Property Tax Question (Dallas, Richardson, University Park: sales, 2015, vehicle registration)

[NHDeb]

I've been trying to research this on the web with little success.
Can anyone explain the property tax formula and costs for the Richardson/Wylie area?
The data I found seemed to say it was based on a $ per 100 of value. This would appear to translate in the neighborhood of $6-9k per year for a $300k home. Does that sound right?
Thanks for any clarification.

[socketz]

That sounds about right.

If you go to David Weekley's site, they do a good job of breaking it down for you:

http://www.davidweekley.com/community.asp?community=17830000#taxes (broken link)


Taxes

Wylie ISD .702500
Collin County .245000
Collin County JCD .087683
Wylie.City .706780

Total Taxes per $100 = 2.741963

Little over 8k per year on 300k at 2.74%

[GoPadge]

You can also check with the Collin Central Appraisal District at www.collincad.org and the Dallas Central Appraisal District at www.dallascad.org, there you can see both the tax rates and the exemptions available.

[lh_newbie]

Some things to keep in mind when moving into Texas:

- Property tax rates "appear high". If all other taxes were equal, that would be true, which brings me to my next points.
- Texas has no state income tax. I moved from Michigan, saved a couple thousand in income tax, but paid a couple thousand more in property tax. It was basically a wash.
- Because Texas has no state income tax and with the new tax code, we get to claim state SALES tax on our federal taxes.

If you're moving from California (many people do), you also get cheaper gas, cheaper vehicle registration and cheaper groceries/restaurants.

On the down side, Texas does have one of the highest electricity costs. Price per KwH ranges from 11 to 15 cents and there are no state incentives for installing alternative energy like California.

Housing prices here range from $60-70/sq ft in the way out burbs; $80-100 in the closer burbs; $90-200/ft in the city of dallas - generally going up as you get closer to the central business district. There are pockets of ultra expensive homes (by TX standards) in the $400+/sq ft range, like in Highland Park/University Park areas.

I believe this should give you a relatively good view of the tax/cost

[Mike Matt]

Thanks for the excellent info. It's hard to obtain tax info. I have been trying to compare the various costs which you did in your message. I am also trying to learn about Highland Park. Also, how tough the weather & humidity is in TX. Seems like it's great for winter but tough in the July-Aug or Sept. times. I appreciate your input.

Originally Posted by lh_newbie

Some things to keep in mind when moving into Texas:

- Property tax rates "appear high". If all other taxes were equal, that would be true, which brings me to my next points.
- Texas has no state income tax. I moved from Michigan, saved a couple thousand in income tax, but paid a couple thousand more in property tax. It was basically a wash.
- Because Texas has no state income tax and with the new tax code, we get to claim state SALES tax on our federal taxes.

If you're moving from California (many people do), you also get cheaper gas, cheaper vehicle registration and cheaper groceries/restaurants.

On the down side, Texas does have one of the highest electricity costs. Price per KwH ranges from 11 to 15 cents and there are no state incentives for installing alternative energy like California.

Housing prices here range from $60-70/sq ft in the way out burbs; $80-100 in the closer burbs; $90-200/ft in the city of dallas - generally going up as you get closer to the central business district. There are pockets of ultra expensive homes (by TX standards) in the $400+/sq ft range, like in Highland Park/University Park areas.

I believe this should give you a relatively good view of the tax/cost

[stouchstone]

Yes, summer is hot here! However, I am a transplant from Louisiana, and it isn't near as miserable as Louisiana! it may say 89 degrees in New Orleans, and 102 in Dallas on the exact same day and I'll take Dallas anyday! the Tax rate for Highland Park is alot less than other areas. I believe it is at 2.2 right now, and the normal range is 2.4-2.9 in other areas. Go to Republic Title's website for accurate tax rates. I believe they're listed there.

[harishv]

Couple things in addition to Brian's note.

Annual Car tax: in AZ, I paid over $400 annually for my SUV and about $150-$200 for my sedan.
in Dallas, I pay about $30 for each vehicle.

When i added up all the taxes i paid in AZ and compared it to TX, the total was close, but i paid about $1000 - $1500 more in texas. The biggest variables being the value of your home in TX and your annual income. The closer the two come, the more of a wash your total taxes will be.

One last point about no state income tax - your federal witholdings on a paycheck to paycheck basis will be higher in TX because u dont pay state tax. The tax advantages of deducting sales tax etc u only get when u file your taxes in april (if u owe money) or feb(if u get money back) : - )

[Jesus Sandoval]

Hi I live in Richardson Tx, its property taxes to be paid once a year? And where do I find that information ? just got a bill for property tax For 2016 due, By the way this is the first time I am paying myself it used to be included in my mortgage but I change it ?

[BigDGeek]

Originally Posted by Jesus Sandoval

Hi I live in Richardson Tx, its property taxes to be paid once a year? And where do I find that information ? just got a bill for property tax For 2016 due, By the way this is the first time I am paying myself it used to be included in my mortgage but I change it ?

What's your question?

[jdallas]

Originally Posted by Jesus Sandoval

Hi I live in Richardson Tx, its property taxes to be paid once a year? And where do I find that information ? just got a bill for property tax For 2016 due, By the way this is the first time I am paying myself it used to be included in my mortgage but I change it ?

City of Richardson, TX : FAQ

Q. When are property taxes due?
A. Property taxes are billed in October of each year. However, they do not become delinquent until February 1 of the next year. For example, the property taxes for the year 2015 will be billed in October 2015 and will become delinquent on February 1, 2016.


If you just received a bill, it's a late notice and you need to pay it very quickly.