Why are Houses More Expensive in NW Arkansas than in some Big Town in Texas??? (property taxes, living)

[nmnita]

Originally Posted by DFWMike

Question, people always straight compare property taxes. Yes my taxes were $3600 a year last year in Plano, but remember my income tax from the state was at zero, how much do you generally have to pay in income taxes up there, then add up your property tax and tell me what you have. Seriously, I'd like to know, because I'm not sure how it would pan out, If it comes out to less than $3600 at 100k a year salary plus taxes on a 170k house then I'm ready to pack up the moving van.

Answer to the ops question: I'd move to NWA for a higher house price just to be in close proximity to all of that beautiful country. From all the house prices I've seen though, it is still more expensive to live in Dallas than NWA. Also have to keep in mind there is a heck of alot more supply in Dallas than NWA and flat prarie land galore to build on. And when comparing metro areas, NWA is growing at alot faster rate than DFW. Course that is comparing 6.1 million to around 400k in metro population size but it is still relevant in a market growth comparison.

My daughter just got back from visiting Bella Vista and Hot Springs Village, both areas are comparable or a bit nicer (lake front) than where she lives in the Dallas area now. From what she is reporting I actually think NWA is less expensive. I wouldn't have said that a few weeks ago.

Nita

[sberdrow]

Originally Posted by DFWMike

Question, people always straight compare property taxes. Yes my taxes were $3600 a year last year in Plano, but remember my income tax from the state was at zero, how much do you generally have to pay in income taxes up there, then add up your property tax and tell me what you have. Seriously, I'd like to know, because I'm not sure how it would pan out, If it comes out to less than $3600 at 100k a year salary plus taxes on a 170k house then I'm ready to pack up the moving van.

Answer to the ops question: I'd move to NWA for a higher house price just to be in close proximity to all of that beautiful country. From all the house prices I've seen though, it is still more expensive to live in Dallas than NWA. Also have to keep in mind there is a heck of alot more supply in Dallas than NWA and flat prarie land galore to build on. And when comparing metro areas, NWA is growing at alot faster rate than DFW. Course that is comparing 6.1 million to around 400k in metro population size but it is still relevant in a market growth comparison.

Just remember that if you live in Texas, you can't get excited about equity. lets just say you are living in Keller Tx and paying 3.2 percent of ever 100 dollars your house is worth. on 200,000 thats 6400 a year. OMG what happens when it it doubles in 12 years and you are paying 12800 dollars a year. If I lose my job, and I am I stop paying income tax. In texas, if you lose your job, you don't stop paying property tax right? What happens when I pay off my house. In Arkansas, I only owe a small amount of income tax. In Texas, I owe a mountain of money and I might as well be renting. Besides, who cares, as I have metioned before,is there anybody other than farmers that actually likes that flat prarie land. Id pay 100,000 more on a house, just to escape texas (and have to in most places).

[DFWMike]

Well and I also have to throw in that I spend about $1200 a year in toll road fees so it is clearly cheaper in Ark. I've looked at several states, the only one similiar to Texas in prices so far has been Tenn. and Ark. Even if houses were higher it would be worth it to live in a nice city with good proximity to mountains and lakes. And you are quite right, the Texas property tax is not very forgiving if you happen to lose your job.

By the way, please don't mention the flat prarie land on the Dallas forum. Things are now beginning to get back down to a low simmer since our last discussion when someone asked if Dallas was ugly and started a littany of Texas defensive pride.

[sberdrow]

Originally Posted by DFWMike

Well and I also have to throw in that I spend about $1200 a year in toll road fees so it is clearly cheaper in Ark. I've looked at several states, the only one similiar to Texas in prices so far has been Tenn. and Ark. Even if houses were higher it would be worth it to live in a nice city with good proximity to mountains and lakes. And you are quite right, the Texas property tax is not very forgiving if you happen to lose your job.

By the way, please don't mention the flat prarie land on the Dallas forum. Things are now beginning to get back down to a low simmer since our last discussion when someone asked if Dallas was ugly and started a littany of Texas defensive pride.

Yeah those stupid tolls. I have not seen them in my previous states. I did not change my plates, and have never recieved a ticket. I don't think they know what to do with out of staters. I did not see any in Arkansas. I have no real info on this, as I have only vistied NWA and Central Ark. Good Point Mike.

[joebaldknobber]

Texas is flat & builders can expand forever in all directions especially around DFW.

Northwest Arkansas in the long run will be the big winner in America with this recession.

[nmnita]

Originally Posted by joebaldknobber

Texas is flat & builders can expand forever in all directions especially around DFW.

Northwest Arkansas in the long run will be the big winner in America with this recession.

yep, you are probably right. This thread is 2 years old now. Of our property values have gone way down as well as everyone else's. As for flat versus wonderful hilly areas like we have, another point, most of our homes are built on lots 2 to 3 times the size of lots in Texas.

Nita

[RogMar]

Originally Posted by nmnita

yep, you are probably right. This thread is 2 years old now. Of our property values have gone way down as well as everyone else's. As for flat versus wonderful hilly areas like we have, another point, most of our homes are built on lots 2 to 3 times the size of lots in Texas.

Nita

Yup, plus all of Texas is fleeing to Arkansas, so they will pay the higher prices.

[nmnita]

Originally Posted by RogMar

Yup, plus all of Texas is fleeing to Arkansas, so they will pay the higher prices.

They can keep coming, but not too many. I want to continue to see my neighbors like the deer, racoons, armadillos, birds, squirrels and chipmonks. Oh yes, and the occassion red or grey fox that runs across the road.

Nita

[donaldeoff]

Arkansas is still the best state in my eyes nomatter what the costs are for houses.

[lleastan]

Originally Posted by Sam I Am

Is that a good shock or a bad shock, Nita, on buying property? Just curious, I've never really looked in that area.

I question how a town of 11,000 could sustain 2000 people per month, or per year, for that matter - the school system may be great, but are they ready for the influx? Is the infrastructure of the city enough to support a massive surge?

I guess it could be like the delta - when the gambling went in, everything suddenly started going up - the quality of roads, the number of schools, etc...still, you gotta wonder if they're ready for that, and if that 40 miles from Bentonville might be a weird road for a while and a bit of a commute for those working in Arkansas. You'd still have to pay income tax on any income earned in AR, too, I guess MO has a state income tax - meaning you'd have to file twice....just a couple of random thoughts on a rainy day!

I can't get over how high the property taxes are.