That’s the thing about increasing home prices nobody talks about. It increases the “value” of your home, so you’re taked more.
When my parents retired, they didn’t move out to the country to get away from the city life. They did it because it saved them 40 grand a year in property taxes.
They had municipal taxes, county taxes, school district taxes (when massive school bonds pass every single year without fail that one can really add up), emergency service district taxes, Water District taxes, Healthcare District taxes.
That shit adds up when the value of your property doubles every 3 years like it has been doing in Texas.
No, $40k/yr in property taxes is insane unless your parents own several mansions, even for Texas where the highest property tax rates are around 2.5%. Even if you tack on millages and bonds and other things there’s no way it gets near that.
There’s a lot of bad takes and clear misinformation from disaffected people in this thread. Stuff like this should be obvious.
For the city. Then double the city rate for the school district, then add some more for the MUDs and the County and the Health district and the Emergency services district. Shit adds up fast, and when you buy a house new for 180 grand and a few years later it’s valued at 700 grand, you have to move because you can no longer afford to pay the taxes.
I work for a city where the stupid-rich live. Their houses are NUTS. I recently approved construction of a 5,000sft guest house with a rooftop tennis court. We have over a dozen houses in active construction that cost over 15 million dollars, and no new structures being built under 4 million.
We actually have standards in our development code regarding servant’s quarters. And the most important thing to know about those standards is that they’re required to be smaller than the minimum allowable size for guest quarters. Can’t have the Servant’s getting all uppity.
But the thing is, they pay very little in taxes as a portion of their wealth. They have enough political power that they founded a 4mi^2 enclave as its own city entirely surrounded by a major city. They also managed to get their own school district. As a result, they have some of the lowest taxes in the state. Someone with a 7 million dollar house here will pay the same amount of money in property taxes as someone with a half-million dollar condo 2 miles away, because the rates for the school district and city for the wealthy are so low.
For utility districys, they get out of paying property tax by having the city provide it directly without a WCID by contracting to the major city next door that gives them the utilities at a loss to keep the rich assholes happy and supplying campaign donations.
All that to say, then people that are hurt by property taxes aren’t the rich. It’s people living in areas where the value of homes go up faster than income can keep up with the taxes. My parents eventually had to sell and move. And yeah, they made a nice profit off their house, but they still had to move away from the city they’d lived in for 60 years, and now live 30 minutes from the nearest gas station even though they used to be solidly urbanites.
The house was about 180 when they bought it, then climbed in value over time to the point they had to move due to taxes. The combination of city, county, 2 separate MUDs, school, ESD, health district, and other taxes didn’t help either.
The school taxes alone were nearly 2% of the value of their home. When your home quaruples in valueshoppingthe area around you gets ritzy, that adds up.
That’s the part that upsets me the most. If you save up the money to fix up your house, the gov charges you more for it. How aggregating. Makes me not want to “own” property.
That’s the thing about increasing home prices nobody talks about. It increases the “value” of your home, so you’re taked more.
When my parents retired, they didn’t move out to the country to get away from the city life. They did it because it saved them 40 grand a year in property taxes.
Where the fuck did they live? What was the home value and tax rate? That’s insane.
It’s really not that crazy in some areas.
They had municipal taxes, county taxes, school district taxes (when massive school bonds pass every single year without fail that one can really add up), emergency service district taxes, Water District taxes, Healthcare District taxes.
That shit adds up when the value of your property doubles every 3 years like it has been doing in Texas.
No, $40k/yr in property taxes is insane unless your parents own several mansions, even for Texas where the highest property tax rates are around 2.5%. Even if you tack on millages and bonds and other things there’s no way it gets near that.
There’s a lot of bad takes and clear misinformation from disaffected people in this thread. Stuff like this should be obvious.
For the city. Then double the city rate for the school district, then add some more for the MUDs and the County and the Health district and the Emergency services district. Shit adds up fast, and when you buy a house new for 180 grand and a few years later it’s valued at 700 grand, you have to move because you can no longer afford to pay the taxes.
It sounds like your parents just don’t want you to know that they suck with money.
I work for a city where the stupid-rich live. Their houses are NUTS. I recently approved construction of a 5,000sft guest house with a rooftop tennis court. We have over a dozen houses in active construction that cost over 15 million dollars, and no new structures being built under 4 million.
We actually have standards in our development code regarding servant’s quarters. And the most important thing to know about those standards is that they’re required to be smaller than the minimum allowable size for guest quarters. Can’t have the Servant’s getting all uppity.
But the thing is, they pay very little in taxes as a portion of their wealth. They have enough political power that they founded a 4mi^2 enclave as its own city entirely surrounded by a major city. They also managed to get their own school district. As a result, they have some of the lowest taxes in the state. Someone with a 7 million dollar house here will pay the same amount of money in property taxes as someone with a half-million dollar condo 2 miles away, because the rates for the school district and city for the wealthy are so low.
For utility districys, they get out of paying property tax by having the city provide it directly without a WCID by contracting to the major city next door that gives them the utilities at a loss to keep the rich assholes happy and supplying campaign donations.
All that to say, then people that are hurt by property taxes aren’t the rich. It’s people living in areas where the value of homes go up faster than income can keep up with the taxes. My parents eventually had to sell and move. And yeah, they made a nice profit off their house, but they still had to move away from the city they’d lived in for 60 years, and now live 30 minutes from the nearest gas station even though they used to be solidly urbanites.
Depending on area 40k property tax means a 3-4M house. Poor rich people!
The house was about 180 when they bought it, then climbed in value over time to the point they had to move due to taxes. The combination of city, county, 2 separate MUDs, school, ESD, health district, and other taxes didn’t help either.
The school taxes alone were nearly 2% of the value of their home. When your home quaruples in valueshoppingthe area around you gets ritzy, that adds up.
That’s the part that upsets me the most. If you save up the money to fix up your house, the gov charges you more for it. How aggregating. Makes me not want to “own” property.