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Irvine Bankruptcy Lawyer / Property Tax Issues

If you own a home or other real estate, keeping up with the mortgage is probably your single greatest expense. There is also another significant expense associated with real property ownership: property taxes. Property tax issues often catch people off-guard when they are unprepared to deal with them. The consequences are serious, though, and failing to address property tax issues promptly and correctly can put you at risk of losing your property.

The Law Office of Charles A. May can help. Charlie May has an advanced law degree (LLM in Taxation), formerly worked under the National Director of Property Tax at Deloitte Tax, LLP, and practiced as a tax attorney at a prestigious boutique California tax law firm. Dealing with property tax issues can be an overwhelming experience, but you are not alone. At The Law Office of Charles A. May, we are committed to helping residents of Southern California navigate the complexities of property tax law. With our dedicated team by your side, you can focus on solutions rather than stress. Call today for a free consultation with an experienced lawyer.

Common Property Tax Issues You May Encounter

  1. Delinquent Payments: Falling behind on property tax payments is not uncommon, but it can lead to penalties or even a lien on your property.
  2. Incorrect Valuation: Sometimes, the assessed value of a property is incorrect, leading to higher taxes. You have the right to challenge this valuation.
  3. Inheritance and Property Tax: Inheriting property can also bring about tax complications that may not be immediately apparent.
  4. Changing Tax Rates: Property tax rates can change due to new laws or community votes, affecting your financial planning.

Help With Delinquent Property Tax Payments

Missing even a payment or two can result in large penalties. In severe cases, the government could place a lien on your property. If this happens, you risk losing your property if the debt remains unpaid. Effective solutions to delinquent property tax might include:

  • Payment Plans: Some jurisdictions offer the option to pay back taxes in installments.
  • Tax Abatements: Under specific conditions, you may be eligible for a tax abatement to reduce your burden.
  • Bankruptcy: While property taxes themselves cannot be discharged in bankruptcy, if you cannot pay your property taxes because of overwhelming debt, bankruptcy can wipe out large amounts of that debt, enabling you to afford your mortgage and property tax payments so you can keep your home and other valuable property. If you are facing foreclosure, bankruptcy can stop the process and pull you out of default.

Challenging an Incorrect Valuation

If you believe the assessed value of your property is too high, you have a limited time frame within which to challenge this valuation. If you cannot come to an agreement with the county assessor, the next step involves filing an appeal with the county appeals board. You will have the opportunity to present evidence regarding what should be a fair assessed value of your property. These steps could also apply if your property value has declined to a point where it is lower than your assessed value and should be reassessed.

Navigating Inheritance and Property Tax

Inheriting property is not just about becoming a homeowner or landowner; it also means taking on the associated property taxes. Understanding your obligations and options can prevent unnecessary tax burdens. Key points to remember when inheriting property include:

  • Inherited properties may qualify for certain exemptions.
  • Consult a tax advisor to plan for any increase in property taxes.

Contact The Law Office of Charles A. May for Expert Tax Law Assistance

Property tax issues may seem daunting, but we are here to help you every step of the way. At The Law Office of Charles A. May, we offer tailored advice and representation to resolve your property tax concerns effectively. Contact us to learn more about how we can assist you in navigating the intricacies of property tax law in Southern California, including Orange County and Los Angeles. Call today for a free consultation with an experienced tax law attorney.

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