Liberty Mutual Coming To Collin County Along With Thousands of Jobs... (Dallas: obgyn, 2015)

[CREW747]

More good news for Collin County and the DFW area.What do you think will happen next with home prices and job growth in Collin County?

New Liberty Mutual campus in Plano could bring thousands of jobs | Dallas Morning News

[biafra4life]

Continue skyrocketing upwards. It's going to get real interesting for homeowners if the home prices (and resulting taxes) keep going up. Some folks could lose their homes as it becomes too expensive to pay.

[TurtleCreek80]

Originally Posted by biafra4life

Continue skyrocketing upwards. It's going to get real interesting for homeowners if the home prices (and resulting taxes) keep going up. Some folks could lose their homes as it becomes too expensive to pay.

1. That's why you file a homestead exemption. It caps the tax appraisal amount a home can rise by at 10% per year. If a $300k home is now worth $350k, the tax appraisal value will be $330k. Assuming a 10% homestead deduction, at 2.5%, the tax bill would rise by $675/ year. That's assuming prices rise infinitely into the future at rates of 10% or more which is unlikely, especially when interest rates go back up to historical 6-8% range. Tax increase rates are capped further for over-65 which are typically fixed income residents.

2. Cities and school districts DO adjust property tax rates downward when the higher values can cover the expenses at a lower rate. With all of this additional business tax in CoCo/ Plano city/ Plano ISD (and Frisco/Frisco ISD for the north of 121 development), the cities will likely be able to lower the rates a bit over time. HPISD has lowered rates before.

[OBGYN14]

Healthcare industry is experiencing serious expansion in DFW, thanks to rapidly increasing population and prosperous economy.

[CREW747]

Originally Posted by OBGYN14

Healthcare industry is experiencing serious expansion in DFW, thanks to rapidly increasing population and prosperous economy.

Agreed....The Healthcare Industry is starting to explode in the DFW area.My niece is currently getting her Masters Degree in Public Health,she majored in management for undergrad.She is seriously considering moving here next year due to job prospects....

[CREW747]

Originally Posted by TurtleCreek80

1. That's why you file a homestead exemption. It caps the tax appraisal amount a home can rise by at 10% per year. If a $300k home is now worth $350k, the tax appraisal value will be $330k. Assuming a 10% homestead deduction, at 2.5%, the tax bill would rise by $675/ year. That's assuming prices rise infinitely into the future at rates of 10% or more which is unlikely, especially when interest rates go back up to historical 6-8% range. Tax increase rates are capped further for over-65 which are typically fixed income residents.

2. Cities and school districts DO adjust property tax rates downward when the higher values can cover the expenses at a lower rate. With all of this additional business tax in CoCo/ Plano city/ Plano ISD (and Frisco/Frisco ISD for the north of 121 development), the cities will likely be able to lower the rates a bit over time. HPISD has lowered rates before.

It amazes me that many people do not bother filing for the homestead exemption.A few people on our street do not have the exemption according to CCAD. Other people I have spoken to about property taxes and home ownership since moving to the Prosper area are not even aware of it....

[loves2read]

That is example of having a realtor who is not that helpful--or maybe buying from the builder/developer

homestead also helps prevent foreclosure

[dinoo82]

is there a due date of when you file for this years homestead exemption?

[Trespassers W]

Originally Posted by dinoo82

is there a due date of when you file for this years homestead exemption?

Yes, you need to file it by April 30 of the year, for which you are applying.

[dinoo82]

Cool thank you Trespassers!