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Updated about 20 hours ago, 12/27/2024
Homestead Exemption Advice - Austin
Husband and I have 3 rental properties between us that were we lived in separately at different points before getting married. Because they were primary residences, we had homesteads on all of them. We recently purchased our "forever" home together in another county and applied for a homestead but of course we were denied because they found out we had 3 active ones in another county. We plan to remove them all to protect from tax increases on our current primary, but I am afraid that now that the other properties won't have homesteads, we may see skyrocketing tax bills and it will eat into already small cash flow from rental income.
Does anyone have advice for how to handle this situation other than just increasing rent? Rent is already in line with the market on all 3 properties and we have a few hundred dollars of cash flow. Thanks!