re: 'Unprecedented': Property tax bills have reached double value for Texas homeowners

quote:

---

Sell, or shut up and pay it.

Probably was undervalued historically and the owner never bitched about that....

---

The property values around here are being artificially inflated by a-hole corporations and investment firms that are buying up every single piece of property they can in an effort to make people permanent renters or to force up home prices far beyond what they are actually worth.

quote:

---

One in two homes sold last year in Tarrant County went to an investor, company or corporation.

Tarrant County ranked third nationwide for the share of homes purchased by investors, at 52%, according to a report by the National Association of Realtors.

Although Tarrant tops the list among Texas counties, several others are not far behind.

In Rockwall County, 45% of homes sold last year were purchased by investors; in Dallas County, 43% of homes went to investors, and 39% in Denton County.

Statewide, 28% of homebuyers were companies or corporations last year, the highest rate nationwide and more than double the national average of 13%.

Institutional investors have one big advantage, said Shannon Ashkinos, president of the Greater Fort Worth Association of Realtors.

They pay cash.

“Traditional homebuyers just can’t compete,” said Ashkinos, who works with JPAR Real Estate. “We’ve seen this over and over again. Anyone trying for a traditional loan is stuck in a way.”

---

quote:

---

The median sale price of a home in Dallas-Fort Worth and surrounding areas reached $400,000 in April, according to the Texas Real Estate Research Center at Texas A&M University. That marks a 23% hike from last April and an increase of about 51% since April 2019.

“That first-time home buyer price range no longer exists,” Ashkinos said.

In addition to cash offers, a survey by the association found that homeowners sold to institutional investors because they agreed to purchase the property “as is” or offered a guaranteed purchase.

Of investor purchases, 42% of properties were converted to single-family rentals and 45% were flipped and resold.

---

LINK

My wife and I have been looking for a new home in DFW for 2 years now and it's pretty much impossible to win any kind of bid unless you offer well over initial asking price ($50k+ is normal) all cash, w/no inspections. Most open houses we go to the majority of the people there are just holding up a phone and to stream the house to their boss. Multiple times we left a place and before we were even able to get home it was already sold.

Zillow will buy up every single house for sale in a neighbor hood and on the last house they'll purchase it for a large percentage over ask and then turn around and say the market was set by that house and jack up the prices for every home they just bought. Redfin and Amazon (partnered w/Realogy who own Century 21) are doing the same.

Also, at saying just sell and move. Get out of here w/that BS. Even if you do sell you aren't making any money b/c it's impossible to get a comparable home to what you just got forced out of at a fair price.

quote:

---

Based on $294 a sqft in say Houston, my house currently would be $737K. Harris County prop tax is 2.3%. With Homestead, still paying over $16,000.

---

Rates a set yearly and are going to be lower this year than last, so it just basing off your numbers it'd likely be more like $2k more expensive.

But your insurance rates, decreased sales tax, avoidance of requiring private schools (if applicable) would way more than make up for it.

quote:

---

No one should ever have to move because their neighborhood became more desirable.

---

what kind of lib bullshite is this?

quote:

---

Imo the only way it should work is that day you bought your home for $200k, you only ever pay taxes on your homes value at 200k adjusted for inflation. So if it say becomes worth 900k 15 years later, you only pay taxes on the 200k value adjusted slightly in todays dollars. So like 250k or something of that nature.

---

quote:

---

Suburbs are a drain and should all be nuked from existence. This board has suburb, giant McMansion, car culture brain rot.

---

Urban areas are fun to visit sometimes but shite places to live for most families. Maybe focus on why they are shite instead of blaming people for not wanting to live there?

quote:

---

Suburbs are a drain and should all be nuked from existence. This board has suburb, giant McMansion, car culture brain rot.

---

Cities are absolute psychological hell holes and you have your super rich and your dirt poor. Crime is highest in the cities, taxes are highest in the cities. Really nice to live.

quote:

---

It’s always dumbfounded me that someone that buys a home can get priced out of their own home down the line by the way the market changes. I understand raising property taxes marginally with inflation and cost of things like roads and schools, but even with homestead exemptions, the idea that you’re punished because your 3 bed 2 bath has artificially increased 600% is insane to me. No one should ever have to move because their neighborhood became more desirable. Imo the only way it should work is that day you bought your home for $200k, you only ever pay taxes on your homes value at 200k adjusted for inflation. So if it say becomes worth 900k 15 years later, you only pay taxes on the 200k value adjusted slightly in todays dollars. So like 250k or something of that nature. This post was edited on 6/17 at 2:47 pm

---

Exactly.

Our homes value has “doubled” but if our town thinks they are going to tax it’s people “double” they got another God damn thing coming and won’t be in office very long.

I agree it's BS, but I think protesting now helps in the future. Those jackasses won't lower the values easily, so anything you can do to protect yourself from future years I think is worth it.

horrible take

This is why I sold my house in Katy, and bought acreage that has an ag exemption late last year.