Texas Property Taxes

7,680 Views | 55 Replies | Last: 10 mo ago by strbrst777
jamey
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8:43p, 4/16/24
AG
Dallas Appraisal District

I thought some bill was passed that was going to reduce property taxes? Mine went up ~$600. Maybe it goes into effect next year? If all it did was give us less sticker shock this year that's pretty crappy

"The signing of this Texas-sized tax cut, the biggest property tax cut in history, is a massive victory for all 5.7 million Texas homeowners," said Lieutenant Governor Patrick. "The combination of compression and the $100,000 homestead exemption is a powerful one-two punch that will cut school property taxes for the average priced home by $1,250 to $1,450 every year on their homesteaded property."

https://gov.texas.gov/news/post/governor-abbott-signs-largest-property-tax-cut-in-texas-history
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Roger That
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9:07p, 4/16/24
BenTheGoodAg
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9:11p, 4/16/24
AG
It is ridiculous that I pay the government more to live in my house than I pay the bank to live in my house.
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Red Pear Luke (BCS)
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9:19p, 4/16/24
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AG
It should have been retroactively applied for 2023. Haven't gotten my assessment for 2024 but I'm guessing they are gonna try to BOHICA us again with the increased rates.

Never ending fight.
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jamey
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In reply to Red Pear Luke (BCS) • 9:24p, 4/16/24
AG
I got my assessment and papers to challenge their assessment but had to look online to see the final dollar amount.

It does say its not final but in prior years as I recall, it is

If you're 65+ they have not applied that yet but I'm not 65


I guess I'm suppose to be happy it did not go up 2K
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JSKolache
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In reply to BenTheGoodAg • 10:08p, 4/16/24
AG
BenTheGoodAg said:
It is ridiculous that I pay the government more to live in my house than I pay the bank to live in my house.
It truly is. We thinks it's a plus that we don't pay an income tax, but if you ever live outside TX for awhile and then move back youll start to clue in how excessive the property tax burden is here.

I hope I get some relief outta the new bill. Just got my appraisal and it capped out at +10% again, 4th year in a row. Yay.
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Diggity
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10:34p, 4/16/24
AG
I'm all for *****ing about property taxes, but Abbott did lower the effective tax rate. Went into effect last year.

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Heineken-Ashi
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In reply to Diggity • 10:38p, 4/16/24
Diggity said:
I'm all for *****ing about property taxes, but Abbott did lower the effective tax rate. Went into effect last year.

And tax rates have been coming down since 2019 due to the bill stating jurisdictions can't collect more than 3% revenue on the existing tax base than the prior year. While my house has nearly doubled in price since 2019, my tax bill hasn't even risen a third of that.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)
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94chem
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11:06p, 4/16/24
Let the bank pay the taxes for the 75% of my house that they own.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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jagvocate
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In reply to Heineken-Ashi • 3:34a, 4/17/24
AG
Tax rates are only part of the equation. The fraudulent valuation game is the other. We must rein that in too!
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cgh1999
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7:12a, 4/17/24
AG
I've lived in the same house for over 15 years. My income has gone up significantly since I bought this house. I have kept a log comparing what my property taxes are versus what I would have paid in income taxes in Louisiana. Every year, taxes have been cheaper. However, the two are rapidly converging. Living below my means Has provided me with financial comfort, however, now I feel like My home is a prison. Buying a nicer, and larger home would cost me significantly both in mortgage, but more importantly in taxes. The system is definitely broken.

Honestly, I think we should move to a state income tax. Clearly, those with means would be taxed more, but if they are honest about the calculation, they're probably already in an expensive house paying the same now. At least taxes would be greatly reduced once you retired.

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94chem
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7:53a, 4/17/24
It's all a shell game. Governments are gonna get their cut through either use taxes, income taxes, or wealth taxes. The property tax is a wealth tax, but it taxes assets that the owner doesn't own.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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Heineken-Ashi
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In reply to jagvocate • 8:22a, 4/17/24
jagvocate said:
Tax rates are only part of the equation. The fraudulent valuation game is the other. We must rein that in too!
No doubt. But the higher the valuations, the lower the tax rate will drop.

What's going to suck is if we have a year where valuations drop. Jurisdictions are going to get their 3%, and you will see tax rates go back up and punish you despite your house losing value.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)
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1Aggie99
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In reply to cgh1999 • 8:49a, 4/17/24
AG
An income tax has too many holes as we see on the fed level. Biggest issue is 50% or less actually pay. A sales tax on the other hand catches every purchase regardless of how you obtain your income. What the % is would be interesting but we could stop worrying about folks being paid under the table, cash transactions.

More people paying in helps everyone. Current income tax doesn't touch that and puts entire burden on less than half the population. Remove tax breaks, deductions, etc and just tax everyone on what we buy. We then control how much we pay in taxes by our own spending.
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Ag92NGranbury
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9:10a, 4/17/24
AG
The unintended consequences of the Republican's 100k homestead exemption will start to reflect on rental properties soon.

For example, two $200,000 sitting side by side. One is rented and one is owned.

The owned property will only be billed ad valorem taxes on $100k, while the rental will incur the full tax on a $200k property.

I've lived in both states with income tax and property tax. I prefer the property tax because you can control the size of the house that you live in and the area that you reside. You can also protest your property tax and have the ability to vote locally for lower taxes.

Our ISD tax rate is pretty darn low at $.93 while Prosper ISD is at $1.44. That's a big difference!
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TxAG#2011
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In reply to Ag92NGranbury • 9:32a, 4/17/24
What's the problem here? Rental properties should be paying more in taxes.
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GenericAggie
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9:34a, 4/17/24
AG
500K house at 2.25% = 11,250 in taxes.

Let's say you make 200K and have a 6% SIT. 12K

Break even
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Diggity
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In reply to Ag92NGranbury • 9:53a, 4/17/24
AG
Ag92NGranbury said:
The unintended consequences of the Republican's 100k homestead exemption will start to reflect on rental properties soon.

For example, two $200,000 sitting side by side. One is rented and one is owned.

The owned property will only be billed ad valorem taxes on $100k, while the rental will incur the full tax on a $200k property.

I've lived in both states with income tax and property tax. I prefer the property tax because you can control the size of the house that you live in and the area that you reside. You can also protest your property tax and have the ability to vote locally for lower taxes.

Our ISD tax rate is pretty darn low at $.93 while Prosper ISD is at $1.44. That's a big difference!
I don't this is unintended
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cadetjay02
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In reply to Ag92NGranbury • 10:03a, 4/17/24
AG
The Prosper residents voted for that high tax rate. They brought it upon themselves and don't have any ground to stand on when complaining about it.
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one safe place
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10:18a, 4/17/24
The $100,000 homestead exemption wasn't even a bandaid. It was increased to that level, but we already had a $40,000 homestead exemption. That extra $60,000 will be eaten up in two or three years with increased valuations.
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one safe place
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In reply to 1Aggie99 • 10:25a, 4/17/24
1Aggie99 said:
An income tax has too many holes as we see on the fed level. Biggest issue is 50% or less actually pay. A sales tax on the other hand catches every purchase regardless of how you obtain your income. What the % is would be interesting but we could stop worrying about folks being paid under the table, cash transactions.

More people paying in helps everyone. Current income tax doesn't touch that and puts entire burden on less than half the population. Remove tax breaks, deductions, etc and just tax everyone on what we buy. We then control how much we pay in taxes by our own spending.
The federal income tax does have many issues and too many get by without paying a dime, and too many get money back they did not pay in. But it need not be that way at the state level. I don't think you could ever sell strictly a sales tax, given how regressive it is. Maybe a combination of a very simple state income tax and an increase in the sales tax would work.

But either would be preferable to the property tax. If your income is low, you pay very little. The sales tax is paid when you spend, what you don't spend, you pay no sales tax. But property taxes are taxes on wealth, on unrealized gains. With zero income, you owe the same amount of property taxes that you owe if you make $300,000 a year. You have no measurement issue with income taxes or sales taxes, you do with property taxes due to the "valuation."
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1Aggie99
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In reply to one safe place • 10:39a, 4/17/24
AG
Agreed... however, one of the biggest bleeds on the system (state or fed) are those with hands out. Illegals and those raised/trained in how to milk the system. I don't know how you capture dollars from that group without the sales or consumption tax part being a major player or the main player.
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Ribeye-Rare
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10:47a, 4/17/24
AG
About that school tax relief:

'My' ISD has a bond election in 2 weeks and plans to increase the I&S rate by $.245/$100 valuation.

Basically, they'll take back any 'relief' from last year.

Will it pass? -- oh yeah, poorly advertised, polling place is the ISD building, and nothing else to be voted on that day.

But, but, but 'education'. Oh yeah, they need that indoor practice facility.
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Ag CPA
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11:49a, 4/17/24
AG
Don't like it but at least it keeps the taxes local (with the exception of Robin Hood but that's another discussion).

The alternatives are higher sales/VAT or an income tax (and "no additional taxes" is just an F16 wet dream) and I don't want to send more money to Austin than I already do.
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arrow
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11:56a, 4/17/24
AG
We will all be living under those awesome new stadiums soon.
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one safe place
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In reply to 1Aggie99 • 1:57p, 4/17/24
1Aggie99 said:
Agreed... however, one of the biggest bleeds on the system (state or fed) are those with hands out. Illegals and those raised/trained in how to milk the system. I don't know how you capture dollars from that group without the sales or consumption tax part being a major player or the main player.
That is why I would prefer both, a flat income tax, no deductions. And a sales tax to get those you describe. I don't know that I have ever seen anything real analysis on it, other than the Fair Tax proposal, but I am not sure a sales tax alone would generate enough revenue. Those making $500,000 a year (for example) are not spending that full $500,000 on taxable purchases. A chunk of it is being saved/invested and a chunk of it is going to pay mortgage and other debt, none of which is subject to sales tax.

What I do not want to see is a higher sales tax and still have a property tax as is the case in some states.
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insulator_king
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5:59p, 4/17/24
AG
And this is why I don't live in Texas.

Currently renting in ABQ while I work, but will retire in about a year and a half and move back to my rural home.

Taxes were $663.80 for my house and ~49 acres in a very rural county. I have electricity, a well [with no meter], and decent DSL internet.

Bought it over 30 years ago when I was RIF'd from the Navy, and it is all paid off. Does need a LOT of work though to get back in shape.
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jamey
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8:58p, 4/17/24
AG
I guess one good thing about Texas Property Taxes over other states is its in your face when you get the annual bill, not slowly bled out like sales or income tax that's sorta hidden
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jamey
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In reply to one safe place • 9:10p, 4/17/24
AG
one safe place said:
The $100,000 homestead exemption wasn't even a bandaid. It was increased to that level, but we already had a $40,000 homestead exemption. That extra $60,000 will be eaten up in two or three years with increased valuations.


I was hoping for 1 or 2 years, but I didn't even catch 1.
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Diggity
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In reply to jamey • 9:18p, 4/17/24
AG
You got it last year
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94chem
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In reply to GenericAggie • 9:35p, 4/17/24
GenericAggie said:
500K house at 2.25% = 11,250 in taxes.

Let's say you make 200K and have a 6% SIT. 12K

Break even


In that one example, yes. But how many people have a $500K home and a $200K income. More than likely, they have a $100K income and only 20% equity in the home.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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jamey
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In reply to Diggity • 9:59p, 4/17/24
AG
Diggity said:
You got it last year


The vote was recent, in Nov.

Just getting the latest assessment since then this week
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Diggity
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In reply to jamey • 10:02p, 4/17/24
AG
And it applied to your 2023 tax bill
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jamey
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In reply to Diggity • 10:05p, 4/17/24
AG
Diggity said:
And it applied to your 2023 tax bill


So the assessment I got last year around this time was not final and we paid less than what last April/Mays assessment said
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Diggity
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In reply to jamey • 10:10p, 4/17/24
AG
Yes. Read the article you posted
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