Arlington, TX · Member since 2016 · 113 posts · 10 votes
The home I owned turned into a rental for 4 years, but I did not cashflow. I could not sell it for the loan amount, so I rented it for 4 years. I never notified the appraisal district folks, that I was not using it as a primary residence. I have to tell them, since I now changed my mailing address with the appraisal district folks. I will be telling them.
Does anyone have any suggestions on asking for forgiveness? I think they will want me to pay back the difference.
I am in the Dallas County District. (Dallas, Texas)
Dallas, TX · Member since 2016 · 7 posts · 2 votes
10y
think you get that claim for one property, usually your primary, as long as you did not have on two properties I don't see where it makes a hill of beans.
Residential Real Estate Broker · San Antonio, TX · Member since 2016 · 506 posts · 311 votes
10y
There is a two year exception to the rule, if you notify them you will be moving back into the property.
The requirement is to notify in advance, so no luck there, but this tidbit might help others.
My exemptions in Collin county went away last year and the crazy appreciation drove my taxes up $2400 for the year. So much for cash flow...
Different counties/communities have differing tax rates, so the old address was better for the exemptions, but we ended up staying here and had to bite that bullet eventually.
Investor · New Orleans, LA · Member since 2015 · 32 posts · 5 votes
9y
I'm in the same situation. They said (TX, Collin Co.) I can keep the exemption for two years if I plan to move back. So that at least gives me another year. This will turn my $430 to around $230. It's not too bad, but I may sell anyway, because I'm out-of-state.