With gas prices soaring, and no ceiling in sight, while many are experiencing big increases in their property tax bills, which do you pay for?
Escalating Gas Prices
While there are some who are making billions from this current string of crises, others are finding the financial pinch is finally catching up with them. Diesel prices have hit new record highs. Some analysts see gas prices soon hitting $7 a gallon. Others predict crude oil could triple to around $300 a barrel. If that is passed down to consumers at the pump, then we may easily see $12 for a gallon of the cheapest gas.
Remember that everything from shipping in raw materials to manufacturing, getting products to warehouses and retail stores, and then to customers’ homes still relies heavily on gas. Meaning far higher inflation is probably coming to everything from baby formula to toilet paper.
So, while saving for food and essential supplies that are going to be far more expensive, and keeping plenty of cash on hand for cyber threats, as NY remains on high alert, how do you juggle it all financially?
Property Taxes Can't Wait
You might get by with some minor credit damage by skipping your credit card payments or student loans. You might even get away with not paying your mortgage for a few months. Though it is not advisable to risk it.
Even falling late on your income taxes is a possibility. It will cost you fines, penalties, and perhaps 18% interest. If you still don’t pay the IRS may levy your bank accounts and wages, or put a lien on your property.
However, if you don’t pay your property taxes on time, you are paying those same fines and interest, and could lose your home a lot faster. Do you really want to lose your home for the luxury of having put an extra gallon of gas in your car?
People really have lost their homes for that little in past due property tax related fees.
What Can You Do?
A new round of COVID aid money has been scrapped in favor of sending it to Ukraine. There is no financial help coming here.
You can bite the bullet on falling late on other bills if you must. You just cannot afford to fall behind on your property taxes.
It may be a wise time to sell your vehicle. As running a vehicle becomes infeasible vehicle prices will fall from extreme highs. It could be better to cash out now than to lose more money by waiting. Especially when you no longer have to leave home to work.
In order to create more financial breathing room now, and to avoid the penalties of delinquent taxes, appeal your property taxes and assessment with the help of Property Tax Adjusters Ltd.