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Old 01-15-2012, 11:18 AM
 
Location: Dallas, TX
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Quote:
Originally Posted by pinipig523 View Post
Now, several questions - does this mean that all suburbs aside from those that feed into Dallas itself gets a $15K homestead exemption? Which places get the full 20% exemption?
Homestead exemption amounts vary. You will need to look at the various county appraisal websites (listed in a post above) to see the exact homestead exemption amounts/percentages.
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Old 01-15-2012, 11:25 AM
 
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Quote:
Originally Posted by lpepping View Post
Dallas Central Appraisal District
Tarrant Appraisal District
Denton Central Appraisal District - Home

You should be able to find all the information you need regarding taxes and homestead info at the above websites.
OK so I'm learning.

So the property tax of each area is broken down into several parameters (ISD, etc). Then apparently each of these have their "own" homestead exemption?

So homestead is more complicated than just a blanket term for the entire house amount?
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Old 01-15-2012, 11:31 AM
 
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Alright, thanks for the help so far - I'm learning a little more.

So, my understanding is that there are 2 homesteads - either state mandated or local.

State mandated is usually 15K. Local is variable which ranges from 0% to 20%.

I see that SL, FlowerMound, Keller have 0% local homestead exemption but has the 15K state mandated HS exemption.

Grapevine, Westlake, Plano has a 20% local HS exemption... interesting.

Last edited by pinipig523; 01-15-2012 at 11:39 AM..
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Old 01-15-2012, 11:31 AM
 
Location: Dallas, TX
900 posts, read 2,547,784 times
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Quote:
Originally Posted by pinipig523 View Post
OK so I'm learning.

So the property tax of each area is broken down into several parameters (ISD, etc). Then apparently each of these have their "own" homestead exemption?

So homestead is more complicated than just a blanket term for the entire house amount?
Yes, that is why you cannot just look at the quoted tax rates for a given city. You have to figure in the available exemptions to get a realistic idea of what you will actually pay in property taxes.

As others have said, it helps to look up actual homes on the various county appraisal websites to get a better idea of how the property tax total is calculated.
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Old 01-15-2012, 11:40 AM
 
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Quote:
Originally Posted by lpepping View Post
Yes, that is why you cannot just look at the quoted tax rates for a given city. You have to figure in the available exemptions to get a realistic idea of what you will actually pay in property taxes.

As others have said, it helps to look up actual homes on the various county appraisal websites to get a better idea of how the property tax total is calculated.
Quite complicated I see.

Why are there variable HS exemptions for each city?
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Old 01-15-2012, 11:45 AM
 
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Quote:
Originally Posted by lpepping View Post
Homestead exemption amounts vary. You will need to look at the various county appraisal websites (listed in a post above) to see the exact homestead exemption amounts/percentages.
Exactly. Take UP for example, using DCAD's tax chart for 2011:

http://www.dcad.org/forms/2011rate.pdf

I'm just going to calculate with the homestead exemption (must own home by Jan 1 to qualify for that year's exemption) and not any of the over 65, disabled, etc exemptions.

First, UP is in Dallas County and the total county rate is .62377 with a 20% exemption. $4,990

Second, UP is in the town of UP; tax rate is .27845 with a 20% exemption. $2,227

Third, UP is in HPISD school district; tax rate is 1.1342 with a 20% exemption. HPISD also carries the stwte's $15k homestead, lowering your taxable by just a bit more. $8,903

Since all portions of UP home's taxes carry a 20% exemption, we can just do straight math on an $800k taxable value ($1M- 20%). Add up the county, town, and school taxes to get a 2.03642% tax rate. Quick math says your tax bill in UP is going to be about $16,120 per year.

Insurance is different as you need to carry enough to replace your home's contents and structure. Since land is more of the hime's value in UP and homes tend to be much smaller and older than what $1.5M would buy you in FM or SL, I'd guess home insurance would be quite a bit less. I'd budget about $3k per year on a typical 3,500sf 1940's remodeled home and a bit more on a 1980-90's 4000-4500 new build. Also, rates will depend on where your home site geographically - a lot that backs up to Turtle Creek may need to carry more flood insurance than a home high on the Caruth hill.

Last edited by TurtleCreek80; 01-15-2012 at 11:58 AM.. Reason: Edited to calculate on $1M not $1.5M
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Old 01-15-2012, 11:50 AM
 
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Quote:
Originally Posted by pinipig523 View Post
Why are there variable HS exemptions for each city?
Simply put, the Texas Constitution allows for it. Each city / district can offer certain tax breaks through exemptions if they choose to.
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Old 01-15-2012, 11:50 AM
 
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What I have so far...

1. Southlake - 1M budget (to make calculations easy)
Property tax @ 2.52% = $25,200/yr
Homestead exemption - state mandated $15K x 2.52% = $378
Home owners insurance approx?

2. Flower Mound - 1M budget
Property tax @ 2.15% = $21,500/yr
Homestead exemption - state mandated $15K x 2.15% = $322.50
Home owners insurance approx?

3. UP - 1M budget
Property tax @ 2.04% = $20,400/yr
Homestead exemption - approx 20% (?) = $200,000 x 2.04% = $4,080
Home owners insurance approx?

4. Keller - 1M budget
Property tax @ 2.62% = $26,200/yr
Homestead exemption - state mandated $15K x 2.62% = $393
Home owners insurance approx?

Corrections? These are estimates? Did I get the UP HS exemption right?

Anyone can give me some insurance estimates without me having to call an insurance agent? Crude estimates are ok. Basically my question is are property taxes on a $1M home in UP and Southlake pretty similar? Provided both are equal (i.e. brand new)?
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Old 01-15-2012, 11:53 AM
 
1,256 posts, read 3,272,680 times
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Quote:
Originally Posted by TurtleCreek80 View Post
Exactly. Take UP for example, using DCAD's tax chart for 2011:

http://www.dcad.org/forms/2011rate.pdf

I'm just going to calculate with the homestead exemption (must own home by Jan 1 to qualify for that year's exemption) and not any of the over 65, disabled, etc exemptions.

First, UP is in Dallas County and the total county rate is .62377 with a 20% exemption.

Second, UP is in the town of UP; tax rate is .27845 with a 20% exemption.

Third, UP is in HPISD school district; tax rate is 1.1342 with a 20% exemption. HPISD also carries the stwte's $15k homestead, lowering your taxable by just a bit more.


Since all portions of UP home's taxes carry a 20% exemption, we can just do straight math on a $1.2M taxable value ($1.5M - 20%). Add up the county, town, and school taxes to get a 2.06342% tax rate. Quick math says your tax bill in UP is going to be a hair above $24,000 per year. You can do exact math if you wish.

Insurance is different as you need to carry enough to replace your home's contents and structure. Since land is more of the hime's value in UP and homes tend to be much smaller and older than what $1.5M would buy you in FM or SL, I'd guess home insurance would be quite a bit less. I'd budget about $3k per year on a typical 3,500sf 1940's remodeled home and a bit more on a 1980-90's 4000-4500 new build. Also, rates will depend on where your home site geographically - a lot that backs up to Turtle Creek may need to carry more flood insurance than a home high on the Caruth hill.
So you're saying the state mandated $15K HS exemption only applies to the ISD portion of the property tax and not the entire property tax?
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Old 01-15-2012, 11:59 AM
 
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Quote:
Originally Posted by pinipig523 View Post
So you're saying the state mandated $15K HS exemption only applies to the ISD portion of the property tax and not the entire property tax?
Yes, if you look at the DCAD link above, yiu'll see the general homestead $15k is only listed in the ISD section
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