HCAD (appraisal district) exceptions

[Oleg Malkin]

Bought a property last year in Houston that previous owner had the over-65 exception property tax on. Obviously makes a big difference on property taxes (close to $4k in my case). District still has not updated owner info and it still seems to have the exception. Owner moved out of state and doesn’t care (told me). What will happen if I wait another year before letting HCAD know that I own this property? Do they assess penalties and ask for money back later? Anyone has actual experience with this with HCAD?