I got a surprise property tax bill that I knew nothing about — and now I owe $50K and will probably lose my home. What can I do?

Unpaid property taxes can have serious consequences

Homeowners who have unpaid property taxes will generally receive a courtesy notice in the mail first after a certain amount of time has passed without tax payment.

This passage of time before getting a notice will vary depending on which state you live in. It can range anywhere from a couple months to a few years before a tax collector comes knocking.

Once the taxing authority (for example, your city or township) gets involved, it could make the delinquent amount a lien on your property. This can also result in additional taxes, interest, and penalties.

If you don't get current by the assigned deadline, however, that same taxing authority could force the sale of your property — typically through a tax foreclosure or tax deed process — to recover the money owed.

Although these processes take time, it’s still prudent to act quickly in order to save your home.

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How to avoid a property tax shock

The cost of property taxes can vary substantially from one state to another, or even one county to another.

For example, New Jersey has the highest property tax rate in the country at 2.26%. Its median annual property tax bill sits at $8,796.

On the flip side, Hawaii has the lowest property tax rate in the country at 0.27%, with a median annual bill of $1,971.

But regardless of what you're looking at paying in property taxes, it's important to know exactly what you owe. Before you close on your mortgage, review your property deed thoroughly — either on your own or, ideally, with the help of a real estate lawyer.

While you're at it, inspect your property survey. These documents should be made available to you before your closing, and they contain important information about your property's legal boundaries.

If you notice that your property is located in more than one county, like the Reddit user above, you can then call each tax collector's office and figure out what your obligation is.

From there, rather than pay into an escrow, you may want to pay your property taxes directly when they're due (which is typically once per quarter). If you've already purchased your home and didn't review your deed and survey thoroughly, it's not too late to access those records. Just contact your county clerk's office for further instructions.

Be sure to pay attention to property tax assessments you receive in the mail. Your taxing authority will generally send these on an annual basis and, from there, you have the right as a homeowner to file a property tax appeal.

If you receive two separate assessments from two separate counties, that's your first clue that you're in a situation like the one mentioned earlier. From there, you may have some homework to do to figure out who you owe money to and when.

If you end up with a huge underpayment on your hands, such as in the situation above, your best bet may be to enlist the help of a real estate lawyer. They may be able to negotiate a payment plan on your behalf so you don't have to scramble to come up with the money in one lump sum or risk losing your home.

But also, make a point to have a three- to six-month emergency fund to cover surprise bills that arise. In the case of a modest property tax underpayment, a problem like the one above might go away fairly quickly if you have the money to cover your tax debt.

A financial adviser with tax expertise can also be a valuable resource when it comes to avoiding underpayment penalties and to help with tax planning.