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Old 11-05-2012, 08:03 PM
 
468 posts, read 812,621 times
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Looking at a 1697 sq ft house in Richardson. On the MLS sheet it states that the house was assessed in 2011 for $3875.
Does that seem high? I'm not familiar with property taxes as we had homestead exemption in Metairie, LA.
Is there a way to contest an assessment if you feel its wrong?

On another note, a coworker told me not to worry too much about the property taxes as I can deduct them on my taxes and get a big refund. Is this correct? Something doesn't sound right about that. If that were true, no one would complain about them right?
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Old 11-05-2012, 08:13 PM
 
Location: Simmering in DFW
6,948 posts, read 19,407,213 times
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Go to the Dallas Appraisal district website. Dallas Central Appraisal District
Do an appraisal search by address, leave street number blank just input street name and city and do a search
You can then see what other houses on the street pay for taxes -- look for those that have a homestead exemption and
Those that are about the same size as the one you are interested in. See what their taxes are to give you an idea of what
Would be typical taxes for that area
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Old 11-05-2012, 08:16 PM
 
Location: Simmering in DFW
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Property taxes are deductible, just like mortgage interest is. But a deduction NEVER means you deduct the entire amount off your tax bill.
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Old 11-05-2012, 08:16 PM
 
Location: Dallas/Ft. Worth, TX
1,983 posts, read 6,027,028 times
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Quote:
Originally Posted by globe9 View Post
Looking at a 1697 sq ft house in Richardson. On the MLS sheet it states that the house was assessed in 2011 for $3875.
Does that seem high? I'm not familiar with property taxes as we had homestead exemption in Metairie, LA.
Is there a way to contest an assessment if you feel its wrong?

On another note, a coworker told me not to worry too much about the property taxes as I can deduct them on my taxes and get a big refund. Is this correct? Something doesn't sound right about that. If that were true, no one would complain about them right?
There are multiple factors that the Property Tax Assessor uses to calculate the taxable value. The Sq. Ft. is only one of them. It is always possible that there are other factors that are causing a larger than expected assessment. The assessment is broken down to display what basic items are being valued at and you look to see if one item or another is driving the value up. You can also look at other homes on your block, and the surrounding blocks, with the same amenities to determine if possibly yours is well above theirs.

You can always contest an assessed value and each Tax Assessor has their procedures on their WEB sites. One highly important item you should ask the Assessor though is do they have a breaking point where they will not consider or review your request/contest for the home's assessed value. For example I have spoken to several in Collin County (You're home is most likely Dallas County) that have all stated if your contested value is not 30% or more lower than what they have then they will automatically deny it.

Yes you can claim your property taxes on your Federal tax return but you only receive a small portion back as a tax break. If your property taxes are to high you need to know now, and if you can contest them successfully, before you buy the home.
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Old 11-05-2012, 08:17 PM
 
468 posts, read 812,621 times
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I can get a homestead exemption in Richardson? I didn't know that was even available here. I just thought everyone paid property taxes.
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Old 11-05-2012, 08:20 PM
 
Location: Simmering in DFW
6,948 posts, read 19,407,213 times
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Quote:
Originally Posted by globe9 View Post
I can get a homestead exemption in Richardson? I didn't know that was even available here. I just thought everyone paid property taxes.
Property taxpayers in Texas are eligible for certain exemptions, among them there is a homestead exemption for those who occupy their homes (vs. owning a house and leasing it to tenants). The homestead exemption reduces the taxes, but never wipes out the entire tax bill.
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Old 11-05-2012, 08:45 PM
 
Location: Mostly in my head
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Other exemptions are available, over-65, disabled are available on top of the homestead exemption.
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Old 11-05-2012, 08:47 PM
 
Location: North Texas
23,976 posts, read 32,714,071 times
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My property tax bill is higher than that. I live in Richardson. $3800 is not that much, most people I know pay more. My parents' bill came in at $6500 and that's with a homestead exemption and over 65 exemption.
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Old 11-05-2012, 08:52 PM
 
2,695 posts, read 3,722,569 times
Reputation: 1557
Quote:
Originally Posted by globe9 View Post
Looking at a 1697 sq ft house in Richardson. On the MLS sheet it states that the house was assessed in 2011 for $3875.
Does that seem high? I'm not familiar with property taxes as we had homestead exemption in Metairie, LA.
Is there a way to contest an assessment if you feel its wrong?

On another note, a coworker told me not to worry too much about the property taxes as I can deduct them on my taxes and get a big refund. Is this correct? Something doesn't sound right about that. If that were true, no one would complain about them right?
Size, regardless of what you've been told, doesn't matter. Taxes are based on how much your house is worth. If you have a 1700 sq ft cottage sitting on a 80x203 lot on Beverly, taxes will be higher.

You can do a homestead exemption. You can deduct some of your mortgage interest, but not property taxes. Others will correct me if I'm wrong on that one.
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Old 11-05-2012, 10:06 PM
 
Location: North Texas
23,976 posts, read 32,714,071 times
Reputation: 27484
Quote:
Originally Posted by GreyDay View Post
Size, regardless of what you've been told, doesn't matter. Taxes are based on how much your house is worth. If you have a 1700 sq ft cottage sitting on a 80x203 lot on Beverly, taxes will be higher.

You can do a homestead exemption. You can deduct some of your mortgage interest, but not property taxes. Others will correct me if I'm wrong on that one.

Publication 530 (2011), Tax Information for Homeowners
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