When you purchase property in the U.S., your county government assesses the value of your house and land and assigns you an ad valorem tax that must be paid on an annual or semi-annual basis. Once collected, these property taxes are redirected to provide funding for local projects, payment for community service workers and additional revenue for schools. Leaving property taxes unpaid, however, can result in foreclosure
How Property Tax Foreclosure Occurs
Leaving your property taxes unpaid for long enough will result in the county government recording a real estate lien against your home. This real estate lien gives the government the right to seize your home and sell it through a foreclosure auction. While lien priority dictates that superior lien holders, such as your mortgage lender, must be paid in full before the local government can realize any profits from the foreclosure sale, this fact doesn’t deter most governments from seizing property in lieu of unpaid ad valorem taxes.
Know the Tax Foreclosure Rules in Your Area
Seeking a consultation with a local tax attorney is one of the wisest moves you can make to save your home from tax seizure. Property tax enforcement codes vary considerably depending on the state, and a tax attorney can inform you of exactly where you stand in the foreclosure process.
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