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While the recent recession and economic crisis have made it difficult to secure many types of loans, Texas property tax loans stand out as an exception. Texas continues to report some of the highest property tax rates in the country and with real estate values holding up well in this state, there has been little tax relief for property owners.  Given the high rates and the ever present challenges in the economy, property owners should know that delinquencies can be addressed with a property tax loan before penalties, interest, and possible foreclosure by the county.

With the economic crisis worsening, property tax lenders expect a record number of borrowers in the months ahead.  If you are interested in a solution for your delinquent property taxes, these frequently asked questions may assist your search.     

Q: What is a property tax loan and how can it help me?

A: Property taxes are due in a lump sum by January 31st.  The amount of tax due increases every month thereafter until the taxes are paid.  A tax loan consolidates the delinquent taxes, accrued penalties, interest, and any legal fees owned on the property into a loan with affordable monthly payments. The taxing authority´s existing lien is transferred to the property tax lender as security for the loan. 

Q: What type of property will qualify for a Property Tax Funding loan?  Read more...

There have been some disappointing and unexpected actions taken by commercial lenders in response to recent financial events. This changing environment for business finance funding is likely to produce several new problems for commercial borrowers. To assist small business owners in their efforts to keep up with these imposing challenges, The Working Capital Journal is one of several commercial financing information resources which should be reviewed regularly. The working capital finance industry has primarily been operating on a regional and local basis for many years. In response to cost-cutting that has permeated many industries, there has been a consolidation that has resulted in fewer effective commercial lenders throughout the United States. Most business owners have been understandably confused about what this might mean for the future of their commercial financing efforts, especially because this has happened in a relatively short period of time. Of course, for some time there have been ongoing complex problems for commercial borrowers to avoid when seeking commercial loans. But what has produced a new set of business finance funding problems is that we appear to be entering a period which will be characterized by even more uncertainties in the economy. Previous rules and standards for commercial financing and working capital finance are likely to increasingly change quickly, with little advance notice by business lenders. Business owners should make an extended effort to understand what is happening and what to do about it due to this realization that substantial changes are likely throughout the United States in the near future for commercial finance funding. At the forefront of these efforts should be a review of what actions commercial lenders have already taken in recent months. The Working Capital Journal is one prominent example of a free public resource that will facilitate a better understanding of the responses by business lenders to recent economic circumstances. By publicizing actions taken by commercial lenders, this will contribute to these two goals, both of which are likely to be helpful to typical business owners: (1) To highlight controversial bank-lender tactics with a view toward reducing or eliminating questionable lending practices. (2) To help business owners prepare for commercial finance funding changes. Sources that currently include The Working Capital Journal are actively encouraging business owners to describe and report their financing experiences so that they can be shared with a broader audience to assist in this effort. Some of the most significant commercial financing changes reported so far by commercial borrowers involve working capital loans, commercial construction financing and credit card financing. A notable situation of concern is that predatory lending practices by credit card issuers have been reported by many business owners. Some specific businesses such as restaurants are having an especially difficult time in surviving recently because they have been excluded from obtaining any new business financing by many banks. One of the few recent bright spots in business finance funding, as noted in The Working Capital Journal, has been the continuing ability of business owners to obtain working capital quickly by business cash advance programs. For most businesses accepting credit cards, this commercial financing approach should be actively considered. Business cash advances are literally saving the day for many small business owners because most banks appear to be doing a terrible job of providing commercial loans and other working capital finance help in the midst of recent financial and economic uncertainties. For example, as noted above, restaurants are virtually unable to currently obtain commercial finance funding from most banks. However, if a restaurant accepts credit cards in their business operations, they are likely to be able to obtain needed cash from merchant cash advances and credit card factoring.

April 19, 2009

http://www.propertytaxfunding.com/

Property Tax Payment

Taxing units usually mail their tax bills in October. The date of delinquency is normally February 1st.  If you have not received your tax bill by January 1st, you should contact your tax assessor to determine the amount owed. 

Property tax bills often include more than one taxing jurisdiction because some taxing jurisdictions combine their collection operations.  Likewise, certain properties will be subject to multiple taxing jurisdictions collected by different assessors.  Contact the central appraisal district for your respective county to determine the taxing jurisdictions which apply to your property.  Many county central appraisal districts now post their property tax data online. 

If you escrow taxes and insurance, then your mortgage company will pay the property taxes on your home.  You should receive a receipt from the tax assessor indicating payment has been made.  The receipt is important to retain, as many homeowners deduct property taxes for federal income tax purposes.

When Is the Deadline for Payment?

In most cases, the deadline for paying your property taxes is January 31. Taxes that remain unpaid on February 1 are considered delinquent. Penalty and interest charges are added to the original amount.

Taxes are due in one lump sum.  Some tax collection offices provide payment options, such as:

 Payment by credit card, typically with additional fees of 3% to 5%  Deferment or installment plans for taxes on homestead properties for disabled property owners or property owners over 65 years of age  Discounts for early payment  Partial payment of your taxes

1. Service tax authorities, of late, have been issuing notices to various borrowers of External Commercial Borrowings (ECB’s) from foreign branches of Indian banks and holding them liable to pay <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.taxmann.net/STOnlineWeb/NewHomePage/Home.aspx?pId=160″>Service tax</a> from September 10, 2004 under section 65(12)(a)(ix) of the Finance Act, 1994 which covers ECBs.

According to the borrower, the responsibility of paying service tax is of the service provider which is the foreign branch of the Indian bank and, hence, the Indian bank having a permanent establishment in India, is supposed to pay and not the borrower.

The contention of the service tax authorities is partially correct after coming into effect of section 66A of the Finance Act, 1994 from April 18, 2006.

Until the coming into effect of section 66A, the liability and obligation to pay service tax was that of Indian bank and not that of the borrower. Contrary to the contention of the service tax authorities, even under rule 2(1)(d)(iv) of the said Rules, effective from August 16, 2002 and June 16, 2005 respectively, the borrower cannot be made liable for the payment of service tax.

2. Rule 2(1)(d)(iv) reads as follows :—

‘Person liable for paying the service tax’ means,—

 Read more...

Whenever one invests in real estate the most important thing that they have to look for are the finances. Any real estate property be it apartment or other requires huge amounts of money and hence the need of apartment financing. The choice of a particular financing option largely affects the investment outcomes and hence one must tread cautiously in the matter of apartment financing. There are many financing options that one can go for in apartment financing such as banks and private lenders. There are also some prerequisites that one can consider before going in for apartment financing. The traditional methods of apartment financing do not allow much flexibility but with the growth of private lenders there is much flexibility which one can consider in apartment financing.

Apartment Financing Options

Before considering the different financing options one must make sure how long one is going to hold the property and whether the investment is long term or short term because this has important implications in the choice of finance one can get. When one is considering owning the apartment for a short period then one can surely go in for the adjustable rate mortgage or the ARM for short. The ARM apartment financing option offers an interest rate that changes with the index. The initial interest rate in the ARM is more competitive than other apartment financing options. Interest rate fluctuations in the future impact the finances and hence the ARM is important in this regard. Also the maximum interest rate also works as protection for those who hold the mortgage. For those wanting to remain long in the business there is the fixed rate mortgage apartment financing. The rate of interest for the borrowers in this apartment financing remains the same for the whole period of the mortgage and hence it offers the borrowers cost effective apartment finance.  Read more...