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yellowdogintexas

(21,981 posts)
Thu Nov 9, 2023, 11:25 AM Nov 2023

Apologies in advance if this is a duplicate. Our property tax bill

is already on line with the adjustments resulting from the Tuesday Constitutional Amendment vote

last year: 1662.67 this includes the Homestead Exemption and Senior Citizen's Exemption

New bill: 790.17 after the new Homestead Exemption. The Senior Citizen Exemption remains the same. (also Disability Exemptions, if applicable.)

All the literature I could find indicated the biggest impact in total dollar reduction would be moderately priced homes.

Good job voters.

On the surface, this appears to be a reduction in education funding, however the Legislature voted (finally) to use money from the $29 billion (so called) rainy day fund to replace the property tax dollars.
This fund was also tapped for a couple of other things (teacher pension COLA) and it is high time some of it was used. This fund has grown significantly since 2014 when Wendy Davis ran for Governor.

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GreenWave

(6,209 posts)
1. Sounds great. My property tax bill was over $4,000
Thu Nov 9, 2023, 11:32 AM
Nov 2023

and no I do not live in a mansion. I suspect where I live a lot of rental folks pay next to nothing for personal property taxes as it is a "business".

bluesbassman

(19,208 posts)
6. The renters do not pay the property tax directly, but most rental property owners factor tax into their lease rates.
Thu Nov 9, 2023, 12:17 PM
Nov 2023

So the property tax on individual homes are being paid one way or another.

My beef is with how corporations evade paying their fair share. Of course Texas is "business friendly" if the State is giving them huge tax breaks, but it's not very citizen friendly if the homeowners are being taxed up the wazoo for their home.

yellowdogintexas

(21,981 posts)
9. exactly. We can only claim Homestead and Senior Citizen exemptions
Thu Nov 9, 2023, 12:36 PM
Nov 2023

if the property is our primary residence. No reductions for a vacation home, rental property. The Homestead exemption takes effect immediately when you purchase the home; the Senior Citizens when you reach 65. Since landlords are not getting that exemption, there is no reduction to pass on to their tenants.

The rules for property taxes on commercial properties are different and I am not knowledgeable about them. However that primary residence requirement won't help renters (this was a major objection in the debate over the amendment) In theory at least, a homeowner claiming primary residence on one half of a duplex could take exemptions for the tax on that portion of the property. I know for certain that if one owner living in the property is over 65 and the other owner is not, the Senior Citizens exemption will be split until the second owner reaches age 65. (I had to research that one when I worked in Escrow services for a major mortgage company)

GreenWave

(6,209 posts)
12. Thanks! Our area should take note.
Thu Nov 9, 2023, 12:54 PM
Nov 2023

Our animal "taxes" go straight to Texas! For licenses, So I may sign up for another "chat" with the personal property people here.

yellowdogintexas

(21,981 posts)
11. counties/cities give tax breaks too, for other parts of their tax
Thu Nov 9, 2023, 12:52 PM
Nov 2023

total. I have not seen a breakdown but they are nearly always for from 5 to 10 years. The state will give them a break on the commercial property tax

stopdiggin

(10,911 posts)
3. a rainy day fund properly ought to be reserved for
Thu Nov 9, 2023, 11:53 AM
Nov 2023

emergencies and unforeseen necessity. (conceivably there are times when it might grow larger than intended .. ) But, in general practice - they should not be employed just to fill gaps in general budgeting matters. (which sounds like what happened here) But then, politicians (and taxpayers) have never been very good about resisting temptation.

yellowdogintexas

(21,981 posts)
8. it has increased from approx $6 billion to $29 billion in ten years
Thu Nov 9, 2023, 12:25 PM
Nov 2023

just sitting there. Very little of it has been used.
The resources which fund it are not changing, at least not anytime soon.

MOMFUDSKI

(4,761 posts)
4. In a $430K condo 3 blocks from Gulf of Mexico
Thu Nov 9, 2023, 11:54 AM
Nov 2023

and on Homestead since ‘98. Tax bill this year is $1500. BUT the prop ins in Florida is a nightmare. Condo fee is up to $699/mo of which damned near half is pure prop ins.

Native

(5,921 posts)
16. What county are you in? That's really low compared to my neck of the woods - I'm on the west coast of central FL.
Thu Nov 9, 2023, 03:40 PM
Nov 2023

DFW

(53,773 posts)
5. Is that per month or per year?
Thu Nov 9, 2023, 11:56 AM
Nov 2023

My sister in NJ pays more that that per month in property taxes, and she lives in a tiny house in a tiny town an hour west of NYC.

yellowdogintexas

(21,981 posts)
7. year. nt
Thu Nov 9, 2023, 12:23 PM
Nov 2023

New Jersey has very high property taxes, as do many other states, mostly due to the appraisal values. I know that Texas has higher calculations (theoretical example: 6% of appraisal value in one state vs 18% in another) and I keep hearing that our property tax rates are quite high across the board

My daughter lives in Phoenix which would seem to be a place with high property taxes. When she told me her property tax bill, I nearly fell over! Her appraisal value is much lower than mine on a house which sold for a significantly higher amount; her taxes are very reasonable. Of course, Arizona has a state income tax which helps.

Texas does not have a state income tax, which is one of the selling points on moving here. Plus, the various local taxing entities etc offer sweetheart deals to convince a company to relocate here.

DFW

(53,773 posts)
14. That seems cheap enough.
Thu Nov 9, 2023, 01:25 PM
Nov 2023

My sister and her husband pay something like $12000 a year in property taxes, and their house is tiny, and not worth more than a few hundred thousand. They love the area, and so want to stay there, but they do not have a lot of spare change, that's for sure.

My job is located in Texas. We didn't move there, though. We started there forty years ago. Had to move within Dallas a few times, due to expansion (started out with a few guys moving down from the northeast, including me, and were maybe 20 people when we opened, as opposed to the 650 we are now, with 600 of them in the Dallas office).

But since I was always working over here, even before I lived here full time, I just shared a house with friends who live there full time, and they take care of the bureaucratic stuff. I don't even know what the property taxes are on the house, but they never said a word about it, so I assume it's not huge. I think my brother in northern Virginia pays more in property taxes than my friends in Dallas, although his house is worth nowhere near as much, and in nowhere near such a high end neighborhood.

DFW

(53,773 posts)
15. My sister complains about it often enough.
Thu Nov 9, 2023, 01:27 PM
Nov 2023

I'm sure I'd hear about it if that were ever to change.

Of course, she isn't asked to pay 70% in income taxes like I am, so there is a trade-off.

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