What Are Real Estate Taxes?
Real estate taxes are payments made to the government each year for all the real property, or immovable land, that you own. As the name implies, immovable land is any building, house or plot of land that physically cannot be moved. The government will use these tax dollars to pay for things like schools, safety services, infrastructure and more. Some people pay real estate taxes through their monthly mortgage payments using an escrow account. Other times, your real estate tax bill is paid directly to your local tax collecting agency.
What are Property Taxes?
A property tax, by definition, is a payment made to the government on any property you own. When it is land, these are referred to as real estate taxes or real property taxes. But there is also another type of property tax that you have to pay that is not synonymous with real estate taxes.
Personal Property Tax vs. Real Estate Tax
The distinction between real estate taxes and property taxes occurs when you are talking about personal property taxes, or taxes on movable property such as cars, boats, RVs or planes.
Some examples of personal property taxes in Texas include the portion of vehicle registration fees based on the property’s value.
Where Can I Find Help With Paying Real Estate Taxes?
Each year, many Texas taxpayers find themselves needing help paying their property taxes. In most cases, making a complete payment is the only way to stop the penalties, interest and possible legal actions that can come if you are delinquent in paying your taxes.
If you need assistance to make a payment, the best help available for real estate taxes is a property tax loan. Whether you need a commercial property tax loan or a residential property tax loan, a top Texas lender like Tax Ease can help you pay in full with no credit check or additional fees. And, you can choose repayment terms that fit your budget.