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Video instructions and help with filling out and completing form 2220 interest rates 2020-2021
Today I want to talk to you really quick about a very important aspect of tax lien indeed investing and that is the interest rate versus the penalty rate I know you'll be seeing that a lot when you're doing your County research and it confused me when I first started so I needed to make a video and show you guys how and what the difference is so stick around okay so penalty rate versus interest rate what is the difference so this can be confusing like I said but it's super simple I'm going to walk you through right now and i made this slide store a presentation because it was fun and i just wanted to do it so we're going to use examples today from Arizona Georgia Florida and Texas and I'm gonna try to keep this quick short and to the point so let's jump in so a tax lien indeed penalty the simple of that way the simple the simplest way to look at this is to think of it like an actual penalty or a fine like for instance you get a speeding ticket it's you did this now you have to pay this that's it there's no like well you can pay this over the next few months it's like now you should probably pay that fine right now and or else it's going to get messy so basically you did this you get charged the full amount right off the bat no matter what happens and I'll give you an example later on and generally the penalty states are the tax deed states that offer Redemption periods Texas Georgia but I'm gonna again I'm going to give you some examples in a few minutes so penalty states you get charged right off the bat there's no interest accruing it's just boom this is how much you have to pay interest on what you bought the property for so now the tax lien interest rate is a little different but it's like it sounds just like the banks you put your money in a savings account each month you get money added on top so for instance let's say you had a 12-percent a taxing with a twelve percent interest rate each month that would be divvied up and you would get one percent every month so one percent every month for 12 months makes sense or if it's like eighteen percent or twenty-five percent of twenty percent you would get you divide that by 12 and that's how much you get each month so brings us to an example of Texas and Georgia I found these cool photos here hope you like them so back both Texas and Georgia are hybrid states meaning they both act as tax deed ish and tax lien ish States so if you don't know this already in Texas if you buy a deed at a sale the homeowner instantly has to pay you twenty-five.