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True, and as house prices go up, so will insurance because they have to cover more valuable homes. Either way South Florida is officially the least affordable housing market in the nation, and commercial office space is as expensive as it is in Manhattan.
Values of homes are going up due to location. The only thing that will cause the insurance costs to go up is cost of construction. So no, having a market that his highly desirable, (which is why Florida home values have gone up and why inflation is higher here) does not cause the cost of construction to go up other than on the demand side of construction. Nice try.
I can pay a lot of property taxes with the money I save on state taxes. Fortunately, I am paying the same amount I paid in Illinois for a house worth 2.5x as much.
Most people I know here in north Texas are paying over $10k/year in property tax or very close to it. My retired mother pays $13k/year and that's with a homestead exemption, over 65 exemption, and frozen school taxes. It's a significant savings but she'd be better off paying income tax (obviously because she's retired) than paying over $1,000 a month to rent her paid-for house back from Dallas County.
Property taxes in Texas are horrible.
And the fact that it's a non disclosure state means the local taxing districts can "appraise" your home at whatever they want.
I lived in Texas for 25 years and only won one single time when I protested my taxes.
I re-financed and had an appraisal in hand when I went to protest.
They didn't argue and lowered THEIR figure by $85K.
TX is so bad they have their own industry of people that will fight your property tax for you for a fee.
Now I live in SC which is a disclosure state. The county goes by actual sales and only re-appraises every 5 years based on actual sales.
There are always two sides of the coin. When house prices appreciate, it increases your personal wealth..
Sudden increases in home values can be meaningless (& a net negative) if you're not selling. If you're tied to your locale because of your job, or kids still in school, etc. It just translates to more taxes. In our case, we were only given 45 days to start paying a significant increase in taxes.
I mentioned this in your previous thread: Inflation cooled significantly in June, bringing price hikes close to normal levels
You dismissively stated that homeowners shouldn't be crying about the increase in value (posts #12 & #14).. and implied that home value bubbles were part of broader economic good news?
I didn't go thru all your subsequent posts, and saw the thread was locked.. so not sure if you're still standing by the idea that people taking on new taxes should still be celebrating the (supposed) inflation cooldown?
Sudden increases in home values can be meaningless (& a net negative) if you're not selling. If you're tied to your locale because of your job, or kids still in school, etc. It just translates to more taxes. In our case, we were only given 45 days to start paying a significant increase in taxes.
I mentioned this in your previous thread: Inflation cooled significantly in June, bringing price hikes close to normal levels
You dismissively stated that homeowners shouldn't be crying about the increase in value (posts #12 & #14).. and implied that home value bubbles were part of broader economic good news?
I didn't go thru all your subsequent posts, and saw the thread was locked.. so not sure if you're still standing by the idea that people taking on new taxes should still be celebrating the (supposed) inflation cooldown?
Funny that people think "profits on paper" will enable people to pay higher taxes.
It's not your wealth but your paycheck that pays the bills which are increasing faster than salaries.
Which is typical in times of inflation.
And rather than cut back and hold off people are taking on bigger debt.
It's like the roaring 20's if you read your history books...eerily similar...pandemic, inflationary boom and then .....
And the fact that it's a non disclosure state means the local taxing districts can "appraise" your home at whatever they want.
I lived in Texas for 25 years and only won one single time when I protested my taxes.
I re-financed and had an appraisal in hand when I went to protest.
They didn't argue and lowered THEIR figure by $85K.
TX is so bad they have their own industry of people that will fight your property tax for you for a fee.
Now I live in SC which is a disclosure state. The county goes by actual sales and only re-appraises every 5 years based on actual sales.
I've had decent success protesting but you have to prepare a lot. I spent hours preparing every year. It's a pain.
Most people I know here in north Texas are paying over $10k/year in property tax or very close to it. My retired mother pays $13k/year and that's with a homestead exemption, over 65 exemption, and frozen school taxes. It's a significant savings but she'd be better off paying income tax (obviously because she's retired) than paying over $1,000 a month to rent her paid-for house back from Dallas County.
Property taxes in Texas are horrible.
I lived in Houston for about 6 six years. Bought a house for $96K. You can reduce property taxes by buying a cheaper house. I wasn't the only one. My neighbors included a doctor, a Harris County sheriff deputy, and a retired NYC firefighter.
Texas is better suited for high-income earners. What they save in income taxes can easily pay for property taxes.
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