This is the time of year to enjoy holiday celebrations, shopping... and of course, property taxes! While property taxes aren't the most enjoyable thing about this holiday season, they are an important part of your obligations this time of year. If you're a little confused as to what personal property taxes are and why you should pay them, the best title company at the Lake of the Ozarks, Arrowhead Title is here to shed a little light on the topic. Read on to learn more!
Personal Property Tax?
First, let us start by defining what personal property taxes are. Personal property taxes are forms of taxation on what is deemed to be personal property. Personal property can be defined as any movable property that is not attached toa home or building, including motor vehicles, boats, and aircraft. The utilization/disbursement of these tax dollars may vary by state, but generally cover:
- Local school district
- The State
- The County
- Local fire department
- Local road district
- Local libraries
- Local senior citizens
Delinquent Personal Property Tax
The deadline for tax payments is December 31st, without penalty. If your payment is late, however, you may be charged additional late fees and other financial penalties, such as interest, in addition to the originally assessed amount. After a prolonged time of not receiving a tax payment, you will be marked "delinquent," and the government may step in to take additional steps to ensure they collect what is owed.
Tax Liens
Once you have been labeled, "delinquent," the first step the government may take to collect what is owed is to institute a tax lien against your property. When a tax lien is placed on a deed, it disqualifies the property from being sold until after the taxes are paid and the lien has been removed. Tax liens can be applied to any personal property, as well as homes.
Tax Sales
If you remain delinquent on your property taxes for a long enough period, your county authority may institute a "tax sale." A Tax sale is similar to a foreclosure, forcing the sale of the property, typically at the courthouse steps, so that the government can obtain the funds owed out of the purchase price. Your county taxing authority may decide to sell the lien, instead of pursuing a tax sale. In these instances, the party purchasing the lien then beginning to pursue you, the owner, directly to collect upon the debt. If you fail to satisfy the lien at this point, your property can be foreclosed upon, ultimately relieving you of your property, regardless of the government opting to sell the lien.
Your premier title insurance agency at the Lake of the Ozarks, Arrowhead Title strongly encourages you to pay your property taxes on time and in full to avoid the risk of any of these negative outcomes. There are tax attorneys available to assist those that fall behind on their property taxes, but it is advised as a last resort, should you be unable to pay the taxes. When you pay your taxes on time, you'll have peace of mind, save time and money, as well as having the freedom to do so as you please with your property. If you have any additional questions regarding tax liens or their impact on your property, contact our title company in Camden County via the links or numbers listed below.
The Lake of the Ozarks' Most Trusted Title Company
750 Bagnell Dam Blvd Suite B
Lake Ozark, MO -
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