Note: BCP Real Estate is not a law firm and its employees/owners are not acting as your attorneys. The information contained on this website is provided for educational and informational purposes only and should not be construed as legal advice on any subject matter.
Before you can make a smart decision about an inherited property, you need a real number: what does it actually owe? Heirs often operate on guesses or on something a relative said years ago, and the truth is usually different. Pinning down the real figure is one of the most useful things you can do, and most of it is information you can get directly.
Start with the property taxes, since those are the most common source of trouble. The county tax assessor-collector can provide the current amount due, including the base taxes plus the penalties and interest that have accumulated. Ask specifically for the total payoff as of a given date, because the number changes over time as interest keeps adding up. The appraisal district can also confirm the assessed value and whether any exemptions are in place, which affects what’s owed going forward. If the account has already been turned over for collection, the law firm handling it can give you the figure including any collection costs.
Property taxes may not be the only claim, though, so it’s worth checking for others. A mortgage, a home equity loan, or other recorded liens can also be attached to a property, and these show up in the county property records maintained by the county clerk. Looking there tells you whether the taxes are the whole story or just part of it. Knowing the full set of obligations is what separates a realistic plan from a nasty surprise later.
Once you have the real total, the property’s situation comes into focus. You can compare what’s owed against what the property is roughly worth to see whether there’s meaningful value above the debts. That single comparison often answers the keep-or-sell question on its own. From there you can address the taxes, pursue any exemptions, or, if the numbers point that way, sell your share. Whatever you choose, you’ll be deciding from facts instead of fear.
A couple of questions we hear a lot:
Why does the payoff amount keep changing? Because penalties and interest continue to accrue on delinquent taxes, the total grows over time. That’s why it’s best to ask for the payoff as of a specific date and to act while the number is smaller rather than larger.
How do I know if there’s a mortgage or lien besides the taxes? Recorded liens, including mortgages, generally appear in the county property records kept by the county clerk. Checking there alongside the tax records gives you the full picture of what’s attached to the property.
If you’re looking to remove yourself from a lawsuit and get paid for your interest, no cost to you, call or text us at (469) 708-8003 for an offer today.
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