A property tax is a tax imposed upon a person because of his or her ownership of property.
Here in Oklahoma, there are two types of property taxes:
- Real estate taxes levied upon land owners by local municipalities, and
- Personal property taxes levied against business owners by local municipalities for ownership of personal property used in connection with a business.
Property taxes are dischargeable in bankruptcy if:
- the tax was incurred before you file bankruptcy, and
- the tax was last payable without penalty more than one year before you file bankruptcy.
Remember, however, that liens survive bankruptcy.
Property taxes are secured with a statutory lien against the property that the tax is assessed against.
Therefore, if you want to keep the property that the property tax was assessed against, you must pay the property taxes even if the debt is discharged in bankruptcy or the taxing authority can foreclose on the property.
If you would like to speak with a knowledgeable attorney regarding the discharge of property taxes in bankruptcy, contact me today to schedule a FREE initial consultation. Just fill out the Contact Dan form on the far right side of the page and click the Submit button and I’ll get back with you as quickly as I can. Or just pick up the phone and give me a call at 918-615-8260. I’ll answer all of your questions in plain English so that you’ll have the information you need to make the decisions that will help you the most.
