July of each year, at which point the penalties and interest double from 18% in June to 39% in July. That means that for an unpaid balance of $7,500, you could end up owing over $10,000 by the end of July.
If I have bad credit, can I still qualify for a loan?
Yes. Homefront does not run credit checks as part of our application process. Instead, loan approval is subject to verification of income. However, if you are currently in bankruptcy, you may not qualify for a loan.
What is the average interest rate on a property tax loan?
According to a study from the Center for Public Policy Priorities conducted in 2007, interest on property tax loans averages a 14% annual rate. The Property Tax Lender License Act (SB 1520), which took effect on September 1, 2007, maintained the existing annual interest rate cap of 18%. Homefront Tax Loans offers competitive interest rates. Call (866) 776-7829 to hear about our current rate.
What is the average length of a tax loan?
Typically, these types of loans are financed over a three-to-five year period. Homefront Tax Loans can work with you individually to develop a payment plan that fits your budget. We currently offer loans between 3 and 10 years in length.
Can I still get a property tax loan even if my taxes are already past due?
Absolutely. In fact, that’s the whole point of taking out a property tax loan; you can put an immediate stop to accruing penalties and get back on the right track.
What is Homefront Tax Loans’ refund policy if I am an existing borrow?
Homefront Tax Loans has a no refund policy.