Hey guys, Carter here with CB Home Solutions and today we’re going to be discussing if you can lose your house by not paying property taxes? And the answer is yes, but it really depends upon how long you delay paying your property taxes for.
Local Property Tax Rules
As of right now in the Appleton area, the Oshkosh area, pretty much all of Winnebago, Outagamie, Brown County, you can go three, four, sometimes even five years without paying property taxes until the County, actually forecloses on you. You will get notices in the mail, bill collectors coming after you & more than likely mailers, phone calls, & text messages from companies like our own.
Tax Foreclosure Explained…
Through the process of tax foreclosure, what I always make individual homeowners aware of is you can have the property paid off, free and clear. You can not owe a single cent on it & the property may be worth $150, $200, $250,000 and the County will take it back because you have not paid your property taxes and you get nothing. They DO NOT CARE if the house is paid off!
So the $200,000 worth of equity that you would have received if you sold it, is completely gone. You will never see a cent of it. And it’s all because you didn’t pay a $5,000 property tax bill each year.
So my recommendation to anyone faces tax foreclosure or anyone multiple years behind on taxes is to sell your property sooner rather than later. Otherwise, you will lose it like so many others have in the past.
And that’s where we come in and help as a “We buy houses” company in the Appleton area, we specialize in buying properties that either the homeowner has fallen behind on their mortgage payments, their tax payments, whatever the scenario is.
Our Process for Buying Property with Delinquent Taxes
How we go about that process is we write you an offer, but say for example purposes, say we write you an offer for $100,000 and you owe $10,000 in property taxes and the houses owned free and clear, so you have no mortgage. You would get a check at closing from the title company for $90,000. The title company will pay the municipality for the delinquent taxes so you don’t have to write a check for that. It’s all done upon closing, so you never have to come out of pocket for that expense.
The best part is the convenience when selling to a company like ours. You never have to worry about paying the taxes out of pocket or even sticking anymore money into the house for repairs or maintenance. We buy houses as is & can close on your timeline.
So if you have questions or you want an as is cash offer on your specific property, feel free to fill out the form down below or give our office a call at (920) 215-4201 have a great day guys, and thanks so much for watching.