Brian is definitely right, usually a bank owned property is bought "as is where is" which means you buy a bank owned at your own risk-once final escrow is signed the bank usually has no liability..talk to a CPA, but homeowners' exemption goes with the homeowner and does not stay with the home, since the bank is not the homeowner and never took residence, Brian is correct that the exemption expired. The listing agent did disclose on the mls so they did their due diligence. Your agent ant title (at least from what you've described and my perspective) should have brought this to your attention, and made you aware that this could possibly happen; taxes are billed in June and December, do you know what the June bill was for? Definitely talk to someone about this.

Randy,

This is a great question and probably one more suited for a CPA. I would suggest talking with the Canyon county assessor to see what they have to say about it.

Technically if the bank owned it long for the homeowner's exemption to expire you may be on the hook. Even though it was marked in the MLS incorrectly the mortgage broker, and title company should have seen it.

I hope you find some relief, I'm going to check into this because it's a very real scenario right now and I appreciate you posting the question.