The penalties for failing to pay property taxes

On Behalf of | Mar 1, 2022 | tax law | 0 comments

Whether you currently face financial hardships because of an unexpected medical crisis, the recent loss of your job or any other reason, paying property taxes could become particularly difficult. Moreover, some taxpayers miss payments because of oversight or they choose not to pay because they feel that they owe an unfair amount.

However, you should understand that failure to pay property taxes can lead to serious repercussions.

Liens and other penalties for missing property tax payments

The Illinois Department of Revenue says that taxpayers who fail to pay property taxes have a lien placed on their property. If a lien becomes placed on your property, it could become sold in order to recover the taxes you owe. If the property in question is residential and does not exceed six units, you could have the ability to redeem it within 2.5 years after the sale. However, you will have to pay interest, any taxes you owe and other penalties.

If you fail to redeem your property within this timeframe, you could permanently lose access.

Staying current on property taxes

If you worry about your ability to pay property taxes, it is essential to familiarize yourself with strategies that could help you make payments on time and avoid a lien. If you think that you owe too much due to an unfair assessment, you can file a complaint and appeal the assessment. Whether you have to cancel vacation plans, postpone home improvement or set up a financial plan, there are other ways to make sure you have the ability to pay property taxes and avoid falling behind.