Neighbor bought a 1 acre lot on a nice lake, put in $17,000 worth of dock, and $15,000 worth of boat. Plays golf, and Waterwood has a great golf course, which cost him $230 a month for unlimited golf. Needless to say he does not want to move. However, he has 8 years till he reaches 65. At that time, Texas tax law will protect him, if he can afford the increases in his tax bill.
The tax rate in Waterwood, and for the most part throughout Texas has remained constant. If you look at the history of tax rates and values you will see the reason. In the 80’s the bottom dropped out of the real estate market. Many jurisdictions saw values drop below the level of which they could provided services at the tax rate of the time. They did what every good government does. They raised rates. In the late 90’s and throughout the 2000’s properties values have risen. The politicians, for the most part, kept the tax rates the same, and told property owners they ‘have not raised taxes’ they kept the rates the same, and spent the windfall of cash. This is beginning to catch up with them, but many areas have seen a 10% increased in property taxes for 3 to 5 years and for some it will continue for another 2 to 3 years, at which time things should level off at 3 to 5%.
My caution about retiring in Texas, Ebola, snakes, scorpions, tornados, and hurricanes aside, (just saw report about severe flooding, left that out
) … is, if you have a long time before you will reach 65, be careful about the cheap property values. Check the history of value increases. Texas politicians are no different than any other, they are addicted to spending, and property taxes fund schools and local governments here.
I don’t know about other folks that post on this board, but we moved 23 times in 35 years of work! When we built this home, moving in yes, moving out NO, no matter what it is worth.