Austin, Texas houses

[phatposts]

18 hours ago, chicagoafdb said:

basic doubt. 450K ki house purchase chesam. in next yr it appreciated to 650, this increase who decides i mean market value ? is it county authorities ? and next yr onwards we expect to pay property tax for 650..just trying to understand how this realestate value increases and by whom. 

Every property has assessed value. It is different from purchase value. 

Depending on cost of land, building and interiors - county assesses a value and your tax is determined as per that. 

If the new sale data is showing spike in sale prices the next assessment could result in a higher value. 

I heard there are attorneys that will work with you and ask the county to adjust prices to lower the tax but IDK how/if it works.

Existing owners - if they continue to live in that area are actually at a loss because their taxes are going up, they are not selling (due to their own reasons) and the market values are not realized until they sell. One way to mitigate the taxes is to take a HELOC and invest that in the market for the informed soul. 

[areyentiraidhi]

On 1/3/2022 at 1:20 PM, perugu_vada said:

 

to be frank .. epudu konna kuda .. with increased prices .. property taxes kuda touching sky heights .. 420k house ki 18months back 1200$ pay chesevaallu .. ipudu 650k aindi same house ante .. they will end up paying 1800-1900/month towards property tax .. 

one time pay chesi intlo ki move aipodham ani kadhu kada .. such a steep increase is not good .. 

Good Point bro, .But we can't avoid taxes , only option is to move to low tax state right. Are you planning to buy home soon ? 

[chicagoafdb]

On 1/3/2022 at 2:20 PM, perugu_vada said:

 

to be frank .. epudu konna kuda .. with increased prices .. property taxes kuda touching sky heights .. 420k house ki 18months back 1200$ pay chesevaallu .. ipudu 650k aindi same house ante .. they will end up paying 1800-1900/month towards property tax .. 

one time pay chesi intlo ki move aipodham ani kadhu kada .. such a steep increase is not good .. 

Bro, how is Arkansas state ? Rates are cheaper. if we are looking for better weather, its next to TX. did you explore that ? @quickgun_murugun

[AreyOSamba]

21 hours ago, quickgun_murugun said:

That’s a lot.. oka 10 years untey you would have paid $200k plus in property taxes ! 

True. But if you are in one of the 45 taxing states on the income.. with an average IT job salaries, you will end up paying 120K on property taxes in that state and 80K on state income tax..

[dkchinnari]

52 minutes ago, AreyOSamba said:

True. But if you are in one of the 45 taxing states on the income.. with an average IT job salaries, you will end up paying 120K on property taxes in that state and 80K on state income tax..

lol...again.... salary changes as per location...do u think company offers same pay for person working in NY vs TX? 

 

you did very good job by moving TX....

[Guest]

Konandi va simple ga...ee thokkalo calculations yenduku 

[AreyOSamba]

2 hours ago, dkchinnari said:

lol...again.... salary changes as per location...do u think company offers same pay for person working in NY vs TX? 

 

you did very good job by moving TX....

I think it all comes back to what are you looking at.. as an example.. If you are living in CA (not bay area) SoCal with an average home size is around 1200 to 1500 sft 1950's home costs you around a million.. with 1% - 1.25% property tax rate.. you end up paying 10k-12.5K over the period of 10 years with growing property values.. how much do you think you end up paying..

Same case with any other NE states.. I have cousins who suffered harsh winters and had to pay a luxury tax to own cars. 
Some states have property taxes assessed by livable space per sq ft not taxed by the values.. Just saying!! 

Plus does your salary stay the same over the period even in TX? I will be surprised if the salaries are too low in TX as in Oklahoma or  Kansas.

 

[dkchinnari]

1 hour ago, Guest said:

Konandi va simple ga...ee thokkalo calculations yenduku 

ivu ..

[Guest]

24 minutes ago, dkchinnari said:

ivu ..

5% down and approach any lender..simple 

[quickgun_murugun]

3 hours ago, AreyOSamba said:

I think it all comes back to what are you looking at.. as an example.. If you are living in CA (not bay area) SoCal with an average home size is around 1200 to 1500 sft 1950's home costs you around a million.. with 1% - 1.25% property tax rate.. you end up paying 10k-12.5K over the period of 10 years with growing property values.. how much do you think you end up paying..

Same case with any other NE states.. I have cousins who suffered harsh winters and had to pay a luxury tax to own cars. 
Some states have property taxes assessed by livable space per sq ft not taxed by the values.. Just saying!! 

Plus does your salary stay the same over the period even in TX? I will be surprised if the salaries are too low in TX as in Oklahoma or  Kansas.

 

Exactly this will be an issue with cities like Austin in few more years that might force lot like you to move out  ! 
 

ippudu 3000 sqft ostundi inkonni years lo 1500 sqft kuda radu .. nothing more different from Cali Ny cities 

[KondapalliRaj]

On 1/4/2022 at 12:51 PM, phatposts said:

Every property has assessed value. It is different from purchase value. 

Depending on cost of land, building and interiors - county assesses a value and your tax is determined as per that. 

If the new sale data is showing spike in sale prices the next assessment could result in a higher value. 

I heard there are attorneys that will work with you and ask the county to adjust prices to lower the tax but IDK how/if it works.

Existing owners - if they continue to live in that area are actually at a loss because their taxes are going up, they are not selling (due to their own reasons) and the market values are not realized until they sell. One way to mitigate the taxes is to take a HELOC and invest that in the market for the informed soul. 

You don’t need a attorney, if your purchased price is less than appraised value(first year), you can schedule a appointment with county appraiser office and present the required docs and they revise your value .

[KondapalliRaj]

20 hours ago, AFDB__REBEL said:

does it work that way for individuals ?...property taxes are based on market value as whole for that area or town.....

Yes brother . I spoke to county office and they confirmed you can challenge the appraisal value in 2 ways .

1) Through court 

2) Setup appointment with appraisal office and present your closing docs and  

[AreyOSamba]

11 hours ago, quickgun_murugun said:

Exactly this will be an issue with cities like Austin in few more years that might force lot like you to move out  ! 
 

ippudu 3000 sqft ostundi inkonni years lo 1500 sqft kuda radu .. nothing more different from Cali Ny cities 

lol. Aithey neekenti problem. Inkonni rental properties konnalekapothunav anaa? or ne properties annitiki proprty taxes katalekapothunnava

[phatposts]

3 hours ago, KondapalliRaj said:

You don’t need a attorney, if your sale price is less than appraised value(first year), you can schedule a appointment with county appraiser office and present the required docs and they revise your value .

last 5 years lo ilanti sale jariginda asalu? nenaithe choodaledu

[KondapalliRaj]

4 hours ago, phatposts said:

last 5 years lo ilanti sale jariginda asalu? nenaithe choodaledu

I mean purchased price