Transplant on single income (Dallas, Plano: assessor, house, neighborhoods)

[Neko44]

Can you give an example of how high property taxes are?

I know my wife would LOVE an older home with charm. We built our last house in a tract community and while I love size for the dollar, there is something about an older home and mature area to fix up....

Where are those types of communities in the Richardson area?

[compSciGuy]

Am in North Plano, bought house 3 years ago, over 2800 sq. ft., less than 10 years old, less than 250k. Time to UT Dallas (in Richardson) during commuting hours is typically about 25 minutes on side streets (very easy traffic). You should be able to get noticeably cheaper / newer in Frisco / Allen on your budget.

80k should be very doable, but everything depends on what you spend on. There are plenty of families here where the stay at home spouse doesn't work, and doesn't look after the kids, etc. Then, they spend a lot on keeping up with the Jones, Changs, Patels, etc., frequent expensive new cars, plus shopping, whatever, ... Daycare / preschool / afterschool can be pricey and not really more beneficial than one-on-one (one-on-two) time with stay-at-home parent.

[Johnhw2]

Originally Posted by Neko44

Can you give an example of how high property taxes are?

I know my wife would LOVE an older home with charm. We built our last house in a tract community and while I love size for the dollar, there is something about an older home and mature area to fix up....

Where are those types of communities in the Richardson area?

Property taxes in Texas are higher than most states. Property taxes range from 2% to 3% of the value of the home for annual taxes. The biggest variable in those tax rates is school district taxes. You are likely to find many homes with property taxes around 2.25-2.50% in Plano/Friso. Remember there is no income tax, sales tax rates are around 8% but annual car tag costs are not high-typically well under $100 per year.

[Neko44]

So that I understand the property tax..say for example your home is valued at 250,000 * .02 (or 2%) = $5000 in taxes. is that correct? If that is the case, then those taxes are pretty much in line with what I have now.

[LQQKOUT]

Originally Posted by Johnhw2

Property taxes in Texas are higher than most states. Property taxes range from 2% to 3% of the value of the home for annual taxes. The biggest variable in those tax rates is school district taxes. You are likely to find many homes with property taxes around 2.25-2.50% in Plano/Friso. Remember there is no income tax, sales tax rates are around 8% but annual car tag costs are not high-typically well under $100 per year.

True- as so many people say each other weights out the cost. I still believe the property taxes are extreme here and are not a wash.

For instance- I purchased my first home in a HOA community- home value was $182,000 at the time the home was built in 2004 (purchased in 2005 by me) - (preowned & forecloser) my proerty taxes were @ $5k- that is a large chuck of change- then to include my Home Owners Insurance. Plus the home was 3000 sq ft- 2 story home with double ac units and my electric bill soared in the burtal summers- one bill was have my house payment (little over $600)- yes everything is bigger here in Texas.

My advise purchase a single story home- nice area- older home (don't dump more money into it then what is it worth) you will never get that money back once you sell. Buy the home your want and purchase UNDER your budget so you don't strap yourself.

Richardson is a very nice area and has a lot of charming homes.

I sold that home (above)- purchased a single story (built in 1979) with 1 acre lot downsize sq ft to 2500- and haven't complained since. Best move I ever made. My property taxes are around $3900 and my home insurance was lowered as well.

[Neko44]

I appreciate the many points of view on this topic.

Is there a particular area in Richardson you would recommend?

[Johnhw2]

Originally Posted by Neko44

So that I understand the property tax..say for example your home is valued at 250,000 * .02 (or 2%) = $5000 in taxes. is that correct? If that is the case, then those taxes are pretty much in line with what I have now.

Your math is correct, the rate will probably be higher than 2% as I mentioned above but not that much above it. Yes some high tax states like NJ has property taxes that match ours and income tax on top of that. Sounds like you will be better off tax wise here

[Fawnee]

Originally Posted by Neko44

So that I understand the property tax..say for example your home is valued at 250,000 * .02 (or 2%) = $5000 in taxes. is that correct? If that is the case, then those taxes are pretty much in line with what I have now.

As Johnhw2 stated, it will be higher than 5K.

[Neko44]

Can anyone provide either zip code or community in Richardson? Schools would be high importance to us as well.

[Neko44]

Originally Posted by Fawnee

As Johnhw2 stated, it will be higher than 5K.

Its about 6K where we are currently and we do have state income tax. That 6K is on house with an assessed value of 253K, which almost 50K less than what we paid to build.