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If there’s one state that’s won in recent years, it’s Texas.
Even before the pandemic, Texas had the fastest growing population in the United States, and the spread of remote work during the pandemic has accelerated that trend. By early 2023, data showed Texas was welcoming more newcomers than anywhere else in the country.
So Texas is a hot place.
And now, a new proposal could make Lone Star State more popular than ever.
Lawmakers in the state, along with Governor Greg Abbott, want a big cut in property taxes. Tweet Tuesday, “Texans want to own their property instead of renting it from the government.”
“My property tax plan puts Texans on the road to eliminating property taxes,” Abbott added in a tweet.
Texans want to own their own property rather than rent it from the government.
My Property Tax Plan puts Texans on the road to property tax abolition.
It starts with passing my plan to have the largest property tax cut in Texas history. pic.twitter.com/zNwaV6Ogb5
— Greg Abbott (@GregAbbott_TX) June 5, 2023
The comments came as Mr. Abbott and Texas Lieutenant Governor Dan Patrick battled over tax cuts. The focus of the duel is what to do with the $17.6 billion that lawmakers have pre-funded for tax cuts. Some of that money has already been allocated, but $12.3 billion is still in play and available for lawmakers to use as needed.
Abbott and the Texas House of Representatives want to use the money to lower school tax rates, according to the report. Houston Chronicle. After that, the lost tax revenue of the school will be supplemented with state funds.of Chronicle says the plan “buys out” the property taxes that homeowners pay to fund schools.
Meanwhile, Mr. Patrick and the Texas Senate want to use some of the money to increase the state’s “residential land tax,” which allows homeowners to reduce the taxable amount of their homes. Chronicle report. Homestead’s exemption is currently set at $40,000, but the Senate wants to increase that amount to $100,000. Mr. Patrick’s plan also includes lowering the tax rate that funds schools, but not as much as Mr. Abbott would like.
Both argue that their approach is the key to lasting property tax cuts. Chronicle pointed out. The two countries are currently in a stalemate and it remains to be seen exactly what will happen.
But whatever happens, it’s clear that statewide leaders want big cuts in Texas’ property taxes, despite the intra-party struggles. And that can have a significant impact on how attractive the state looks to would-be homeowners.
That’s because a big part of Texas’ appeal to homeowners is the relative affordability of housing.according to JiroFor example, the current average home price in the state is $298,325.Meanwhile, California, which lost the most residents in 2022, will see average home prices $728,121.
Average house price by city Houston $262,337, according to Zillow. in Los Angeles, $728,121. Houston and Los Angeles are the largest cities in their respective states.
These numbers are compelling reasons why residents of expensive states like California, New York and New Jersey are seriously considering moving to Texas. And indeed, that is exactly what has happened in recent years. U.S. Census Bureau Report Between 2000 and 2022, Texas added more than 9 million new residents. These profits were millions more than any other state. And about 29 percent of the population growth was due to internal migration, the Census Bureau reported.
But at the same time, Texas’ property tax (which pays for schools as well as local safety departments, infrastructure, etc.) negates some of the state’s relative affordability advantages. rocket mortgageProperty taxes in Texas are the 7th highest in the nation, surpassing expensive places like California and New York. That means consumers could theoretically move to Texas but end up paying the same or even more for a home each month due to the increased property tax burden.
Many consumers have taken to social media to express their shock over Solitary Seongju’s property tax. For example, the video below is from a woman who moved from Colorado to Texas and ended up having to pay $9,000 in taxes on a home under $300,000. She then sold that property and built her new home, which she said ended up being billed $15,000 in taxes.
“When you’re thinking of moving to Texas and how cheap homes are, and you want to buy a home, think about how high tax rates are in our country compared to other areas,” she said. concludes.
@Team Smith 2011 Don’t buy a home in Texas unless you can afford high property taxes 😩. # green screen #dallas # property tax #fyp #phipsi #Texas #House #landlord #interesting #Ihatize
the video is part of social media post genre It’s grown in popularity in recent years, especially during the pandemic, suggesting that taxes may make Texas not as affordable as many observers believe.
More broadly, Texas homeowners have taken to social media in an avalanche of complaints over high property taxes in recent weeks. In one such video, a man shows a screenshot of a tax bill of over $16,000 and concludes, “This is why Texas property taxes are so bad.”
@benbuyshouses Insane Texas Property Tax# green screen #hoop satohome #real estate #tax #Large pockets #Real Estate Investment #pet blog #Wholesale #Texas #fyp #X
Platforms such as TikTok filled and other resemble video. The point here is that Texans not only pay more property taxes than most other Americans, they are also very aware of that burden and care about it.
In that context, the duel proposals from the two Congresses of Abbott, Patrick and Texas are important because they could ultimately address one of the biggest drawbacks for new homeowners in Texas.
What form the resolution will take is still up in the air, and lawmakers from the state are attending a special legislative session to consider a solution. Local media, etc. texas tribune also characterized The Abbott-Patrick feud is the state’s biggest clash of egos, suggesting it may take time to resolve.
But if the resolution actually gets passed and Texas’s property taxes are reduced, or eventually repealed, as Mr. Abbott has suggested, then Texas will likely be more profitable for people in other parts of Texas. will be even more attractive to
In other words, Texas could continue to win the race for new residents.
Email Jim Dalrymple II