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Old 01-15-2012, 12:21 PM
 
1,256 posts, read 3,182,090 times
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Quote:
Originally Posted by TurtleCreek80 View Post
2011 Tax Rates

Also looks like city of Keller offers 1% HS off city tax portion. See above.
Guys - can you take a look at this link that TC80 addressed?

When it says Plano and Westlake at 20% HS local... does this mean the same as a UP 20% HS exemption? I'm trying to figure it out... but am mentally blocked currently.
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Old 01-15-2012, 12:33 PM
 
Location: Southlake. Don't judge me.
2,812 posts, read 3,570,970 times
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Quote:
Originally Posted by pinipig523 View Post
I saw that... so Keller has 1% off local option - this only means city tax portion? In the same table, Westlake and Plano have 20%HS off local option - does this only apply to city tax?

Not to the whole tax?

I'm getting a headache.
In general, yes, if a TOWN says they have an exemption of X, that only applies to the town (village/municipality/city/etc) tax bit.
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Old 01-15-2012, 12:33 PM
 
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A quick MLS search shows the following:

Southlake (pulled $750k-1M):
Homes in the 5,000-6,200 range are common.
Houses are on .5 to 1+ acre lots
Houses are almost all less than 15 years old
HOAs range from $600-1,200 per year (another expense to account for)

HPISD (pulled $800-1.1M):
Houses are in the 2,000-3,500 SF range. The only 2 listings over 4,000SF are a corner lot on Preston (major street) and one that is across the street from commercial property.
Houses are on .16-.26 acre lots
The only new construction are on major roads, the house across from commercial (above) and the new development on Normandy that doesn't have yards. It's a bunch of townhomes on one large lot. One home was built in 1985 and another 1990. The rest are pre-war.
No HOA

I absolutely adore the Park Cities but I don't think what you are looking for (new builds @ $1M or even $1.1M) is realistic unless you're willing to live on a major street. Most people wouldnt be looking in both FM/SL and the Park Cities because the standard of living is so different and people come to TX for cheap (compared to where they moved) big homes.
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Old 01-15-2012, 12:40 PM
 
1,256 posts, read 3,182,090 times
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Quote:
Originally Posted by TurtleCreek80 View Post
A quick MLS search shows the following:

Southlake (pulled $750k-1M):
Homes in the 5,000-6,200 range are common.
Houses are on .5 to 1+ acre lots
Houses are almost all less than 15 years old
HOAs range from $600-1,200 per year (another expense to account for)

HPISD (pulled $800-1.1M):
Houses are in the 2,000-3,500 SF range. The only 2 listings over 4,000SF are a corner lot on Preston (major street) and one that is across the street from commercial property.
Houses are on .16-.26 acre lots
The only new construction are on major roads, the house across from commercial (above) and the new development on Normandy that doesn't have yards. It's a bunch of townhomes on one large lot. One home was built in 1985 and another 1990. The rest are pre-war.
No HOA

I absolutely adore the Park Cities but I don't think what you are looking for (new builds @ $1M or even $1.1M) is realistic unless you're willing to live on a major street. Most people wouldnt be looking in both FM/SL and the Park Cities because the standard of living is so different and people come to TX for cheap (compared to where they moved) big homes.
True... but I saw a somewhat new 4600sq foot home in UP. The price was 1.35, but that's probably my limit. I was using 1M as a means to make calculations easy.

2940 Mcfarlin, University Park, TX 75205

Now, it seems to me that a PH home like this one... for 1.19M would be somewhat costly since the tax rate is at the Dallas 2.7-ish property tax rate? It still has 20% HS across the board exemption right?

6007 Waggoner Dallas TX - New Home for Sale - MLS #11566600 - Realtor.com®
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Old 01-15-2012, 12:42 PM
 
11,681 posts, read 21,263,030 times
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Quote:
Originally Posted by pinipig523 View Post
Guys - can you take a look at this link that TC80 addressed?

When it says Plano and Westlake at 20% HS local... does this mean the same as a UP 20% HS exemption? I'm trying to figure it out... but am mentally blocked currently.
You always need to look up all 3 components- county, city and ISD!! Memorize this rule.

Plano- in Collin Co (5% HS, so you can calc the county portion off 95% of value), city of Plano (20% HS, so calc this portion off 80% value), and Plano ISD ($15k HS only, calc value less $15k). Now, some Plano ISD homes are in city of Dallas/ Dallas county or other cities (Parker, Murphy, etv) so you really have to check every time for every situation.

Westlake- in Tarrant Co (no HS), city of Westlake (20% HS off city,portion only), and Keller ISD even though they can use Westlake Academy (no HS).

So, NO,'not the same as UP. Not even close.
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Old 01-15-2012, 12:49 PM
 
Location: Dallas, TX
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Quote:
Originally Posted by pinipig523 View Post
True... but I saw a somewhat new 4600sq foot home in UP. The price was 1.35, but that's probably my limit. I was using 1M as a means to make calculations easy.

2940 Mcfarlin, University Park, TX 75205

Now, it seems to me that a PH home like this one... for 1.19M would be somewhat costly since the tax rate is at the Dallas 2.7-ish property tax rate? It still has 20% HS across the board exemption right?

6007 Waggoner Dallas TX - New Home for Sale - MLS #11566600 - Realtor.com®
I looked up a similarly priced home in that neighborhood and the owners pay $27,381.
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Old 01-15-2012, 12:52 PM
 
11,681 posts, read 21,263,030 times
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Quote:
Originally Posted by pinipig523 View Post
True... but I saw a somewhat new 4600sq foot home in UP. The price was 1.35, but that's probably my limit. I was using 1M as a means to make calculations easy.

2940 Mcfarlin, University Park, TX 75205

Now, it seems to me that a PH home like this one... for 1.19M would be somewhat costly since the tax rate is at the Dallas 2.7-ish property tax rate? It still has 20% HS across the board exemption right?

6007 Waggoner Dallas TX - New Home for Sale - MLS #11566600 - Realtor.com®
Yes, if you can look up into the $1.5M range you will find more newer HPISD homes. Just learn what the major streets are and the area that are less quality locations as that often explains why the size/age seems so good for the price.


Now Preston Hollow is in Dallas so using DCAD tax rates and assuming it's value is $1.1M:

Dallas County -> .62377% with 20% HS = $5,489
Dallas City --> .797% with 20% HS = $7,013
Dallas ISD --> 1.2903% with only 10% HS + $15k HS = $12,599
Total tax bill $25,101
Don't forget to tack on $10,000-30,000 per child per year in private school tuition when the time comes!
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Old 01-15-2012, 01:05 PM
 
1,256 posts, read 3,182,090 times
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Quote:
Originally Posted by TurtleCreek80 View Post
Yes, if you can look up into the $1.5M range you will find more newer HPISD homes. Just learn what the major streets are and the area that are less quality locations as that often explains why the size/age seems so good for the price.


Now Preston Hollow is in Dallas so using DCAD tax rates and assuming it's value is $1.1M:

Dallas County -> .62377% with 20% HS = $5,489
Dallas City --> .797% with 20% HS = $7,013
Dallas ISD --> 1.2903% with only 10% HS + $15k HS = $12,599
Total tax bill $25,101
Don't forget to tack on $10,000-30,000 per child per year in private school tuition when the time comes!
OMG... $30K for private schooling... that just throws my entire calculation out the window. OK.. back to UP.

Basically... I have to stay in Park Cities if I'm thinking of moving to near Dallas region.
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Old 01-15-2012, 01:06 PM
 
1,256 posts, read 3,182,090 times
Reputation: 931
Quote:
Originally Posted by TurtleCreek80 View Post
You always need to look up all 3 components- county, city and ISD!! Memorize this rule.

Plano- in Collin Co (5% HS, so you can calc the county portion off 95% of value), city of Plano (20% HS, so calc this portion off 80% value), and Plano ISD ($15k HS only, calc value less $15k). Now, some Plano ISD homes are in city of Dallas/ Dallas county or other cities (Parker, Murphy, etv) so you really have to check every time for every situation.

Westlake- in Tarrant Co (no HS), city of Westlake (20% HS off city,portion only), and Keller ISD even though they can use Westlake Academy (no HS).

So, NO,'not the same as UP. Not even close.
Ah... thanks TC.
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Old 01-15-2012, 01:22 PM
 
Location: Southlake. Don't judge me.
2,812 posts, read 3,570,970 times
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Quote:
Originally Posted by pinipig523 View Post
OMG... $30K for private schooling... that just throws my entire calculation out the window. OK.. back to UP.

Basically... I have to stay in Park Cities if I'm thinking of moving to near Dallas region.
Yeah, DISD schools are generally not up to snuff, although there are some exceptions. They're certainly nowhere near HPISD status. I think 30K is the highest end for private, but even at a "mere" 15K/yr per kid....

Obviously, Plano/Southlake/Flower Mound publics are good enough to not require private schools.

IIRC, you're moving down from Chicago? (my apologies if I'm mistaken). In general, per test score numbers and other links TC80 has supplied int he past, most of the higher range Chicago suburban school districts (North to NW burbs) are below HP, about evenish with Plano West, and above Southlake/Flower Mound. TC80 had a link to "top 500 high schools" and HPHS was extremely well rated (30-something?), Plano West was ~#98. Most of the good Chicago schools (New Trier, Stevenson, Fremd out in Palatine and I think Maine South and Mt. Prospect were in there as well, can't recall the others) were around the low to mid 100's, with an occasional one in the high 100's/low 200's. Carroll Senior was around #249.

Obviously, one can nitpick various rating systems (New Trier's SAT/ACT's are above HPHS, but it ranks lower in AP test metrics), but that can give you an idea where everything falls.
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