The Truth About Texas Property Tax Loans

ETRUTH ABOUT TEXAS LOANS PROPERTY TAX What Consumer Advocacy Groups Don't Want You to Know How Consumers Benefit A Helps limit unnecessary fees from attorneys & tax assessors Manageable monthly payments which allow borrowers to pay other bills Preserves property owners' equity Statistics that may surprise you: Average amount of tax lien Average amount of closing costs: $13,826 $12,783 $1,259 $9,878 $13,475 $991 $11,857 $11,062 $707 $952 $865 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2013 *Residential Property Data Only Generates over $200 million in annual tax revenue that might otherwise be lost 12.8% average interest 43.9% rate on residential properties in 2013 43.9%- drop in closing costs on residential properties 2 between 2008 & 2013 11.84% average interest 19.6% rate on commercial properties in 2013 19.6%- drop in interest rates on residential properties between 2008 & 2013 Number of Loans Made in 2013 15,746 Residential & Commercial Loans Combined S Consumer Savings: Property owners save up to 20% in Fees, interest & penalties for unpaid property taxes 20% 48% can be as much as 48% if attorney collection fees not paid within a year with a property tax loan imposed on July 1st Foreclosure Statistics: Tax Lenders help property owners avoid foreclosure and stay in their homes X4 Foreclosure Rate 0.25% Only 1 out of 400 properties goes to foreclosure The Impact of Regulation, Licensing & Competition Industry is closely regulated by state regulators & legislators Property tax lenders & originators must be licensed More competition means lower rates & closing costs Statistics to Highlight: Closing costs continue to go down Impact to Consumers: Residential Property Tax Closing Costs as a Percentage of the Tax Lien Transfer 17.41% 12.71% 11.45% 9.82% 7.33% 2008* 2009 2010 2011 2013 *2008 FROM 3/1/2008 Property Tax Funding www.PropertyTaxFunding.com quick and easy loans References: Texas Office of Consumer Credit Commissioner Texas Property Tax Lienholders Association ++++++++