Austin Texas Taxes To Be Aware Of - High Property Taxes

Austin Texas Taxes To Be Aware Of - High Property Taxes
Are you thinking of living in Austin? Perhaps you're relocating to Austin for work, or maybe you're retiring in Austin. Whatever the case, you must know about Austin, Texas taxes. In this video, you learn the ins and outs of high property taxes in Austin, TX, among other things.
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[@VintageTubeTone]

To take your example of the $500k home that rises to $700k at the end of year one, the tax bill if 2.5% goes from $12,500 to $17,500 in year two. If assessed values continue to rise at the capped rate of 10% per annum, in five years, the tax bill would rise to $25,621. That's insane. The problem is, Texas never experienced the kind of growth in property values that Austin has seen in the past three years. Prior, most homes in the state likely saw assessments grow well below the 10% cap. Now, the legislature is going to have to address the property tax system or the influx that Austin and other areas have seen will grind to a halt. This will be particularly true of the 55 + communities being built, where seniors have minimized their incomes to reduce Federal income tax liability and, therefore, find little comfort in the lack of Texas state income tax. For a state to base its whole system of taxation on property is ridiculous. It shifts the tax burden from high income earners to middle class home owners. It's red state politics.

[@JamesBond-oe4ru]

First! 😄

[@rangetrader4316]

From TCAD's evidence document after I filed protest, I found out that TCAD appraised home value without time adjustment on comparable sales. That's completely wrong for a peaked then trended down market in 2022. Your home appraisal value will be heavily depends on the sold date of the comparable sales. TCAD's chief appraiser Marya Cigler should take responsibility for this mass scaled mistake. She is incompetent for her job and should be removed from her position. Williamson CAD did a better job by applying time adjustment on comparable sales, making home appraisal value matching real market value on 1/1/2023.

[@Buckseed]

In Cali, property taxes are based off the purchase price of the home, foever! ❤