Part of the American dream is owning one’s own home or one’s business, of which, regrettably, for those that own a home or the building of their business, and actually own it free and clear of a mortgage, there is still that annoying annual payment so needed to be made for property taxes. For a lot of people, they just accept such as being the norm of how property taxes so work and their incumbent responsibility to it, and don’t really think anything further about it. However, in consideration that property taxes are extremely important to counties in order to properly attend to school budgets, sanitation, parks, streets, and fire and police personnel; it might just make sense for certain counties to at least consider providing the option for homeowners and business building owners to prepay their property taxes for an extended period of time, such as for ten years or even longer, especially, in those types of situations in which necessary monies are needed to upgrade services deemed essential for the community or there are expected shortfalls in making budget – and of which property taxes so set, are restricted in the amount such can be increased upon homeowners or building business owners in a given fiscal year.
The first thought that might come to mind, about the prepayment or a lump sum payment for property taxes for an extended period of time, is that, considering the amount of money that the homeowner or business owner would have to come up with, that not a lot of them would actually be interested in doing that. No doubt, this is true, but there are those homeowners and business building owners that recognize that provided with the opportunity to prepay something that will cost them a lesser amount of money, now, has advantages over having to pay more of such, at a later time. Another question that would need to be answered, is what if that homeowner or business owner was to sell the property; of which, the basic answer to that would be that property taxes so having been paid, would logically be attached to the home or building, so that, the prospective buyer would therefore factor in the savings of not having to pay property taxes for a set period of time, against the asking price of the house or building so being sold. Additionally, many a person, that would desire to prepay their property taxes, are the very same people, that probably are in it for the long term, and therefore have no real intent on moving or selling.
The thing about lump sum payments, is that both parties to an agreement, can see such, as being a win-win, so it is at least something that should be considered by counties as an option that might well make good sense. While, there are plenty of people that prefer to finance this and to finance that; there are also a sizeable amount of people, that prefer to pay cash in full on this and on that. Those people that have the cash, and disdain having to pay a large property tax bill each and every year, are typically the very same people, that counties should wish to engage with, especially when those counties see the value of money so being collected today, as advantageous for what they desire to do with it, over a steady stream of money, that takes years upon years to collect, in kind.