hizgeorgiapeach
Posts: 1672
Status: offline
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Damn - $500K for 10 in Moore? He must be fairly close in to the city, if he paid that much! (Either that, or prices here have gone WAY up since the last time I looked at buying or selling, and it wasn't that damn long ago!!) When I mentioned Commercial vs Residential on the taxes, I wasn't refering to Zoning so much as I was to the fact that you own the property specifically to Make An Income from it - a Rental House that you yourself do not live in. Makes a HUGE difference in taxes around here, primarily because of that Homestead Exemption rule - it can Only be claimed on Your primary residence. You have to be the one actually living there, it has to be your residence the majority of the year. Anything other than that and you can't claim the exemption. Even though I run my business out of my home - it is secondary to the fact that the home is my residence, year round, and the only piece of this Type of property that I own (ie, a single family dwelling.) From the sound of it - though I've been mistaken at times - what you're looking for is another property that you own but which you draw an income from via renting it out while you continue to live in another state. Unfortunately, you simply aren't Going to get any seriously decent tax breaks on properties that you rent out, regardless of what the neighborhood is like. The place out here in the metro that you own is about the same size as the one I own - that Homestead Exemption is likely the primary difference in how much we're paying on taxes.
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