BONZER WOLF™

The Thin Blue Line #BlueLivesMatter

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It's Not Just Income Taxes
mr money bags
bonzerwolf
Texas does not have a state income tax. The sales tax where I live is 8.25%. This year's property taxes on a home appraised at $280,000 in my hometown are $8,000

Compare that to : $600,000 home on Cape Cod, MA. $4,600 property taxes. $700,000 home in Seattle, WA, another state with no income tax, property taxes $4,500. $735,000 home in Sante Fe, NM, property taxes, $4,100.

In all fairness, you will get three times as many square feet for about one third the price for any of the above homes in most cities in north Texas. Many new residents here are pleasantly surprised to see how much house they can get in some of the better neighborhoods/school districts for $400,000. They are even more surprised when they discover that the property taxes and utilities on their 3,500 square foot home, cost $2,000 a month! That's $24,000 a year on top of mortgage payments.

By the way, Jerry Jones (Dallas Cowboys owner) and Mark Cuban (Dallas Mavericks owner), each pay around $300,000 a year in property taxes for their homes in Highland Park and Dallas. Tom Hicks the former owner of the Texas Rangers and soon to be former owner of the Dallas Stars and the Liverpool FC, may make a habit of bankrupting sports franchises. But Hicks owns the most expensive residential property in Dallas, appraised at $41,462,000.

Hicks property taxes this year? $946,937. That's almost $1 million dollars a year in PROPERTY TAX on his residence in the Preston Hollow neighborhood in Dallas.

And I thought $8,000 was outrageous!

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clear idea about income tax

Great information you have shared about tax on residence, whenever we buy home property we should have clear idea about income tax.

Mumbai real estate

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