Property Tax Increase

[Jacob Kurian]

Hi, I'm a new investor. We purchased a new build home in San Antonio last year. Our Bank has informed us the taxes for the first year were on the land only, but now it will be on the home as well as land for this current year. Therefore, my monthly payment has now gone up by $1,000 which doesn't make sense to rent out anymore, as it will be at a significant cash flow loss. However, when I contacted the township's tax department, they state that the property tax should not increase that much. Additionally, they stated the home has homestead exemption, so it is likely an error on the bank's end. Has anybody had a situation like this before or able to provide more color on best approach / details?

[V.G Jason]

You're a lender and didn't underwrite for the taxes changing?

Let me guess you're going to be surprised when your HOI goes up too?