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OMG...I have been researching this considering comments I have read and heard from other people about high property taxes. It appears that on a house valued at $250000, we can expect to pay as much as $6000 in property taxes...is this an exaggeration? Please someone provide feedback on this..we need to make a decision on the affordability of moving to Austin by end of Week!
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Actually depending upon where you live, it could be as high as $8,500. Taxes range anywhere between around 2.5% and 3.4%. So if you want to plan for worst case scenario, plan for 3.4% when estimating your costs. Of course, the taxes are based on % of assessed value, not market value. Assessed value is often lower than market value, but it's better to expect the worst and hope for the best. Keep in mind that you will likely be eligible for the homestead exemption which deducts roughly $25K off the assessed value of your home before taxes are calculated. (I think I have that explained correctly!)
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There are quite a few very good threads on property tax (very hot topic
). Anyway, the city of Austin proper is around 2.7%. |
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thanks!!!!!!
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