Timing Property Tax payment

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Jenni in NC
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Joined: Wed Dec 02, 2009 9:18 am
Location: Durham NC
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Timing Property Tax payment

Postby Jenni in NC » Wed Dec 02, 2009 9:32 am

Hello out there!

My husband was laid off early this year (in Jan), and as such our income will be significantly lower than in years past, as well as much lower than we expect it to be next year, when hopefully, construction will pick back up here in NC.

So, my question is, for tax year 2009, would it make any sense, and is it even possible, to delay our property tax payment until after the new year, and then claim it on our 2010 return? (this would be in addition to our 2010 prop taxes)

*our 2009 tax bill is $2682 due by 1/5/2010

*our AGI for 2009 will be around $26,000

*our AGI for 2008 was $52,000 (and hopefully will be for 2010)

Links to other areas / pages that discuss this topic would be helpful too. Thanks so much!!

partgypsy
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Re: Timing Property Tax payment

Postby partgypsy » Thu Feb 25, 2010 11:11 am

I am not an expert and the fastest/most accurate way of answering this question is to call your county assessor and find out whether you can delay paying your property taxes or have some other payment schedule. Most likely the answer is no. What little I've heard is you can even get your house repossessed if you do not pay these taxes. I would find another way of cutting your expenses.

partgypsy
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Location: USA
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Re: Timing Property Tax payment

Postby partgypsy » Thu Feb 25, 2010 11:19 am

I guess there are circumstances you can defer payment, but still have to pay interest on the deferral. Here is a link, haven't verified info, but seems a place to start.

http://www.ehow.com/how_5747128_defer-p ... taxes.html

SaxtonSells
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Re: Timing Property Tax payment

Postby SaxtonSells » Wed Mar 03, 2010 6:42 am

The short answer is yes, you can delay paying your taxes (to a point) BUT, you'll pay a late fee/penalty. I'd try to pay it ontime to avoid a bigger expense and then budget (whatever your taxes are divided by 12) so you dont have to worry about having that money for next year. This is how I prepare to pay all my fixed large bills.

Hope this helps.

Rebecca


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