Homestead Exemption Ran Out (Residential converted to Rental)

[Chris C.]

Good afternoon,

I got a loan on a condo and lived in it for many years while I had a homestead exemption on it. I moved out and rented it and forgot about the exemption. Recently the tax office sent me a bill for 2 years of back owed taxes I have to pay immediately. Is there anything I can do to remove or at best reduce this?

Also,

If I sell the property, how do I figure out if I will pay capital gains on it or not? I believe there's a time limit of when I move out and can sell the property to avoid this?

Christopher