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Old 01-15-2012, 09:45 AM
 
1,256 posts, read 3,178,921 times
Reputation: 931

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Alright, this is not a simple comparison of the 4 spots but more of a detailed comparison. I have read several threads and conversed w/ a few members regarding pluses and minuses of each of the areas... not just ISD but also things like property tax, homestead, cost of home owners insurance.

What I'm interested in is given a particular budget for a home, what are the other expenses that we have to consider for that particular area.

1. Southlake - 1M budget (to make calculations easy)
Property tax?
Homestead exemption?
Home owners insurance approx?

2. Flower Mound - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

3. UP - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

4. Keller - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

What I'm trying to figure out - what is the relative strength of the dollar respective to a particular area?

Just off the top of my head, I am assuming that if you can afford a 1M house in Southlake, you can probably afford a 1.1M house in UP because of the lower tax rate and higher homestead exemption.

This is crucial to our decision - thanks!
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Old 01-15-2012, 09:50 AM
 
2,279 posts, read 3,911,847 times
Reputation: 1505
Quote:
Originally Posted by pinipig523 View Post
Alright, this is not a simple comparison of the 4 spots but more of a detailed comparison. I have read several threads and conversed w/ a few members regarding pluses and minuses of each of the areas... not just ISD but also things like property tax, homestead, cost of home owners insurance.

What I'm interested in is given a particular budget for a home, what are the other expenses that we have to consider for that particular area.

1. Southlake - 1M budget (to make calculations easy)
Property tax?
Homestead exemption?
Home owners insurance approx?

2. Flower Mound - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

3. UP - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

4. Keller - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

What I'm trying to figure out - what is the relative strength of the dollar respective to a particular area?

Just off the top of my head, I am assuming that if you can afford a 1M house in Southlake, you can probably afford a 1.1M house in UP because of the lower tax rate and higher homestead exemption.

This is crucial to our decision - thanks!

You could model this in excel in about two seconds.
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Old 01-15-2012, 09:53 AM
 
11,671 posts, read 21,231,508 times
Reputation: 10057
Quote:
Originally Posted by skids929 View Post
You could model this in excel in about two seconds.
No kidding! Just get on the tax appraisal district's websites and plug in the rates & exemptions, then call your insurance company for a quote in each of the 4 zip codes.
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Old 01-15-2012, 09:54 AM
 
2,695 posts, read 3,599,467 times
Reputation: 1555
Quote:
Originally Posted by pinipig523 View Post
Alright, this is not a simple comparison of the 4 spots but more of a detailed comparison. I have read several threads and conversed w/ a few members regarding pluses and minuses of each of the areas... not just ISD but also things like property tax, homestead, cost of home owners insurance.

What I'm interested in is given a particular budget for a home, what are the other expenses that we have to consider for that particular area.

1. Southlake - 1M budget (to make calculations easy)
Property tax?
Homestead exemption?
Home owners insurance approx?

2. Flower Mound - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

3. UP - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

4. Keller - 1M budget
Property tax?
Homestead exemption?
Home owners insurance approx?

What I'm trying to figure out - what is the relative strength of the dollar respective to a particular area?

Just off the top of my head, I am assuming that if you can afford a 1M house in Southlake, you can probably afford a 1.1M house in UP because of the lower tax rate and higher homestead exemption.

This is crucial to our decision - thanks!
The difference on a monthly mortgage payment over 15-30 years between 1 million and 1.1 million is quite small. So figure about 17k for property taxes (ottomh) in Park Cities and about 3-4k in insurance (which doesn't vary that widely in nicer areas at least).

That said, you will definitely get a bigger lot and home in any of the cities other than UP/HP. So price per square foot will be lower than in UP. Also take into account how easy it would be to sell the home back, whether the school district is stable or a draw and whether the area is built out or Grand Homes is putting up Sub Division Duplex Phases IV-IX in the next few years.
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Old 01-15-2012, 11:03 AM
 
1,256 posts, read 3,178,921 times
Reputation: 931
Quote:
Originally Posted by GreyDay View Post
The difference on a monthly mortgage payment over 15-30 years between 1 million and 1.1 million is quite small. So figure about 17k for property taxes (ottomh) in Park Cities and about 3-4k in insurance (which doesn't vary that widely in nicer areas at least).

That said, you will definitely get a bigger lot and home in any of the cities other than UP/HP. So price per square foot will be lower than in UP. Also take into account how easy it would be to sell the home back, whether the school district is stable or a draw and whether the area is built out or Grand Homes is putting up Sub Division Duplex Phases IV-IX in the next few years.
Very good, thanks GD.

So I assume you're quoting a 2% prop tax at UP w/ full homestead exemption of $150K to bring the 1M to 850K? Are there restrictions to the homestead?

Quote:
Originally Posted by TurtleCreek80 View Post
No kidding! Just get on the tax appraisal district's websites and plug in the rates & exemptions, then call your insurance company for a quote in each of the 4 zip codes.
Yes, I've tried looking it up on google but I get all these numbers that don't make sense (maybe I'm searching wrong). I was not able get a good handle on homestead exemption and if there are restrictions (age, income, etc).

TC - you're very familiar with UP... what's the prop tax, homestead, and does home owners insurance vary quite a bit in UP vs something further from the city (or is it standard)?
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Old 01-15-2012, 11:07 AM
 
2,695 posts, read 3,599,467 times
Reputation: 1555
Quote:
Originally Posted by pinipig523 View Post
Very good, thanks GD.

So I assume you're quoting a 2% prop tax at UP w/ full homestead exemption of $150K to bring the 1M to 850K? Are there restrictions to the homestead?



Yes, I've tried looking it up on google but I get all these numbers that don't make sense (maybe I'm searching wrong). I was not able get a good handle on homestead exemption and if there are restrictions (age, income, etc).

TC - you're very familiar with UP... what's the prop tax, homestead, and does home owners insurance vary quite a bit in UP vs something further from the city (or is it standard)?
With the joys of internet freedom, just go to DCAD appraisals and you can pull up ANYONE's home or just type in an address. Find a house in your price range and depending on exemption, you can get a good idea of their taxes.
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Old 01-15-2012, 11:07 AM
 
1,256 posts, read 3,178,921 times
Reputation: 931
Is this list accurate for property taxes?

Dallas Fort Worth DFW 2011 Real Estate Taxes, Property Tax Rates | 2011 Dallas Area Property Taxes

FM = 2.15%
UP = 2.04%
Keller = 2.62%
Southlake = 2.52%

Btw, why such a disparity in property taxes? Why is Southlake at 2.52 while FM is at 2.15?

If so, all I need now is info on homestead and a better idea of insurance for those who live in those cities.
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Old 01-15-2012, 11:11 AM
 
1,256 posts, read 3,178,921 times
Reputation: 931
Quote:
Originally Posted by greyday View Post
with the joys of internet freedom, just go to dcad appraisals and you can pull up anyone's home or just type in an address. Find a house in your price range and depending on exemption, you can get a good idea of their taxes.
ok.
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Old 01-15-2012, 11:15 AM
 
Location: Dallas, TX
887 posts, read 2,486,804 times
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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.
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Old 01-15-2012, 11:16 AM
 
1,256 posts, read 3,178,921 times
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So I found this regarding Homestead.

There are several types of exemptions you may receive.
School taxes: All residence homestead owners may receive a $15,000 homestead exemption from their home's value for school taxes.

County taxes: If a county collects a special tax for farm-to-market roads or flood control, a residence homestead owner may receive a $3,000 exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owners will receive only the local-option exemption.

Age 65 or older and disabled exemptions: Individuals 65 and older and/or disabled residence homestead owners may qualify for a $10,000 homestead exemption for school taxes, in addition to the $15,000 exemption for all homeowners. If the owner qualifies for both the $10,000 exemption for 65 and older homeowners and the $10,000 exemption for disabled homeowners, the owner must choose one or the other for school taxes. The owner cannot receive both exemptions.

Optional percentage exemptions: Any taxing unit-including a city, county, school, or special district-may offer an exemption of up to 20 percent of a home's value. But, no matter what the percentage is, the amount of an optional exemption cannot be less than $5,000. Each taxing unit decides if it will offer the exemption and at what percentage. This percentage exemption is added to any other home exemption for which an owner qualifies. The taxing unit must decide before July 1 of the tax year to offer this exemption.

Optional 65 or older or disabled exemptions: Any taxing unit may offer an additional exemption amount of at least $3,000 for taxpayers age 65 or older and/or disabled.

---

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?
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