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Old 06-05-2007, 11:51 PM
 
Location: Lake Highlands (Dallas)
2,395 posts, read 7,615,213 times
Reputation: 1033

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Quote:
Originally Posted by FarNorthDallas View Post
If you go over to that website where people loan money to other people, prosper it's called, if someone is asking to borrow money for property taxes they almost always live in Texas.
IMO, this is because people are stupid and buy more home than they can afford. While someone moving from CA that was paying on a 500K home there can afford the mortgage on a 500K home here (which, by the way would buy you an entry-level home in CA - OR - a pretty sweet place in TX)... they forget about the higher tax bill as a % of home. If they bought the same size home in TX - they would have a $200K home in TX and only a ~4200-4500 tax bill (oh, hey, that's roughly the same bill for the same size/quality home... it's just that our prices are so low that the % of taxes SEEMS so high).

People also neglect to budget energy in a new home. This compounds the problem. If they lived in a 800 sq ft place in one state that cost $500K and a drop in the bucket to heat/cool, they are shocked when they get their first July bill on the 4000 sq ft home they bought here.

This is one of the reasons I strongly suggest renting for 6 months. Not only do you get the chance to check out all the different areas before locking into one; you also get a better understanding of local costs. And as a bonus for those that keep their pocket strings tight like they needed to in some other high cost regions... they have 6 months of saving a nice extra chunk for a downpayment.

Maybe I'm just extra frugal, but one thing that drives me crazy... Texas does NOT have high property taxes when comparing equal sized/located properties in different major metro areas. Unfortunately, we compare the same priced homes between two regions - which is like apples and oranges.

I pose this challenge: I live 8-10 miles from the heart of Dallas. I live in a house just under 2600 sq ft. It's well maintained and on a 10K sq ft lot (average by Dallas standards). You tell me what this would cost in San Diego, San Jose or NYC with the same proximity/size. I guarantee it is going to cost 2.5X or more. I also am willing to bet the property taxes are more than $5400 (which is 2.15% of my property value, but that's a stupid measure of property tax for comparison. It's only good for budgetting.)

Last edited by lh_newbie; 06-06-2007 at 12:00 AM..
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Old 06-06-2007, 07:20 AM
 
Location: la hacienda
2,259 posts, read 8,640,080 times
Reputation: 1146
>> You tell me what this would cost in San Diego, San Jose or NYC with the same proximity/size. I guarantee it is going to cost 2.5X or more.<<

My bil/sil live in Sunnyvale CA ... they bought a 1400 sq/ft, 3 bed/2bath house on a postage stamp size of a lot about 3 or 4 years ago for almost $600,000. It's probably worth 800k now. That house would sell in a week if it was up for sale.
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Old 06-06-2007, 07:56 AM
 
Location: DC burbs
55 posts, read 141,743 times
Reputation: 19
Quote:
Originally Posted by FarNorthDallas View Post
I have relatives with a townhouse in Northern Virginia (Ashburn maybe) that has been on the market for over 2 years and it still hasn't sold. Apparently there are 65 other similar properties for sale in their zip code. They've even dropped the price way below what they owe on it. Is it possible to sell a place in the DC area?
Sure, things sell fairly briskly, even in a softer market, in the DC area. Houses no longer sell in days, it can take a couple of months, but they sell. A house that has been on the market for two years is either priced too high or something else is wrong. Even if there are 65 other properties for sale in their zip code. Ashburn is a mix of stand alone houses, townhomes, and condos.

Last edited by GoPadge; 06-06-2007 at 10:50 AM.. Reason: fixed quote.
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Old 06-06-2007, 08:00 AM
 
Location: Lake Highlands (Dallas)
2,395 posts, read 7,615,213 times
Reputation: 1033
Quote:
Originally Posted by gulf5driver View Post
>> You tell me what this would cost in San Diego, San Jose or NYC with the same proximity/size. I guarantee it is going to cost 2.5X or more.<<

My bil/sil live in Sunnyvale CA ... they bought a 1400 sq/ft, 3 bed/2bath house on a postage stamp size of a lot about 3 or 4 years ago for almost $600,000. It's probably worth 800k now. That house would sell in a week if it was up for sale.
Exactly my point. So if we compare these two homes:

TX house - ~2600 sq ft. Cost $250K. Taxes $5400.
SNV house - 1400 sq ft. Cost $600K. Taxes $6000. (being generous and using the initial purchase price)

If we ignored inflation on the SNV house for the last 3-4 years, we're talking 2.5x more cost for LESS home in CA. Incidentally, you pay 10% more property taxes in CA for less home.
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Old 06-06-2007, 08:49 AM
 
Location: Northern Virginia
109 posts, read 553,792 times
Reputation: 52
Hmmm I think when I calculated the property tax I added an extra % or 2 in there... like school tax, county tax, city tax, etc. Momof2 the taxes you posted look more like I thought they would.

But no matter how you cut it, the Dallas Metro area looks better for us. Just not have to deal with snow... we had a lot of snow this year and I have grown to hate it if I have to drive in it. Plus the wear & tear of salt on your car! Not to mention shoveling it! Everytime it snowed this year hubby was on travel... to California....

As for Ashburn VA. We have several friends there... the SFs sell quicker than the THs... and I will say there are LOTS of THs there. Problem is the properties here, all over the region, were overvalued for a long time. Its unfortunate, and I am hoping that we won't be in the same situation when we go to sell. I am hoping the tide will change after the next Presidential election.
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Old 06-06-2007, 08:53 AM
 
Location: DC burbs
55 posts, read 141,743 times
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I know what you mean, Dorothy1960--certain areas were overinflated a bit here the last few years. We're lucky that we made a decent downpayment and purchased before the last 100K adjustment upwards.

Dallas real estate doesn't appear to appreciate the same way, so we'll have to be careful what and where we buy. It's easier to get stuck with a house that won't sell.
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Old 06-06-2007, 09:35 AM
 
Location: Lake Highlands (Dallas)
2,395 posts, read 7,615,213 times
Reputation: 1033
Quote:
Originally Posted by Dorothy1960 View Post
Hmmm I think when I calculated the property tax I added an extra % or 2 in there... like school tax, county tax, city tax, etc. Momof2 the taxes you posted look more like I thought they would.
The 5400 number comes directly from my house tax bill. Value $252,450; tax $5435. Keep in mind that as your house value goes up, your homestead exemption will make less and less of a difference if you're in a city that gives you a flat exemption amount (i.e. if you have a 20K homestead on school taxes and your value is $200K, that'll lower your effective tax % more than if your value is $400K). Each city, county and school district has different exemption amounts. I think Dallas proper is pretty generous with homestead exemptions compared to some of the suburbs. It's rather complicated for people moving from out of state (heck, it's complicated to us locals!!).

Quote:
Originally Posted by Dorothy1960 View Post
But no matter how you cut it, the Dallas Metro area looks better for us. Just not have to deal with snow... we had a lot of snow this year and I have grown to hate it if I have to drive in it. Plus the wear & tear of salt on your car! Not to mention shoveling it!
I hear you loud and clear. I moved from Michigan. Don't miss the snow one bit. I put it this way when people ask about the summer heat:

"In the summer, I go from my air conditioned home, to my air conditioned car, to my air conditioned office. The heat doesn't cause my car to slide into a ditch."

I'll take TX summers over MI winters every time.
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Old 06-06-2007, 10:18 AM
 
Location: DC burbs
55 posts, read 141,743 times
Reputation: 19
I thought DFW got some snow. Mind you, it's not the mess of Michigan (was born there) but you get a few inches here and there, do you not?
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Old 06-06-2007, 10:35 AM
 
3,035 posts, read 13,033,091 times
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I believe the homestead exemption for Collin County is 15k:

http://www.collincad.org/collinhomesteadblank.pdf (broken link)
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Old 06-06-2007, 11:18 AM
 
Location: The Big D
14,874 posts, read 36,299,378 times
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Here are my homestead exemption amounts for a home in Garland, Dallas County. Each taxing entity has a different exemption amount too so it can be tricky. This is based on a home that the taxable market value is $428K and 2007 taxes are $9800. But you could go down the street and find a house almost the exact same size but if they don't have a pool and depending on the condition of the house it will change the taxable market value.

GARLAND (DALLAS COUNTY) - $25,651 - taxes paid $2730
GARLAND ISD - $15,000 - taxes paid $5200
DALLAS COUNTY - $85,506 - taxes paid $750
DALLAS CO COMMUNITY COLLEGE - $85,506 - taxes paid $280
PARKLAND HOSPITAL - $85,506 - taxes paid $870
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