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Old 11-05-2018, 05:08 AM
 
1 posts, read 493 times
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Wife and I bought a rural property 5 years ago. It is 8 acres and has a home, guest house, garage, 2 sheds, and misc. other taxable items. Immediately upon purchase, the appraised value increased from 178500 to 218900 which was higher than our purchase price by 2k. Since then it has increased again to 223400. We live full time in Phoenix and have this place as our vacation home where we plan to retire in 2 years and 8 months. Taxes are almost 5k per year now and along with insurance, we are into a 10k per year escrow. How can we reduce these taxes in the mean time (over the next 2yrs 8mos.)? It is extremely steep! I don't believe I can claim homestead exemption since we reside primarily in Phoenix, and I cannot get my disabled veteran exemption (80%) for the same reason. Help? We do have cattle using the pastures full time...
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Old 11-05-2018, 05:41 AM
 
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Apply for the agriculture exemption. Be sure you follow the rules!
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Old 11-05-2018, 07:51 AM
 
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Won’t help with taxes, but have you thought about renting it out on Airbnb? Might help make the tax hit a bit easier. You just need to have someone local who can clean it between visitors.
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Old 11-05-2018, 01:26 PM
 
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Consult a CPA, and there are potentially other savings you can employ that are personal to your tax position.
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Old 11-05-2018, 05:37 PM
 
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Cattle require a minimum of 20 acres for the exemption. You are essentially hosed until you move here.
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Old 11-05-2018, 07:11 PM
 
Location: In your head, rent free
14,888 posts, read 10,029,032 times
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Quote:
Originally Posted by Accx4 View Post
Wife and I bought a rural property 5 years ago. It is 8 acres and has a home, guest house, garage, 2 sheds, and misc. other taxable items. Immediately upon purchase, the appraised value increased from 178500 to 218900 which was higher than our purchase price by 2k. Since then it has increased again to 223400. We live full time in Phoenix and have this place as our vacation home where we plan to retire in 2 years and 8 months. Taxes are almost 5k per year now and along with insurance, we are into a 10k per year escrow. How can we reduce these taxes in the mean time (over the next 2yrs 8mos.)? It is extremely steep! I don't believe I can claim homestead exemption since we reside primarily in Phoenix, and I cannot get my disabled veteran exemption (80%) for the same reason. Help? We do have cattle using the pastures full time...
This is simple, just get a divorce and one of you "move" to your Texas home as their primary residence and claim homestead exemption on it.
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