How a Commercial Property Tax Loan Can Benefit your Business
If you are a current business owner in the state of Texas, you know that Texas is a good location to do business. The strong state economy and central geography make it popular for both companies getting started and companies expanding their reach.
Owning a Business in Texas
So, are there any downsides to owning a business in Texas? Property taxes are near the top of the list. More specifically, commercial property taxes. Due to the state’s lack of individual and corporate income taxes, a higher commercial property tax rate is used to make up the government revenue. For businesses that rent, the high property taxes are passed through as higher rents. For those that own their real estate, property taxes can dramatically impact the business’ bottom line and can be a real shock if a business isn’t prepared. If property tax payments create an issue for your business, then a commercial property tax loan might be what you need.
Property Tax Loans Can Help Avoid Uneven Cashflow
A high commercial property tax bill can affect a business’ cashflow at a key time of year. Tax notices are mailed around Nov. 1st and they are due by Jan. 31st each year. If a company does not properly prepare for this annual payment, it could put a significant strain on resources.
A commercial property tax loan can alleviate stress and potential financial setbacks. Breaking a large tax bill into a manageable payment plan is a logical and smart way to keep your business’ cash when you need it most.
Act Quickly to Avoid Paying High Fees or Possible Foreclosure
Unfortunately, the high commercial property tax rate isn’t the only concern for your business. High late fees and interest rates can quickly increase the amount you owe if you find yourself behind on paying the bill. When this happens, it can be even more difficult to dig out of debt.
Eventually, if you fail to pay your taxes and the extra fees tacked on, the county has the authority to auction your property. This makes it important to act swiftly. Your business can avoid these additional fees and a possible foreclosure with a commercial property tax loan. Securing a loan as soon as it’s clear that your business may have difficulty paying the property tax bill can save stress and money in the long-term.
How We Can Help Your Business
If you own a business in the state of Texas and commercial property taxes are affecting your success, Johnson & Starr can help. We provide fair, flexible, and easy-to-understand loans. Our commercial property tax loans provide convenience and help reduce the stress of commercial property taxes by paying the tax bill in full and creating a repayment plan based on your priorities, not the county’s. If you want to learn more about our commercial property loans and save your business contact us today.