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Old 06-06-2013, 12:30 PM
 
84 posts, read 134,256 times
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Big house as in like 3-4k sq ft?
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Old 06-06-2013, 12:37 PM
 
Location: North Texas
24,561 posts, read 40,099,766 times
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Quote:
Originally Posted by Gamewiz View Post
Big house as in like 3-4k sq ft?
You're taxed on the value of the property, not the square footage.
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Old 06-06-2013, 12:39 PM
 
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My experience with San Diego is about a decade old, however, I still keep in touch with friends back there and it seems like Austin in particular is catching up in terms of cost of living (mostly due to real estate rising dramatically over the past 10 years).

Utilities - You're going to spend slightly more in TX, but it'll vary WILDLY, based on where you are in the state, provider and energy efficiency/size of home. At least you won't be paying the company that burns down half of the city.

Auto costs - Gas will go down, insurance will likely go up. Again, varies wildly depending on area. Houston and Dallas are more expensive, San Antonio is the cheapest. Austin is in the middle and rising.

Telecom - About the same. Although I can watch Padres games here, whereas 51% of SD County can't!

Groceries - Meat is cheaper, vegetables are more expensive. Just about evens out, IMO.

Property Tax - Best case 1.9%, worst case 3.5%. The value of your home is not fixed, so this will fluctuate every year. That $200K home can be $300-$600/mo.

Income Tax - Texas = zero. In your specific case, that will likely create more take home pay, but eliminate a refund at the end of the year.

Homeowner's Insurance - Anywhere from $450/yr to $4,000/yr for a 2000 sq/ft house. Dallas and Houston are the most expensive (wind/hail), Austin is in the middle, San Antonio is cheapest.
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Old 06-06-2013, 01:03 PM
 
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Thanks EzPeterson, the breakdown helps. Sounds like it really is all dependent on lifestyle... if we continue to live the same lifestyle we do now, and move to Texas, cost of living (NOT including house costs which is a big factor) will either remain the same or go down a little, which is fine because I used my current monthly budget to factor in how much I would need to make in Texas to move there. The only thing I changed in my theoretical budget was a reduction regarding housing.

Right now my wife and I make a combined income (before taxes) of around roughly $60-65k a year. I say roughly because my wife is a hairstylist so her income varies wildly. Since moving to Texas she won't be working anymore (at least not at the start) because she would obviously lose her clientele and would have to get licensed again in Texas. So taking away her income (and all the business expenses, especially during tax time, that come with it) I figured we could maintain a similar lifestyle that we do now, hopefully slightly better, if I found a job paying no less than $50k a year, which I believe is doable on my end (I hope).

So regarding property tax to understand, it's all dependent upon current value, not the original price paid for it. If I buy a house for $150k and the value of it shoots up to $200k the following year, my property tax payment will go up. What determines the percentage? Location? When I go house hunting down the road, is there an easy way for me to determine what the TOTAL cost of of the mortgage would be (including property tax and insurance)?

And I am definitely looking forward to no income tax... more take home pay is always a nice thing. The tax refund at the end of the year is irrelevant... I see very little refund right now since the majority of my refund goes to offsetting what my wife always owes at the end of the year. I count it a "win" when we don't owe anything, lol. That's another thing I'm looking forward to when we move... not having to try and juggle my wife's business come tax return time.

Last edited by Gamewiz; 06-06-2013 at 01:15 PM..
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Old 06-06-2013, 01:55 PM
 
Location: San Angelo, Texas
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Rent - $520 a month includes all utilities and free extended basic cable
cell phone - Unlimited local & long distance & unlimited text - $43 a month
internet - $40 a month
car insurance - $36 a month
car registration - $60 a yr.
state inspection - $14 a yr.
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Old 06-06-2013, 01:56 PM
 
Location: North Texas
24,561 posts, read 40,099,766 times
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Quote:
Originally Posted by Gamewiz View Post
So regarding property tax to understand, it's all dependent upon current value, not the original price paid for it. If I buy a house for $150k and the value of it shoots up to $200k the following year, my property tax payment will go up. What determines the percentage? Location? When I go house hunting down the road, is there an easy way for me to determine what the TOTAL cost of of the mortgage would be (including property tax and insurance)?
A realtor can help you figure that out. A house's tax-appraised value is not the same as its market value, and properties are not assessed yearly for property tax. At least not in Dallas County, where I live. My property's tax-appraised value has not changed since 2010.

In the meantime:

Frequently Asked Questions About Property Tax

Each county has its own appraisal district. Find out what county a property is in and Google their appraisal district. Just typing the county name and 'cad' in Google should be enough. Since CAD records are public, you can look up the record for any property you want to buy and it will have its current tax-appraised value and property tax total right there.
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Old 06-06-2013, 02:04 PM
 
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Awesome! Thank you.
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Old 06-06-2013, 02:30 PM
 
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Some counties assess on a year-to-year basis, and you can apply the homestead exemption, which caps your assessed value at 10% more than the year prior.

On some of the CAD websites, they'll list each and every tax, and you have to total them all together.
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Old 06-06-2013, 02:52 PM
 
Location: Victoria TX
42,579 posts, read 86,610,587 times
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As long as you're offering Texas cost of living comparisons, I'll present mine, too, just for contrast. Single, Victoria.

Gas and Electric = $40 in spring and fall, max $110 in July-August. No gas.
Water = $20
Sewer = (included with water)
Trash = (included in rent)
Car insurance = (Car not needed in Victoria)
Internet = $30, bundled with cable, total $110
Cellphones = none. Landline $12
Gas = none. Bus $2 round trip.
Groceries = <$100 for one person
Apartment rent (one bedroom, with pool, well managed) = $500. Walking distance to supermarket, college, hospitals, library, restaurants. (0.3 - 0.7 miles)
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Old 06-06-2013, 02:58 PM
 
Location: Maui County, HI
4,131 posts, read 7,408,060 times
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Quote:
Originally Posted by Gamewiz View Post
I heard property tax was high in Texas but over $1000/month?? What is your mortgage if you don't mind me asking? I'm trying to gauge how much property tax I would be paying on a house that costs roughly, say, $160-180k.

And your bills seem really high... I'm assuming you have a decent paying job?

Property tax in Texas is about 3% in most places. That means over 3 decades you pay the value of your house in taxes. More when you factor in appreciation.
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