June 15 is the deadline for paying property taxes, and payments postmarked after that date will be “delinquent.”
If you have a mortgage on your residential home, most likely your escrow company has paid your tax – no more worries! If you do not have an escrow account, and forget to pay your taxes by June 15, 1 percent interest will be attached on June 16. Then another 1 percent on July 1, and an additional 1 percent on the first of each month until November.
This is simple interest, and does not compound. That’s the good news.
Nov. 1 is our annual tax lien sale. On this date, all unpaid property tax liens go up for sale to investors. For the last three years, 100 percent have sold.
Last year investors got 11 percent annual interest for paying these delinquent property taxes, and all the interest, fees and penalties that accrued to the tax lien. This year, their investment interest will be higher, because the Federal Reserve has been raising interest rates.
This rate is set by the State Bank Commissioner the first week in September.
You can send your property tax payment to the P.O. Box in Denver (on your coupon), which will deposit your check directly in the bank. This option allows us to invest the money in overnight funds, further benefiting the county’s fiscal position. Or you can pay by credit card, debit card, e-check, or walk in to the office and pay by check or cash.
Allison Aichele La Plata County Treasurer