I don’t think TX is as special as you make it out. Many other states have as high or higher tax rates and will likely be leaning into it to fund their governments. NJ has 1.89% average property tax and the government pensions are under funded in a big way.
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And a related highly corrupt issue is Homeowner Associations! They have way too much power and are even more likely to drive mom and pop out of their home. Their cost tends to go up 10% a year. They can even seize your home, at least in Texas. They might be easier to get rid of than property taxes.
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I’m primarily a family law attorney, but I also handle the occasional bankruptcy. Here in New England, property tax bills are a MAJOR factor pushing people over the edge into bankruptcy. Bankruptcies nationwide have jumped nearly 20%.
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These kind of shenanigans jacking up the assessed value or the tax rate were the main reason for the passage of Prop. 13 in California in 1978. What it did was roll back the assessed value to 1975 level, limit annual increase to 2%, and put the tax rate at 1%. If the property was sold or additions made it would be reassessed at market value with the 2%increases and 1% rate applying. At first this applied to all property even commercial. The limits on commercial were stripped away years ago. The residential limits are still in place. And for longtime homeowners, the elderly etc. a huge blessing. All much to the chagrin of Sacramento’s corrupt and excessively greedy Democrat super majority controlled legislature and governor. They despise Prop. 13 but it’s been given “the third rail” status. Woe to the politician who dare touch it for it is considered holy.
Several years back the Los Angeles County Assessor was caught taking payments for lowering assessed values on certain properties. Then he jacked up others to compensate for the loss of revenue.
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We have two properties in a state that gives disabled vets a pass on paying property taxes.
So comparing the two countries requirements, the rural county has a one page form and once done you are good to go until the vet dies or moves. The more urban county requires it be done annually and you must submit a copy of your state and federal tax returns.
And apparently one of the counties in between has added a luxury tax to larger homes because they had so many 100% disabled vets moving into their county that they needed more money.
Just wait until all these young service members forced to take the vax get a disability rating for their myocarditis.
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Cant agree…takes years to pay off mortgage…and savings? Forgeddaboutit. Its simple math as cm says…your income always rises less than your property taxes.
Very few of us are warren buffets. Even w investments it easy to get wiped out…and wait until very soon the pension and social sec etc are already broke or soon to be…do you think they will adjust property taxes lower? Hahaha…never.