Inheriting a Home with Delinquent Property Taxes

Inheriting a home from a loved one either through probate or a Last Will and Testament can be a wonderful gift. However, things can get a bit complicated and costly if there are issues like delinquent property taxes. Here are some insights into what you are responsible for, and what you can do about this issue, from Fort Worth cash home buyers.

What are Delinquent Property Taxes?

On January 1^st of each year, a tax lien is placed on every property in Texas. This needs to be paid by the end of the month for the lien to be lifted. If the property taxes are not paid by this date, penalties and interest will start to accumulate.

Because there are no income taxes in Texas, property taxes are essential to the state – funding schools, infrastructure, emergency services, and other state/county amenities and services. Because of this, our income tax rates are higher than other states, and the penalties are higher too. In Tarrant County, the tax rate is 2.18% of the property’s value, and each month these taxes go unpaid, 1% of the unpaid taxes is added to the account, and additional penalties are added by July 1^st.

Who is Responsible for Property Taxes on an Inherited Home?

During the probate process debts will be settled by the estate and through the court. In most cases, everything is settled before you legally inherit. However, if the debts are considerable (for example, if property taxes haven’t been paid for a long time), the house may have to be sold to cover this debt. Alternatively, heirs can pay to settle the outstanding debt to prevent the home from being sold.

What If the Property is in Foreclosure?

This does complicate things a little. The county tax office will have the right to foreclose on the property due to the tax lien, but the probate process will halt foreclosure until the title is transferred to the new owner. At the same time, the court cannot transfer the title until the lien is cleared. This will be worked out through the courts and executor, and heirs are given the chance to settle the outstanding debt themselves to get out of foreclosure and keep the property.

What If the Property Has Been Sold at a Tax Auction?

If the foreclosure has already progressed and the property has been sold at a tax auction, heirs still have the right to reclaim the property, as Texas is a Right of Redemption state. The process is a little different for each county, but the basic process is that you have 1 year to pay an amount based on the sale price of the property (and associated costs) and the amount the new owner paid to cover the outstanding property taxes. You also have to pay an additional 25% redemption premium over and above this amount.

Can I Sell an Inherited Property with Delinquent Property Taxes?

As you can see, the costs of settling delinquent property taxes, buying back a property sold at tax auction, or paying outstanding taxes to get out of foreclosure can be high. In many cases, the best course of action is to sell your home – fast. Our cash home buyers in Fort Worth can help you out.

Want to Sell Inherited Property? We Will Buy Your Home in 24 Hours

If you have decided that the best course of action is to sell the inherited property, then we are here to help. Our team of cash home buyers work to make this process easy for our clients by simplifying the selling process and handling it all for you, from clearing out the property to selling it as is, taking a load off your shoulders.

If you want to sell property fast without the hassle of looking for a buyer, dealing with real estate agent, or even emptying the home, then the best option is to sell directly to cash home buyers in Fort Worth.

We can sell your home in 24 hours. Here’s how our process works:

• You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
• You can accept or reject the NO-OBLIGATION offer
• Cash will be deposited into your bank account – with no real estate agent fees
• We can handle all aspects of the process, including clearing out the home
• You can also call us directly on 469-858-008

That’s all there is to it!

You can also download our FREE eBook for more information on how to sell your home in 24 hours.

Our team is compassionate and highly motivated to offer you the best possible market-related price for your home, so you can sell your home in 24 hours. Not only does this cash go straight into your bank account as soon as the sale goes through, but you also pay zero real estate agent commission.

At Shiny Key Properties, our trained consultants have years of experience in assisting local and out-of-state homeowners sell an inherited home. To find out more about our cash for homes Fort Worth service for selling inherited property, please contact us today and speak to one of our friendly team members.