Texas homeowners reeling after property tax appraisals skyrocket

[Texacon]

https://www.democraticunderground.com/100216636096

Demovictory9 (25,961 posts)


Texas homeowners reeling after property tax appraisals skyrocket

COLLIN COUNTY (CBSDFW.COM) - Some new numbers are painting a clear picture of how hard North Texas homeowners are getting hit by skyrocketing property tax appraisals.

CBS 11 News has learned that Collin County expects a record of 100,000 homeowners to protest their appraisals. A county commissioner we spoke with says it's the smart thing to do if you need financial relief.

A broken sprinkler system outside his home in Lucas, Texas is the least of Marc Sherrin's concerns after opening the mail. Looking at his statement he said, "We owe $75,000 more than last year looks like. We're going to have to protest again."

Sherrin and his family live in a small Collin County town where the price of the average home is already steep -- at $600,000. But appraisals this year, like the one he received in the mail, are up more than 30% across-the-board which makes the median home value now more than $900,000.

"I'm just kind of at my wits end," Sherrin said. "I don't know what to do."

The cities of Prosper, McKinney, Frisco, and Celina are all reporting home appraisal values above 30%, according to new numbers recently provided to County County leaders.

https://www.msn.com/en-us/news/us/texas-homeowners-reeling-after-property-tax-appraisals-skyrocket/ar-AAWEIkc

I read the article.  It's either really bad reporting, or they are putting a huge spin on this to suck in their target audience.

Texas has a homestead exemption that you can file (it's mentioned down at the bottom of the article, but not explained), once you have the exemption the increase to the property taxes you pay cannot exceed 10%. 

Second, anyone who things this guy is going to pay an additional $75,000 in property taxes is just an idiot.  Using the example that gave in the article (I thought it odd they didn't use this guys actual assessment since he was the one complaining and it's public record) of the median price being $600k and going up to $900k, that means he had an increase of $300k in assessment (they are NOT appraisals as quoted in the article, the county doesn't do appraisals, they are assessments based on current sales in the area), and with his $300k increase the article wants to claim he's going to pay an additional $75,000?!

Who on earth would believe that?  DUmmies, that's who.  I'm shocked they're not screeching "well, it serves you right if you live in a million dollar home you SHOULD feel the burn!!"

Anyway.

NJCher (29,253 posts)

1. Awwww

And those darned republicans only let you deduct $10k.

That doesn't apply to us.

jimfields33 (9,294 posts)

7. They cap out property taxes at no more then 3 percent a year.

I like that. They need to pass something like that in their town.

I have no idea what this guy is talking about, but neither does he so we're even.

Celerity (28,334 posts)

2. In 2020 Trump won that county. Play stupid Trump games, win stupid Trump prizes.

Uhm, what the hell does Trump have to do with county taxes?

TexasTowelie (92,399 posts)

3. The price that people have to pay to live in a small town

serviced by six independent school districts and one private academy.

It's tough to feel sympathy for the increased taxes these people will pay when the median home price is approaching $1 million.

mnhtnbb (29,343 posts)

6. My niece and her family live in McKinney,

in a cookie cutter suburban house without "luxury" finishes. They have two little boys. I suspect they aren't prepared to handle having their property taxes go up 30%.

According to Zillow, their house is worth 43% more than what they paid for it in January 2019, but still valued under $500K.

If they filed their homestead exemption they won't go up 30%.  If they didn't, why didn't you, as a member of the smartest people on the internet group, tell them they should file that exemption on the day they bought their house.  I know we tell people who buy homes through our real estate company they should file their homestead exemption immediately, if it's going to be their primary home.  If it's going to be their weekend home or an investment property, you can't get the exemption.

KC

[Texacon]

And without spending too much time on this, I did a really quick search for Collin county here in Texas just to see what their tax rate is.

While this seems really high, it will still serve the purpose of showing the DUmmies they have no clue what they're talking about.

https://www.tax-rates.org/texas/collin_county_property_tax

This shows Collin county as having one of the highest median property tax rates in the nation.  It shows it at an average of 2.19%.  Having said that, a home assessed at $900,000 would have an annual tax liability of $19,710.

Very poorly written article and the DUmmies just lap it up.

KC

[Texacon]

Here's one DUmmie who gets it, but didn't go far enough in the response so I'll point it out for any lurkers.

Igirl (26 posts)

10. Who is they? The cap is 10% in Texas

with the remainder carried to the next year on a primary residence. Uncapped on a non primary( rental). A 30% increase will max you out for the next 3 years not counting increases added for those years as well.

Property taxes are very high in Texas. Around $9200 for a $400000 house.

As I mentioned above you can't homestead an investment property (rental), so that means on the 12 rent houses I own, when my taxes go up by X% I have to raise the rent by X%.  No being able to cap the percent increase on a rental doesn't affect me, it affects those I rent my properties to.

KC

[Ralph Wiggum]

I'll take bad and very misleading reporting.

Property taxes are a tradeoff for Texas (and other states) which have no state income tax.  The residents of great state of Texas still pay less in overall taxes than liberal hellholes like California, Illinois, and New York where they pay outlandish taxes on everything from property tax/state income tax/gas tax/etc.

[Texacon]

I'll take bad and very misleading reporting.

Property taxes are a tradeoff for Texas (and other states) which have no state income tax.  The residents of great state of Texas still pay less in overall taxes than liberal hellholes like California, Illinois, and New York where they pay outlandish taxes on everything from property tax/state income tax/gas tax/etc.

Yes, the property tax is a trade off and yes, it is still cheaper.  The added bonus to that is if I have a $10MM/year job and I want to shelter myself, I can live in a really nice house, on a lake for say $1MM and my taxes are going to be very low in comparison to my income.  Of course, most people don't do that, but it's possible.  It is definitely not possible if you have a state income tax.

What I have seen done is someone who has a lot of money has a weekend home that is worth 3 - 4 times what their 'primary' residence is, and they'll homestead that one and pay full taxes on the one they call 'primary.'

KC

[SVPete]

jimfields33 (9,294 posts)

7. They cap out property taxes at no more then 3 percent a year.

I like that. They need to pass something like that in their town.

So, jimfields33 would approve of what Californians did in passing Proposition 13, which capped property taxes and annual increases thereof? Heresy! Pizza delivery now!!!  

[jukin]

That "report" is just democrat misinformation.

I'm going to report it to the new Biden Ministry of Truth he created at DHS.

[Texacon]

 

I love this exchange;

DFW (46,880 posts)

22. At least Texas has no state income tax

My sister and her husband live in New Jersey, which has an income tax, and one of the highest property taxes in the country. They pay over $15,000 a year property taxes, and their home didn't cost $500K, although I only know what they paid for it 20 years ago, not what it is assessed at now. At least her husband recently got a new job (finally! He is 59, and had been sucking wind for 2 years, living off of wisely socked away savings), and hopes it will carry him to retirement.

It's true, we don't have a state income tax.  Looks like NJ has not only a state income tax, but unless that house has increased in value by a whole lot, they also have a higher property tax rate that we do.  Anyway, let's continue.

inthewind21 (577 posts)

26. No, it does not

So lets see a 7% state income tax with a 1.6% property tax, or flee to Texas where you have no state income tax and 10% property tax that goes up every single year. Yeah. makes perfect sense. I was born and raised in Texas. They are getting the taxes. But just keep focusing on "at least there's no state income tax". And hey, how's all that tort reform working out in Texas, insurance there must be next to nothing now.

 

I guess inthewind21 thinks the claim of being born and raised in Texas makes them an expert.  I have NO idea of what the property taxes are in the rest of the country, but I can damn sure bet you won't find any property taxes in Texas anywhere CLOSE to 10%, and I doubt you could find that anywhere in the country.  10%?!  LOL  I think inthewind21 saw the 10% cap and made an ASSumption.

Just a last one.

DFW (46,880 posts)

27. I'm not confronted with any of that, and don't keep up with it. You'd know the details more than I

I have been living in Germany for many years now.

But if my sister is paying $15000 a year property tax in NJ for their small house, it's a LOT more than 1.6%. Her house is not worth $937,000 by any stretch of the imagination.

Marc knows damn good and well the property tax rate in Texas is not 10%.

KC