Abbott hasn't done anything about property taxes so all West has to do is run on lowering them. Heck, he'd get my vote anyway but this would be a huge campaign platform.
Imagine if Amazon had built the even bigger HQ they once wanted in Austin.
IIRC, some WAR was started over HIGH TAXES.................
A lot of Floridians are moving to TX due to taxes only to discover taxes are skyrocketing. Florida has laws on the books to prevent substantial tax increases per annum, but they’ve been going up 2% - 3% per year over the last couple of years.
Hope this El Paso woman’s apartment price was reduced.
Cardenas woke up to blood dripping from her apartment ceiling last month. The blood was coming from her upstairs neighbor, who had died and whose body had started to decompose.
We are buying a house in Phoenix, and have a similar problem. Worse than that, even if you are high bidder, the sellers want a waiver of the appraisal, which doesn’t work for conventional loan buyers, but works fine for folks from CA who just cashed out on their existing home. We finally got a bid accepted, but had to go 15K above asking, with an up to $5,000 waiver of the appraisal. The house is selling for well over double of its cost in 2014.
https://comptroller.texas.gov/taxes/property-tax/ptax-faqs.php
Three guesses where the hog’s share goes...
The sale of these Austin homes in residential neighborhoods will result in developers building multi-story apartment buildings on combined lots. A percentage of these apartments will go to low-income (or homeless) tenants.
Any remaining simgle family homes in the area will sink in value and can be picked up for pennies, with the land to be used for building other ‘Adolf’ Adler gulags.
I bet it is like that all over Texas, not just Austin. Buyers making offers 100k to 300k over the asking price in Waco, Lubbock, Amarillo and Vidor.
Austin is a tech center and this has got to be Silicon Valley transplants selling 1 bedroom studios for millions and then coming to TX and buying 8000 sq ft mansions for what they think are screaming bargains.
We have been looking at moving out of the commie hell hole that we live in all of our lives. Washington is still a popular destination for Californians. Most of the people in the Puget Sound region are now transplants and they dominate state politics. Both legislative bodies, the governor, and 8 out of 9 Judges in our state supreme court are all liberal Democrats. When we grew up and were young adults this was still a solid conservative state voting for Reagan both times. Pat Robertson won the Republican Caucus in 1988.
We ruled Texas out moving to Texas early on because of high property taxes. The rate per $100,000 in assessed value in Texas counties averages 1.69% with many places over 2.00%. This is multiple times higher than many other states. The average in the USA is 1.08%. Texas does not have a state income tax which partially mitigates this. But we are retired and do not have a lot of income. For my wife and I our overall taxes in Texas would be higher than in most other states.
California has an average property tax rate of .73%, but they have a high state income and sales taxes. Californians should consider that before moving to Texas but for most their overall tax bill will still be going down.
States could have property tax rates that are flexible so that when values go up rapidly as they are currently there would not be a windfall in tax revenues, but how many choose to do this?
Mine in Scottsdale seems to be going up 20k/month.
Scary actually.
BFD, everything here in NC is sold like that.
Meanwhile I’m enjoying my new home here in Eastern KY. This place is still affordable and the people are so nice! What a hidden gem!
While this happens, ‘rugged individuals’ usually buy acres out of town, and hatch a plan to hold out the storm. The storm isn't gonna pass, migration will conquer all.
It’s basically Liberals consolidating in a “safe” liberal area of TX. Of course they’ll pay more.
Well, looks like we will continue to be renters for the foreseeable future. Hope our landlady continues to think we’re wonderful and doesn’t raise our rent when our lease is up.