My grandmother died about a month ago. I am now to inherit her house (more like mansion) in Houston, Texas (I live in the UK, btw). I'm very grateful however there is a large issue with the property taxes on the house, its $30950/yr! (not a mistake, I still think that they are joking). Over here in England, property tax rates are pretty much nothing (although there are high income taxes unlike Texas, which has none). The property tax to be paid on my inherited house is quite close to the actual salary I can earn - so I literally can't pay it.

I love the house and I will definately live in it till I die. Is there a way to dramatically depreciate the house value so that I can afford to pay the property taxes (and therefore live in it) - I know that it sounds ridiculous but since I plan to live the rest of my life in the house, I don't mind doing this.

shunned

If you don't have the means to pay this every year (and expect it to rise, not fall) a short term solution would be a home equity loan but I would not advise that.
Selling may be the only option.

valinors_sorrow

Have you got any worthwhile cause you'd like to pursue?

The only means I can conjure up at this point is to start a tax exempt non-profit organization and donate the house to it. Then perhaps you could lease the house from it. Lots of paperwork and legal stuff and it better be a real honest do-gooder deal since the mishandling of funds and property by not so up-and-up charities is calling for tighter scrutiny in this country. And I certainly am not advocating you be one of those either. But it is a thought and could make several cool things happen, a new place to live and a new career, and some good from it too?

AtlantaTaxExpert

The advice offered seems solid. I can offer no practical solution to your problem.