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Old 10-12-2007, 10:23 PM
 
Location: Philippines
546 posts, read 1,810,427 times
Reputation: 729

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Just curious --what exactly is the homestead exemption on property taxes? Is this some type of tax break on your primary residence taxes? Just curious because I have seen it on a lot of the real estate flyers. How much does it usually amount to....for example...if your property taxes were $6500 per year on a $260,000 house what do you think the homestead exemption would be? I'm assuming it must be a pretty minimal amount.
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Old 10-12-2007, 11:37 PM
 
Location: Chandler, AZ
289 posts, read 1,134,976 times
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I think somewhere around $350 a year.
See:
Exemptions
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Old 10-13-2007, 12:32 AM
 
Location: DFW, TX
2,935 posts, read 6,695,891 times
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Typically $10-20k off the assessment for ISD tax from what I've seen. It's a big deal if you live in a 100k home, not a big deal if you live in a 500k home.
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Old 10-13-2007, 10:41 PM
 
Location: Dallas, TX
937 posts, read 2,895,125 times
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In Dallas its 20% off of your taxable value except for the DISD taxes which is I believe 15%...Its a significant amount of savings. What county do you live in?
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Old 10-14-2007, 12:45 PM
 
Location: Philippines
546 posts, read 1,810,427 times
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We are looking to buy in McKinney, Allen, Plano or Richardson. It just seems like the property taxes vary so much for houses that are around the same amount. Anywhere from $6000-$7500.
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Old 10-14-2007, 03:03 PM
 
Location: Lake Highlands (Dallas)
2,394 posts, read 8,568,045 times
Reputation: 1040
look up their taxable values and if they have the homestead exemption (or the disabled or over 65 exemptions) at Central Appraisal District of Collin County
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Old 10-14-2007, 09:00 PM
 
Location: Chandler, AZ
289 posts, read 1,134,976 times
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Heya Winter,

This is my favorite chart for property taxes. Moving to Allen or Plano will save you tax $$ over McKinney and Richardson.
Dallas Fort Worth DFW Suburbs 2006 Property Taxes Rates

It's a realtor site - though that's not why I linked it - so if it gets deleted - here are 2006 combined rates:
Frisco: 2.36%
Plano: 2.38%
Allen: 2.67%
McKinney 2.76%
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Old 10-14-2007, 09:50 PM
 
Location: Philippines
546 posts, read 1,810,427 times
Reputation: 729
Thanks for the info--I really appreciate it!
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Old 10-15-2007, 11:51 AM
 
415 posts, read 1,712,936 times
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McKinney lowered their tax rate this year. Also, there are parts of McKinney that go to Frisco schools, so I think (but am not sure) that their taxes are lower. The combined rates tashina posted are a combination of city, county, and school districts. I believe we have Collin County Community schools in addition to the ISD.

When you're looking at the taxes on the MLS, those could be with or without the homestead or flat out wrong, so don't rely on those numbers. Also keep in mind that property tax and mortgage interest are tax deductible, so $1000 more in taxes means $1000 less in taxable income (or net cost of $600ish).

Money is important, but so is liking where you live. Don't base your location solely on taxes. Those are due one day out of the year, but you have to live with your choice for the other 364 days...
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