Dear Fort Bend County Property Owners,
Do you know you have the option to PAY YOUR TAXES FORWARD? Property owners may enter into a contract with the Tax Assessor Collector to escrow their taxes for the upcoming year. The process is very simple and even better yet, the money is there when the tax becomes due. Here’s how it works:
- THE ESCROW PAYMENT CONTRACT
The property owner enters into a contract with the Tax Assessor Collector.
The contract is for one year’s taxes only and may not be made before October 1 of the year preceding the tax year for which the account is established.
EXAMPLE: If you want to pay your estimated taxes for 2012 you may do so beginning October 1,2011.
- THE ESCROW AMOUNT
The Collector determines the amount of the monthly escrow payment which must provide for full payment of the estimated tax by October 1 of the taxable year.
The calculated estimated escrow payment must include taxes for all taxing entities collected by the Collector.
The taxpayer must make monthly deposits into the escrow account.
The Collector may agree to a deposit of a greater amount on the property owner’s request.
Missing a payment will void the contract and another contract will not be allowed for the same year.
EXAMPLE: If the total estimated 2012 tax is $2,500.00 and you set up a contract on October 1, 2011 your payment would be $208.34 for each of the 12 months. The last payment would be made in September, 2012. The escrowed funds would be applied to the 2012 taxes when the statements are prepared in October, 2012.
- ESCROW FUND WITHDRAWAL
The property owner may request a one time withdrawal of the escrowed funds. The withdrawal must be for the full amount deposited and it must occur before October 1 of the taxable year.
- APPLYING THE ESCROWED FUNDS TO THE TAX ACCOUNT
When tax bills are prepared the Collector shall apply the escrowed funds to the account and provide a receipt to the taxpayer.
If the escrowed funds are in excess of the official amount of tax due the Collector shall send a refund.
If the escrowed funds are less than the tax due the Collector shall apply the escrowed funds, send a receipt and a tax statement for the amount remaining due.
The taxpayer has until January 31 to pay the remaining amount due with out penalty and interest.
Many property owners are already taking advantage of this option. This option is provided by Section 31.072 of the Texas Property Tax Code. If you have questions or would like to discuss further please call my office at 281-341-3710 and you will be directed to a Property Tax Professional.
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- Pay It Forward [PDF]