According to the Texas Tax Code, homeowners over the age of 65, disabled persons, and the surviving spouse (55 years old or older) of a person previously entitled to a property tax deferment may be able to defer the payment of property taxes. Persons eligible for tax deferment may be entitled to defer payment of their property taxes as long as they own or live in the property. The unpaid property taxes would accrue interest and the deferred taxed would become due within 181 days after the those residing in the property are no longer eligible for the tax deferment.
For example, if you’re 66 years old, live in a high tax area and can’t afford your property taxes you could possibly defer those taxes until you sell your home or until you no longer lived in the property.
With seniors facing a devaluation of their retirement funds and many more barely escaping foreclosure and/or bankruptcy, property tax deferment can be a powerful tool in putting yourself on stable financial footing. Property taxes can be a huge financial burden and many homeowners are forced into foreclosure and/or bankruptcy simply because they cannot pay their property taxes. Speak with a tax professional about how you can use this tax law for your benefit. If you are already delinquent in paying your property taxes, speak with a bankruptcy attorney about how you may be able to discharge delinquent property taxes or create a repayment plan through bankruptcy.