ChoppinDs40 said:

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Proposition Joe said:

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We bought a home in April - am I correct in that we don't file our homestead on it until the 2027 deadline since we did not inhabit it on Jan 1 of this year?

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"Oh hey my taxes are only $3,500!" Well yeah, because it's on the rolls as a piece of dirt, your HSE isn't going to protect that jump in year 1. Then escrows get behind and peoples house payment goes up over $1k.

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Im having year 2 ownership ptsd. bought from olds, their taxes were frozen for decades. Learned that lesson first hand

Not to discount what you're saying but 3500 in taxes for a lot is crazy to me. That's more than my property taxes on my home.

Fenrir said:

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Not to discount what you're saying but 3500 in taxes for a lot is crazy to me. That's more than my property taxes on my home.

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That's what happens when 1/4acre is worth 200k.

My 1/3rd of an acre is now on the books for $312,500.

Yup

Biggest piece of advice I give to friends or family is when they're buying a home, use a real mortgage/property excel model that has real insurance and taxes built into it.

Taxes should be based on purchase price. Period. Want to be more conservative? Have that grow at 3% every year too then model 2.5%/year in taxes

Welcome to Texas' form of wealth redistribution.

It's tucked fairly deep into the Dallas CAD website, but here is a link to a basic calculator that one can plug a value into, and then select applicable entities and exemptions to get an estimate for property taxes.

ChoppinDs40 said:

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Fenrir said:

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Not to discount what you're saying but 3500 in taxes for a lot is crazy to me. That's more than my property taxes on my home.

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That's what happens when 1/4acre is worth 200k.

My 1/3rd of an acre is now on the books for $312,500.

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Which is why owning rural ag exempt property is getting more and more popular. You're not giving up 2.5% on property taxes where the values rise at least 3% every damn year.

true but some of us have to work near a population center for a living, unfortunately.

I was referring to investment property. I'm also paying the tax man.

ChoppinDs40 said:

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Yup

Biggest piece of advice I give to friends or family is when they're buying a home, use a real mortgage/property excel model that has real insurance and taxes built into it.

Taxes should be based on purchase price. Period. Want to be more conservative? Have that grow at 3% every year too then model 2.5%/year in taxes

Welcome to Texas' form of wealth redistribution.

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Yep, that's what I've been doing and that's actually been too low for us. Went up 5% this year.