What to do if you can’t afford to pay your property tax

Being a homeowner comes with a hefty price tag. Aside from mortgage payments, utility bills and unexpected expenses, you also need to budget for property taxes. These taxes can increase over time and cause homeowners to search for sell home fast options.  

If you are in a tough financial situation and can no longer afford your property taxes, you are not alone. Our sell my home fast Omaha team has gathered some information about property taxes and what to do when you can not afford your property taxes. 

What is property tax?

Property tax is a type of tax that must be paid on the property owned by a person or corporation. This type of tax is considered a real estate ad-valorem, which means it is a tax based on assessed value. 

The property tax is calculated by a local government based on the property’s location and how much the owner paid for it. It is important to note that the assessed value is not the property’s current market value. 

Property taxes in Nebraska

Although home prices in Nebraska do not compare to those in other states, it does come with high property taxes. Nebraska has one of the highest property tax rates in the country. The average property tax in Nebraska is 1.61 percent and the typical Nebraska property owner pays $2,787 annually. 

Property taxes in Nebraska are paid in two installments. In most counties, the first payment must be paid by May 1, and the second payment must be paid by Sept. 1. The three counties in Nebraska that do not follow this schedule are Sarpy, Lancaster and Douglas counties. Property owners in these counties must pay their payments on April 1 and Aug. 1. 

What to do if you cannot afford to pay property taxes

Appeal your property’s assessed value

One option that property owners have when they cannot afford to pay their property taxes is challenge or appeal their property’s assessed value. How this works is you put a dispute with your local officials stating that your property assessed value is unfair or inaccurate. Depending on your state’s laws, you are required to first pay the property tax before you can make an appeal. If your case wins, then your property tax payment gets refunded.

Apply for a tax reduction program

Another option is asking for a tax reduction program. This program can give homeowners meeting certain requirements the opportunity to reduce the amount of property tax they have to pay. This reduction is made based on a person’s age, disability, income or personal status. However, it is important to note that in some states you cannot get abatement if you are behind on your tax payments.

Sell your property for cash

If your property’s tax has become too much for you and you are looking for sell home fast options, sell your home for cash. This selling process can help you avoid foreclosure or filing for bankruptcy. You can get cash for your property from a sell my house fast Omaha company, so you have the opportunity to downsize your house. Downsizing your property can help you avoid paying high property taxes and save you money. This is a popular selling option for adults looking to retire soon. 

Do you want to sell my home fast in Omaha?

Reach out to Best Price Homebuyers. We are a company that buys houses for cash. We help homeowners get their homes sold fast. Request your cash offer here