DFW Mustangs    

Go Back   DFW Mustangs > General > The Back Porch

The Back Porch General Discussions for topics that don't belong in other forums.

Reply
 
Thread Tools Display Modes
Old 05-21-2019, 09:21 AM   #1
Ruffdaddy
Lifer
 
Join Date: Nov 2003
Posts: 11,618
Default Texas Property Tax Reform

Has anyone that knows real estate better than me been following Texas real estate tax reform?

The wife and I were looking at getting a bigger lot with a 4 car garage...and the house price isnt what kills me. It's the fact that I will be paying over a grand per month in just taxes alone.

So does anyone know if the tax reform going through the Texas govt right now will actually help rates...or will it just slow the rate of increase?

I cannot get over pissing away that much money to the govt regardless of if its within budget. Going from my house now to the house we're looking at will result in a 100K+ loss over 15 years from real estate taxes alone if assume a 5% return annually.
Ruffdaddy is online now   Reply With Quote
Old 05-21-2019, 10:14 AM   #2
TX_92_Notch
Just a nobody
VIP Member
 
TX_92_Notch's Avatar
 
Join Date: Jun 2004
Posts: 2,223
Default

I haven't been following it. I've seen the topic pop up several times over the last few years and have always dismissed it, figuring there's a fat chance we'll see any significant savings.

Personally, I would rather see a state income tax than the outrageous property taxes. I dread paying these property taxes in retirement. Let the working folks carry the burden. Ease up on the retired folks.

Cut property taxes to 10 or 20 percent of the current rate, add a state income tax and maybe bump the sales tax up a bit. Property owners get FUCKED.
TX_92_Notch is offline   Reply With Quote
Old 05-21-2019, 10:21 AM   #3
46Tbird
Yip Yip Yip
 
46Tbird's Avatar
 
Join Date: Jun 2001
Posts: 40,501
Default

Someone has to pay for all the freebies, DEBT SLAVE
__________________
When the government pays, the government controls.
46Tbird is offline   Reply With Quote
Old 05-21-2019, 10:50 AM   #4
bcoop
Lifer
 
Join Date: Mar 2003
Posts: 41,815
Default

Read this. Not enough to make a real difference to each individual homeowner. And I wouldn’t base my decision on the promises of some lying ass politicians, either.

https://www.texastribune.org/2019/04...es-homeowners/
__________________
Quote:
Originally Posted by BradM View Post
But, just like condoms and women's rights, I don't believe in them.
Quote:
Originally Posted by Leah View Post
In other news: Brent's meat melts in your mouth.
bcoop is offline   Reply With Quote
Old 05-21-2019, 10:58 AM   #5
Big A
Lifer
 
Big A's Avatar
 
Join Date: Jul 2001
Posts: 43,260
Default

Quote:
Originally Posted by TX_92_Notch View Post
I dread paying these property taxes in retirement. Let the working folks carry the burden. Ease up on the retired folks.
How about you plan fully for your retirement, and not rely on us working folks to carry your wanna-be free-loading ass.
Big A is offline   Reply With Quote
Old 05-21-2019, 11:14 AM   #6
Ruffdaddy
Lifer
 
Join Date: Nov 2003
Posts: 11,618
Default

Quote:
Originally Posted by Big A View Post
How about you plan fully for your retirement, and not rely on us working folks to carry your wanna-be free-loading ass.
While I think there is a ceiling the over 65 crowd can apply for...its still complete bullshit that property taxes can increase 10% year over year indefinitely.

This is how many people get taxed out of their homes. If I plan really well and retire at 55 and own a 500K house....my taxes can literally go from $1100 a month to $2700 a month until I can cap it with a tax ceiling.

Or let's say a middle income family can easily afford the 415/mo taxes on their 200K house. In just a 10 year span that exact same house can have taxes at over 1K...more than 2.5 times the original rate. That's an extreme example but property tax values have easily doubled for many.

Property taxes undoubtedly hurt Texas real estate as well.
Ruffdaddy is online now   Reply With Quote
Old 05-21-2019, 11:19 AM   #7
svauto-erotic855
I know everything, I'm older than you
VIP Member
 
svauto-erotic855's Avatar
 
Join Date: Nov 2010
Posts: 7,035
Default

Quote:
Originally Posted by Ruffdaddy View Post
Has anyone that knows real estate better than me been following Texas real estate tax reform?

The wife and I were looking at getting a bigger lot with a 4 car garage...and the house price isnt what kills me. It's the fact that I will be paying over a grand per month in just taxes alone.

So does anyone know if the tax reform going through the Texas govt right now will actually help rates...or will it just slow the rate of increase?

I cannot get over pissing away that much money to the govt regardless of if its within budget. Going from my house now to the house we're looking at will result in a 100K+ loss over 15 years from real estate taxes alone if assume a 5% return annually.
The government will never ever ever limit the amount that they take from you.

Quote:
Originally Posted by TX_92_Notch View Post
I haven't been following it. I've seen the topic pop up several times over the last few years and have always dismissed it, figuring there's a fat chance we'll see any significant savings.

Personally, I would rathersee a state income tax than the outrageous property taxes. I dread paying these property taxes in retirement. Let the working folks carry the burden. Ease up on the retired folks.

Cut property taxes to 10 or 20 percent of the current rate, add a state income tax and maybe bump the sales tax up a bit. Property owners get FUCKED.
You're absolutely insane if you want another government entity to have a copy of your tax return. Once an income tax is enacted it will only grow in the bite that they take from you and it will never be repealed.
__________________
Magnus, I am your father. You need to ask your mother about a man named Calvin Klein.
svauto-erotic855 is online now   Reply With Quote
Old 05-21-2019, 11:45 AM   #8
Big A
Lifer
 
Big A's Avatar
 
Join Date: Jul 2001
Posts: 43,260
Default

Quote:
Originally Posted by Ruffdaddy View Post
While I think there is a ceiling the over 65 crowd can apply for...its still complete bullshit that property taxes can increase 10% year over year indefinitely.

This is how many people get taxed out of their homes. If I plan really well and retire at 55 and own a 500K house....my taxes can literally go from $1100 a month to $2700 a month until I can cap it with a tax ceiling.

Or let's say a middle income family can easily afford the 415/mo taxes on their 200K house. In just a 10 year span that exact same house can have taxes at over 1K...more than 2.5 times the original rate. That's an extreme example but property tax values have easily doubled for many.

Property taxes undoubtedly hurt Texas real estate as well.
I agree with all of that, but the fix isn't to expect someone else pay for your tax burden.
Big A is offline   Reply With Quote
Old 05-21-2019, 12:15 PM   #9
dblack1
Lifer
 
Join Date: Nov 2005
Posts: 1,165
Default

Where I'm at in TN we have something called ag exemption. You have to have over 15acres. Being in a surrounding county of Nashville the tax rates are insane now. They are about to annex me in to City limits but I'm still ag exempt on taxes, though now I'll have City taxes. It never stops. I have land in another state that the city annexed into the city limits. Taxes doubled. Can't hunt on it with a rifle any longer.

The recent tax changes on the amount of interest and pepper tax you can deduct went way down with Trump's tax "cuts". I lost a lot of yearly deduction money from not being able to do all my mortgage interest and property taxes any longer. People move here for not paying state income taxes, and in most parts TN is really really cheap. I'm looking at land a county away and the property taxes on almost 200 acres is less than 100 a month with the ag exemption. In my county it would be $500.
dblack1 is offline   Reply With Quote
Old 05-21-2019, 12:20 PM   #10
cool cat
Lifer
 
Join Date: May 2003
Posts: 16,230
Default

I thought once you hit 65 your property taxes froze at that amount, on your homesteaded property.
cool cat is offline   Reply With Quote
Old 05-21-2019, 12:36 PM   #11
Ruffdaddy
Lifer
 
Join Date: Nov 2003
Posts: 11,618
Default

Quote:
Originally Posted by cool cat View Post
I thought once you hit 65 your property taxes froze at that amount, on your homesteaded property.
They can. Read my post above.

And I'm 32 so I'm not even close to a cap but I do want to retire in my mid 50s.
Ruffdaddy is online now   Reply With Quote
Old 05-21-2019, 12:51 PM   #12
bcoop
Lifer
 
Join Date: Mar 2003
Posts: 41,815
Default

Quote:
Originally Posted by dblack1 View Post
Where I'm at in TN we have something called ag exemption. You have to have over 15acres. Being in a surrounding county of Nashville the tax rates are insane now. They are about to annex me in to City limits but I'm still ag exempt on taxes, though now I'll have City taxes. It never stops. I have land in another state that the city annexed into the city limits. Taxes doubled. Can't hunt on it with a rifle any longer.

The recent tax changes on the amount of interest and pepper tax you can deduct went way down with Trump's tax "cuts". I lost a lot of yearly deduction money from not being able to do all my mortgage interest and property taxes any longer. People move here for not paying state income taxes, and in most parts TN is really really cheap. I'm looking at land a county away and the property taxes on almost 200 acres is less than 100 a month with the ag exemption. In my county it would be $500.


Texas has Ag exemptions, and the qualifying factors vary by County. For instance, Grayson County you must have 10+ acres AFTER the house is carved out (1 acre). Collin County, I think the minimum is 5 acres.

But that doesn't solve the problem. Say you have a $400,000 house on 11 acres. Your ag exemption only applies to the remaining 10 acres, there is zero tax benefit on the house and the 1 acre it's attached to. So you get a break on the land, but what they will do is, increase your value on the home and not the land. If you're homesteaded, you can plan on 10% max every single year. If you're not, they'll bend you over harder. The govt will ALWAYS find a way to get their taste.
__________________
Quote:
Originally Posted by BradM View Post
But, just like condoms and women's rights, I don't believe in them.
Quote:
Originally Posted by Leah View Post
In other news: Brent's meat melts in your mouth.
bcoop is offline   Reply With Quote
Old 05-21-2019, 01:20 PM   #13
dblack1
Lifer
 
Join Date: Nov 2005
Posts: 1,165
Default

They will, but 10% a year is still robbery.

I'm about to get to start paying a storm water run off yearly fee tax based on sq footage of my buildings here in TN. It's always something new.
dblack1 is offline   Reply With Quote
Old 05-21-2019, 01:22 PM   #14
svauto-erotic855
I know everything, I'm older than you
VIP Member
 
svauto-erotic855's Avatar
 
Join Date: Nov 2010
Posts: 7,035
Default

Quote:
Originally Posted by dblack1 View Post
They will, but 10% a year is still robbery.

I'm about to get to start paying a storm water run off yearly fee tax based on sq footage of my buildings here in TN. It's always something new.

Wow, it sounds like they found a way to tax the rain.
__________________
Magnus, I am your father. You need to ask your mother about a man named Calvin Klein.
svauto-erotic855 is online now   Reply With Quote
Old 05-21-2019, 03:52 PM   #15
bubbaearl
Time Served
 
bubbaearl's Avatar
 
Join Date: Nov 2010
Posts: 768
Default

Quote:
Originally Posted by Big A View Post
How about you plan fully for your retirement, and not rely on us working folks to carry your wanna-be free-loading ass.
kinda like paying school taxes for 50 years with no kids ?
bubbaearl is offline   Reply With Quote
Old 05-21-2019, 04:03 PM   #16
Tx Redneck
Wannabe puter fixor
VIP Member
 
Tx Redneck's Avatar
 
Join Date: Nov 2005
Location: On the straight and narrow,stumbling at best, only by Gods grace.
Posts: 14,381
Send a message via Skype™ to Tx Redneck
Default

Quote:
Originally Posted by bubbaearl View Post
kinda like paying school taxes for 50 years with no kids ?
Yeah, that's absurd.
Tx Redneck is offline   Reply With Quote
Old 05-21-2019, 04:11 PM   #17
bcoop
Lifer
 
Join Date: Mar 2003
Posts: 41,815
Default

Quote:
Originally Posted by bubbaearl View Post
kinda like paying school taxes for 50 years with no kids ?
lol. Kinda got you by the short and curlies there, Aaron.
__________________
Quote:
Originally Posted by BradM View Post
But, just like condoms and women's rights, I don't believe in them.
Quote:
Originally Posted by Leah View Post
In other news: Brent's meat melts in your mouth.
bcoop is offline   Reply With Quote
Old 05-21-2019, 04:26 PM   #18
TX_92_Notch
Just a nobody
VIP Member
 
TX_92_Notch's Avatar
 
Join Date: Jun 2004
Posts: 2,223
Default

Quote:
Originally Posted by Big A View Post
How about you plan fully for your retirement, and not rely on us working folks to carry your wanna-be free-loading ass.
Eat a whole dick. Keep paying through the roof and enjoy it.

I'll pay well over double in property taxes than what I paid for my house by the time I'm in the ground. I know several people nearing retirement age that are moving out of Texas because they don't want to pay the ridiculous property taxes after they retire.

I'll retire with plenty of cowskin rugs, having never taken a penny of welfare in my life. That doesn't mean I want to continue giving it back to Uncle Sam just for living in my house.
TX_92_Notch is offline   Reply With Quote
Old 05-21-2019, 04:43 PM   #19
Craizie
Cracka
VIP Member
 
Craizie's Avatar
 
Join Date: Jun 2004
Posts: 12,617
Default

Quote:
Originally Posted by bubbaearl View Post
kinda like paying school taxes for 50 years with no kids ?
I'm ok with this as it will hopefully raise the average IQ of all the shit people around me.
Craizie is online now   Reply With Quote
Old 05-21-2019, 04:58 PM   #20
svauto-erotic855
I know everything, I'm older than you
VIP Member
 
svauto-erotic855's Avatar
 
Join Date: Nov 2010
Posts: 7,035
Default

Quote:
Originally Posted by Craizie View Post
I'm ok with this as it will hopefully raise the average IQ of all the shit people around me.
We're talking about public schools here so I would recommend not holding your breath.
__________________
Magnus, I am your father. You need to ask your mother about a man named Calvin Klein.
svauto-erotic855 is online now   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 01:49 PM.



Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.