January marks the start of a new year—and in many parts of the country, it’s also time for homeowners to square away their property taxes.

By becoming familiar with property tax deadlines, particularly those in January, you can avoid penalties and keep more of your hard-earned money in your pocket.

If you do miss a deadline, however, don’t fret. There are strategies to minimize the consequences and keep your bank account in check.

When are property taxes actually due?

Property tax deadlines vary by state and even county, but there are several places where they are due in the first month of the year.

“January taxes are usually due when a jurisdiction follows a quarterly or semiannual tax payment schedule,” says Jonharold Cicero, partner and real estate attorney at DL Partners in New York City.

If you live in any of these states, you may owe property taxes this month, depending on local regulations.

Texas: Property taxes are usually due by Jan. 31.

New York: Most cities, including New York City, impose January deadlines.

Mississippi: Since property taxes are typically due by Feb. 1, January payments are common.

Nevada: The third installment of property taxes is due in January.

Wisconsin: The first installment payment is usually due by Jan. 31.

South Carolina: Most counties require payment by Jan. 15.

North Carolina: Property taxes are typically owed by Jan. 5.

If you miss the deadline, Cicero explains that penalties and interest usually start accumulating the next day. 

Your county assessor will likely send you a tax bill indicating when your taxes are due and when a penalty will hit,” explains Jeremy Schachter, branch manager at Fairway Independent Mortgage Corp. in Phoenix.

If your taxes are escrowed or included in your mortgage, you can expect your lender to send the payment on your behalf. 

Ilir Salihi, real estate investor and founder at IncomeInsider.org in Rockville, MD, points out that it’s also common to get new assessment notices in January. They’re designed to assess the value of your property and calculate how much taxes you owe.

“Once you receive a notice, you get a 30 to 45 day appeal window, depending on your county.

If you want to contest the value of your home, make sure you appeal within that short window, or you’ll likely be stuck at their assessed value until the following year,” says Salihi.

Don’t overlook the homestead exemption

If you’ve moved recently, the homestead exemption should be on your radar.

It’s a property tax benefit that reduces the taxable value of your home and in turn, how much you owe in property taxes. 

Since it’s tied to the property, rather than the homeowner, you have to file shortly after you move as it doesn’t automatically carry over. 

“A common issue we see is where people have purchased a new home and they neglect to obtain a homestead exemption on their new home. If this happens, they can wind up paying a lot more in property taxes for that year,” says David Metzger, partner at Williams Teusink in Atlanta.

He explains that homestead application deadlines are typically very firm. If you bought a new home in the last year, you need to find out when the deadline is to apply as soon as possible. Visit your local county assessor’s website for this information. 

How to find your local deadlines 

Regardless of whether your property taxes are paid by your mortgage lender or by you, it’s always wise to check in with your local county assessor directly.

Find out if there are any increases scheduled for the coming year and make sure there are no outstanding balances that are collecting interest and penalties. 

“Many jurisdictions now post property tax bills and assessments online, so it’s a good idea to locate that website and bookmark it,” explains Cicero. 

A second option would be to check with your mortgage company and see if your escrows were used and disbursed. 

What to do if you miss a deadline

If you ever miss a deadline, pay your property taxes as soon as possible to stop the interest charges from accumulating. Then, speak to your county tax collector about a penalty abatement or a payment plan. 

“If it’s a first-time penalty, assessors and collectors are usually fairly accommodating and willing to work with you to work out a financial option that aligns with your budget and needs,” says Salihi. 

In the event you happen to miss your appeal deadline on your assessment, Salihi recommends you try to petition for a correction—as long as you have reason to believe the assessor made a factual error, such as calculating the wrong square footage.