The votes are in and it looks like we voted New York the highest property tax area, followed by Los Angeles. Dallas and Atlanta received just a couple votes each.
Let's see how are voting compares to reality.
A local appraiser, M. Lance Coyle, MAI www.coyleadvisors.com CEO, Coyle Realty Advisors, put together an interesting study that was published in the North Texas Chapter of the Appraisal Institute's monthly newsletter (see http://www.ainorthtexas.org/newsletters/ (January issue) to see the full paper).
Mr. Coyle calculated the property tax, in dollars and as a percent of the house value ($250,000), for a $250,000 house in 12 metropolitan areas, including Dallas. See below:
Property Taxes for a $250,000 House
City Annual Tax Effective Tax Rate
Atlanta, Georgia $944.00 0.38%
Denver, Colorado $1332.27 0.53%
New York City, New York $2417.70 0.97%
Chicago, Illinois $2681.60 1.07%
Oklahoma City, Oklahoma $2750.00 1.10%
Little Rock, Arkansas $3165.00 1.27%
Albuquerque, New Mexico $3240.00 1.30%
St. Louis, Missouri $3320.39 1.33%
Miami, Florida $3699.66 1.48%
Los Angeles, California $3776.55 1.51%
Dallas, Texas $6139.44 2.46%
You can see that most major cities have a tax rate, as a percent, of around 1% and upto 1.51%, and Dallas is almost 2.5%.
What do you think about this? Is Dallas still an economical place to live and own a house?
Feel free to comment to this post.
Friday, February 29, 2008
Property Tax Poll
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2 comments:
I do not think it is that bad, considering Texas does not require you to pay a state income tax. So I think it probably evens it self out.
Daniel, I think you are correct. Having in lived in the northest (between Philadelphia and New York City) or Atlanta most of my life, I can assure everyone that this area is a relatively low cost place to live overall. Although we pay very high property taxes and also relatively high property insurance and utilities, we pay no state income tax and housing prices are relatively inexpensive. Just think about how nice of a house you can get for $250,000 in New York or Los Angeles.
I don't think about moving, I just think about way to try to keep my property taxes low.
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