With rising property valuations in Texas, do you wish the $10K SALT cap was higher?

I don’t even know what all this means. I’m not a CPA.

I know people who are close to getting priced out of homes where they've lived for 10 years because the taxes are such a burden

Explain to me how much you think the homestead exemption reduces my TX property tax each year.

It does not reduce it dipshit, but caps the increase. If they filed homestead and cannot afford house after 10 years, they got way more house than they could afford to begin with. That is probably the true story, but would frick up Powermans false narrative.

So let me get this straight:

Texas, which has prided itself for decades on its

1) no-nonsense strategy of deriving tax revenue nearly 100% from property tax

2) reputation for being as anti-California as possible

Now has…

1) a growing desire to emulate Cali’s property tax law (which will inflate home values even higher as they become, in essence, valued similar to an investment)

2) a shitty power grid

Well well well

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10% annual increases add up! They just need to reduce the millage rate as property values rise. No way the govt needs +10% annual increases in revenue

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This is the proper solution.

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Explain to me how much you think the homestead exemption reduces my TX property tax each year.

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My understanding of homesteading your home was to cap how much they could increase your homes value and tax bill in a given year.

My home property has gone from a value of $220k when we purchased to $430k. We added a pool which accounts for some of that but our tax burden has gone from roughly $6000 to damn near $12k in about 6 years.

I asked a neighbor who sells real estate (think he mostly deals with farm property) and he said that municipalities have discovered a loophole that allows them to do whatever they want. The property taxes have gone insane in Texas.

downvote just for bringing up that CA shite hole although I welcome a cap on property taxes.

adjoining our homestead is a single undeveloped acre. in 2019 it was appraised by the county at $31k. for 2022 it appraised at $85k. the homestead itself has almost doubled in that same timeframe.

hey, but no income tax

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It prohibits reassessment of a new base year value except in cases of (a) change in ownership, or (b) completion of new construction.

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There is also a loophole to part B.

If you tear down a house but leave one wall it is not considered new construction, but only a renovation which doesn’t reset the tax base. Hence why a bunch of bazillion dollar modern houses in LA will say some BS on Zillow like “built in 1954” since 2 molecules of the original colonial are buried somewhere beneath the steel & cement.