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05-22-2008, 11:49 AM
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Senior Member
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Join Date: Apr 2007
9,719 posts, read 7,226,126 times
Reputation: 2096
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Dallas Home Prices Up, U.S. Values Plunge
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05-22-2008, 12:43 PM
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Senior Member
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Join Date: Dec 2007
3,120 posts, read 1,192,660 times
Reputation: 615
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Nice to know 
Acc to the Wall Street J online, the 1.7% quarterly drop (nationwide) was the highest on record. Some people seem to think with the tight credit, increased inflation and the existing issues, it will be another 1-2 years before the national numbers rebound. Wyoming was #1 in appreciation, TX was #4. |
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05-22-2008, 01:40 PM
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Senior Member
Status:
"Comedy is Good For The Soul. So is Watching The Left Govern."
(set 25 days ago)
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Join Date: Nov 2007
Location: Irvine, CA to Keller, TX
4,219 posts, read 1,471,476 times
Reputation: 613
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Quote:
Originally Posted by Lakewooder
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That is good news, I guess. I don't plan on selling my house. I will leave that up to my children when I am gone. In the meantime I would like my property taxes to stay as low as possible so I guess this is a mixed blessing. |
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05-22-2008, 02:27 PM
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Senior Member
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Join Date: Oct 2006
2,924 posts, read 1,834,855 times
Reputation: 475
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Quote:
Originally Posted by Soccersupporter
That is good news, I guess. I don't plan on selling my house. I will leave that up to my children when I am gone. In the meantime I would like my property taxes to stay as low as possible so I guess this is a mixed blessing. |
In theory the property taxes should be a function of the revenue required, not of the value of the homes. If the value of the homes in a city increases to give an additional tax revenue of $1 million to the city, but the projected budget only required an increase of $150k, the tax rate *should* be lowered so there isn't an $850k surplus.
Now if that isn't happening, we as voters aren't doing our jobs... |
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05-22-2008, 03:13 PM
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Senior Member
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Join Date: May 2007
Location: Deep in the heart of Texas
1,110 posts, read 894,702 times
Reputation: 487
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Quote:
Originally Posted by twojciac
In theory the property taxes should be a function of the revenue required, not of the value of the homes. If the value of the homes in a city increases to give an additional tax revenue of $1 million to the city, but the projected budget only required an increase of $150k, the tax rate *should* be lowered so there isn't an $850k surplus.
Now if that isn't happening, we as voters aren't doing our jobs...
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Actually that is the way it works. A city levies a tax rate in order to support it's M&O (General Fund- operating) and I&S Funds (to pay off debt) There is a certain percentage you can't go over. It's a governmental accounting principle. |
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05-22-2008, 03:45 PM
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Real Estate Agent
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Join Date: May 2008
Location: DFW - Coppell / Las Colinas
3,608 posts, read 1,732,790 times
Reputation: 2044
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In most cases our real estate market is always backwards from the East / West Coast fiasco.
We have slow, steady & strong growth in our economy and real estate. When the West coast booms or bust we are still slow & steady. Lately in the areas I service, good houses are selling extremely well and prices are up 5-10% in the last 4 months. Many areas like Coppell are seeing multiple offers the first few days they hit the market.
Great location & great schools... a tough combination to beat.
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05-22-2008, 04:31 PM
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Senior Member
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Join Date: Dec 2007
3,120 posts, read 1,192,660 times
Reputation: 615
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Seems like with more people moving into DFW, the "megatrends" for this area are good for the next 5-10 yrs, with perhaps no serious issues in the next 1 year as the national market corrects itself.
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05-22-2008, 05:10 PM
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Senior Member
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Join Date: Apr 2007
9,719 posts, read 7,226,126 times
Reputation: 2096
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I searched duplexes in 75206 and 75214 up to 450K (I think) the other day and there was nothing on the market - usually there are 7 or 8. So I am guessing they are selling well, as the last one I saw was over 275K for a dinky 1 bedroom.
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05-22-2008, 10:58 PM
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Senior Member
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Join Date: Mar 2008
Location: TX but soon to be CA again!
863 posts, read 709,741 times
Reputation: 209
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No surprise the greatest decline was in California. But I guess it would have to be when it goes from a value of 650,000 to 400,000!
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