Property Taxes in Texas are INSANE. $10,000/Year for a basic House.

Property taxes in states like Texas, Illinois, and New Jersey are crazy - at over 1.5% of the home value for a homeowner.

That means if you buy a $500,000 house in those states, your tax bill could be as high as $10,000 per year.

Meanwhile - states like Arizona, Nevada, and Alabama have very low property taxes, with the same house only having a $2,000-$3,000/year annual property tax bill.

---

DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Neither Reventure Consulting or Nicholas Gerli are registered financial advisors. Your use of Reventure Consulting's YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Reventure Consulting does not establish a formal business relationship.

[adamjankowski]

The real problem is property tax on something you already own.

[dailysmelly]

Finally someone is talking about Texas high property tax.

[siddreddy]

Property tax is proof that nobody really owns a home.

[kaitlyncranwick]

Back in the day, when I purchaseBack in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[shannondavis]

$10, 000 per year in property taxes is legal extortion!!!

[garrettsaunders]

Real estate taxes on the primary residences of senior citizens should not be legal.

[khanfauji]

Texas it ends up being more around 2.4% in Dallas at least. I don’t own a home yet but I see the tax bill for the one I am renting and it’s kind of crazy. Realtors pretend they don’t know this when you buy in Texas and they just reference the tax on the neighbors property which is grandfathered in with a homestead exemption and can only increase up by a certain % while the home you’re buying is 3x the price.

[dmlagrange]

You are not kidding man... Bought in Dallas in the 2000's thought it was a great deal until I got the tax and electric ( ac) bills, literally equal to the mortgage. Dont forget water, 350 a month.

[collinsje]

My property taxes in a good area of Chicago are $11K a year on a townhouse I bought in 2005 for $425K. That is absolutely grotesque.

[Uncleprepper]

Honestly, this is a horrible practice. The big and little government should not be able to tax you year after year on a house that you own.

[jayneweaver]

Lennar Texas New Construction: Some counties have a 3.25% property tax rate. OR $250k is $8, 125 annual tax and $350k is $11, 375 annual tax. I stopped looking for homes in Texas. These price points are in the boondocks in some instances.

[benkenny]

Yep, very expensive Taxes here. About 10k a year for a 400k house. Then you don't get anything in return for it.

[shanghaiffgg]

As a European I can’t wrap my head around property taxes. I live in Ireland and we don’t have any.

I can understand taxing income and I can understand consumption taxes like sales taxes (VAT as we call it here). But an annual tax on an asset which was bought with taxed income and also taxed at the point of purchase?? That’s ridiculous.

[newkirk]

Florida is creeping up to those high numbers.

[aadamtx]

In Texas, there's always the "depends." I bought my condo in 1996, and because I fall under the homestead provisions and I'm over 65 years old (and the State took over the Houston ISD), my tax bill this year was $0. Sewer, garbage, and maintenance are covered in my $400/month HOA assessment. Plus no state income tax.

[jackshull]

We are paying 2.6% in San Antonio. Wish I was only paying 1.47%

[MLATX]

That's just the State property tax in Texas. There are also county and local property taxes.
My total property taxes in Austin are > 4% yearly.

[cheesetomeetyou]

Abolish property taxes on primary residence. Italy did this. America needs to keep up.

[tomcartwright]

Taxation on homes and land are theft and evil. It is essentially the government taking ownership of one’s property and charging the owner ground rent. A man’s land, a man’s home is sacred and government laying claim to it is despicable and wicked. One can work their entire lives to pay off the mortgage, but those taxes remain in perpetuity. In one case an old woman was behind in her tax payment and appeared at the county office to pay, she was told it was too late, a payment would not be excepted. The county seized her home. The government has a built in incentive to seize property as they will make money. By the way, the old woman in the condo later won in court, as a federal judge declared the county had purposely denied the opportunity to pay those taxes and wrongly seized the property.

[fatcatc]

The Texas Constitution forbids personal income taxes. Instead of collecting income taxes, Texas relies on high sales and use taxes. When paired with local taxes, total sales taxes in some jurisdictions are as high as 8.25%. Property tax rates in Texas are also high.