Slowing Austin's property tax madness (credit, home, to buy)

[Biscuits]

Originally Posted by Roadking2003

Not exactly true. They still pay a huge amount of school taxes... for schools that they don't use.

If Seniors' school taxes are frozen, then they are not paying for any increase that may occur. It is pretty black & white.

Originally Posted by Roadking2003

My guess is that the typical senior citizen has a more expensive house and pays more in school taxes than younger people.

Fortunately or unfortunately, my house is significantly more expensive than any "typical" citizen's -- Senior or otherwise -- and I don't use the public schools. Does that mean you feel my school taxes should be frozen or reduced?

[verybadgnome]

I'm still for more accurate assessments on "unique properties" as a basis for less reliance on the majority middle income households. There is no way a DT condo selling for $11.9M should have appraised/taxable values of $2.8M/$2.6M:

98 San Jacinto BLVD, Unit 2902, Austin, TX 78701 (MLS # 3565803) - Downtown Austin Blog
http://propaccess.traviscad.org/clie...prop_id=793952

[Roadking2003]

Originally Posted by Biscuits

Fortunately or unfortunately, my house is significantly more expensive than any "typical" citizen's -- Senior or otherwise -- and I don't use the public schools. Does that mean you feel my school taxes should be frozen or reduced?

People with no children in school should pay no school taxes. We have way too many people in this world. We need to end financial incentives to have children.

[Roadking2003]

Originally Posted by verybadgnome

I'm still for more accurate assessments on "unique properties" as a basis for less reliance on the majority middle income households. There is no way a DT condo selling for $11.9M should have appraised/taxable values of $2.8M/$2.6M:

I agree. It would be amusing to hear the City Council defend this subsidy.

[TexasHorseLady]

Originally Posted by Roadking2003

People with no children in school should pay no school taxes. We have way too many people in this world. We need to end financial incentives to have children.

People with no children benefit from public schools because they do not have to deal every day with completely uneducated people providing them goods and services, among other reasons. To think that you do not benefit from the public schools is, frankly, uneducated thinking.

[scm53]

Originally Posted by verybadgnome

There is no way a DT condo selling for $11.9M should have appraised/taxable values of $2.8M/$2.6M:

1. That is the listing price. Valuations are based on the sales prices of comparable properties. If it sells for that, then the nearby properties will see an increase. Until then, it's a wish and a prayer.

2. The listing price is fully furnished - and furnishings aren't taxable. Not responsible for all the delta, but not to be ignored.

[verybadgnome]

Originally Posted by scm53

1. That is the listing price. Valuations are based on the sales prices of comparable properties. If it sells for that, then the nearby properties will see an increase. Until then, it's a wish and a prayer.

2. The listing price is fully furnished - and furnishings aren't taxable. Not responsible for all the delta, but not to be ignored.

If you look at asking to sold price ratios in Austin they usually are in the 90%+ range, but yes it could possibly sell for $10M. I don't think if you will necessarily see an increases if e.g. it sells for $10M since (1) Texas is a non-disclosure state and (2) manipulations like pulling the property off of MLS just before the sale (fine of only $500 is well worth it).

Don't know what the furniture is worth and not sure if buyer necessarily will want it either, so may be negotiable.

[scm53]

Originally Posted by verybadgnome

If you look at asking to sold price ratios in Austin they usually are in the 90%+ range, but yes it could possibly sell for $10M.

Net of the furnishings, doubtful. Most recent sales in that building are right at $1000/sq ft. So $5M or so is likely. But it is the other, known sales that will drive the valuations in the building up, regardless of what this does.

Besides, short of envy, don't understand the fascination with what anyone else pays in taxes. Let's say this property is undervalued by $5M. That's $123K in possible tax "missing" - which is maybe 25¢ for every Austinite?

[verybadgnome]

Originally Posted by scm53

Net of the furnishings, doubtful. Most recent sales in that building are right at $1000/sq ft. So $5M or so is likely. But it is the other, known sales that will drive the valuations in the building up, regardless of what this does.

Besides, short of envy, don't understand the fascination with what anyone else pays in taxes. Let's say this property is undervalued by $5M. That's $123K in possible tax "missing" - which is maybe 25¢ for every Austinite?

I think this is the creme de la creme so the average square foot means much less, than the exclusivity of the size and height.

Add in all of the other undervalued high end residential and commercial properties, e.g. The Driskill, and that 25 cents adds up. Then add in historical and other exemptions on top of that.

[Roadking2003]

Originally Posted by TexasHorseLady

People with no children benefit from public schools because they do not have to deal every day with completely uneducated people providing them goods and services, among other reasons. To think that you do not benefit from the public schools is, frankly, uneducated thinking.

I didn't say I don't benefit. Read my post.

And you can make that same case for dozens of other things. For example, you benefit when I plant native plants so you should help me pay for them. Or you benefit when a farmer grows tomatoes, so you should help pay for them.