What are the penalties for late payment of property taxes?

In Virginia, one of the consequences of not paying your property taxes on time is incurring a penalty and interest on the unpaid balance. The penalty for late payment is 10% of the unpaid balance, plus 1% interest. Any unpaid balance must be paid in full by June 5th of the tax year. If the balance is not paid by June 5th, an additional 10% penalty will be assessed. The county treasurer may also tack on an additional penalty equal to the interest accrued. After the initial 10% penalty is applied, interest is charged at the rate of 1% per month from the original due date until the balance is paid in full. This means that you could end up owing nearly double the amount of your tax due if you wait too long. Additionally, if you are late in paying your property taxes, you may be assessed costs and collection fees. The county may also use additional enforcement measures such as attaching liens to the property or initiating a foreclosure action against the property owner. It is important to note that even if you request and are granted an extension to pay your taxes, you will still be responsible for any late payment penalties and interest that have accrued. Therefore, it is best to make sure that you pay your property taxes on time to avoid incurring any penalties or interest.

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