Sunday, October 7, 2012

Property Tax

We’re having a bit of an issue here at home regarding the tax of the property. Hubby and I just learned that eversince the house we’re currently living in was built, my father-in-law has been delinquent in paying the necessary property tax annually. This is one huge setback and well, will cause a lot of damage in our pockets given that the house has been built in 2007. So that’ll mean,  five years worth of property tax plus interest which we have no choice but to shoulder since the property will be transferred to hubby’s name.

Since we’re planning on applying for a housing loan right after we finish paying for the car and even if that’ll be four years from now, we need to settle first the property tax of the last five years so we won’t have any additional problems once we start on building our house. My mother has been giving me tax advice and providing me with information about property taxes – where to go, who to talk to and how to settle the payment.

Hubby and I are really worried and almost scared to know how much the balance now costs with the added interest but we’re set on paying for it at least by the end of this year. Is there a tax condonation of some sort for delinquent payers? I also wish I know how to file a tax extension, if there is indeed one for properties.

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