If you haven’t paid your 2012 property taxes by February 1, 2013, there is an immediate increase of 7% (6% penalty and 1% interest). By July 1, 2013, those unpaid taxes incur the maximum penalty of 12% PLUS 6% interest. Interest continues to increase by 1% each added month.
In addition to those charges, the code also allows taxing units to contract with law firms for collection potentially adding another 20% to the total of delinquent taxes, penalties and interest.
There are property tax lenders that will pay the taxes, thus stopping the increases in amounts due. A list of property tax lenders can be found on the Texas Property Tax Lienholders Association website at www.tptla.org.