Help my property taxes went up 52%
I bought a single family home last year in San Antonio Texas for approximately 105k the only thing I did to it was paint it inside and out plus clean the carpets. The tax appraisal for 2015 was $142,430. Now I get a letter in the mail that the tax appraisal for 2016 is $192,430.00 . I have the property leased and the higher tax value would eat up the cash flow. To raise the tax rate to above full retail seems like legalized thievery. I need help knowing how to handle this.
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Yeah, @Jay Hinrichs pretty much hits the nail on the head. I've been landlording for eight years now, and every year I toy with the idea of just liquidating it all and going somewhere with lower taxes. Rents have, fortunately, gone up enough here to at least cover the increases, and we've had a nice run up in appreciation, but neither can go on forever. I literally cannot fathom how people can call Texas (or at least DFW) a "cash flow" market. Our cap ex and taxes make it more like a "break even" market.