Homeowners over 65 and individuals with disabilities have an option to defer payment of taxes on their homestead at a lower rate. Property tax deferrals allow qualified homeowners to pay taxes without penalty at any time, using 8% interest per annum rather than the standard 24% penalty and interest. Deferrals cannot be applied retroactively to delinquent taxes from past tax years, only to those currently due. In other words, any tax that is delinquent before the deferral period begins, is not eligible for the 8% interest per annum.

Homeowners and those who assist or care for them are advised that the deferred status changes immediately upon the sale or change or property ownership. On the 181st day after the deferred status changes, all standard penalty and interest charges for all years are due.

Only taxpayers with an Over-65 or Disabled Person Exemption may pay current Collin County Property taxes on their homestead residence in four installments without penalty or interest:

• ¼ of the payment by Jan. 31
• ¼ by March 31
• ¼ by May 31
• ¼ by July 31

If an installment is missed, the full penalty will accrue.

Collin County Property Taxes become delinquent on February 1. Penalty is imposed at the statutory rate of 6% on the first day of the delinquency month, and will increase 1% on the first day each month thereafter, reaching 12% maximum by July 1. 

Interest is imposed at the statutory rate of 1% on the 1st day of delinquency, and will increase 1% each month thereafter.

Taxes are due upon receipt of statement each year. In order to be timely, payment of taxes must be postmarked before the delinquency date.

Taxes are delinquent on February 1 of each year and subject to penalty and interest, and subject to possible lawsuit. If you mail late in the day on January 31, the post office may postmark your envelope February 1 and you will be charged penalty and interest for a February payment.