Four More Days to Protest Property Taxes: Who Pays the Least, Who Pays the Most in North Texas?

You have a few more days to protest your property taxes, then it’s all over for another year. While he sifts through the late-comers who decide they need a pro to help them lower property values before the May 31 deadline, I asked Rob Wheelock to give us the low down on  property tax rates across North Texas. I knew that life in the Park Cities was a pretty good deal — low taxes and great schools. No wonder those property values barely dip! Live in Preston Hollow, pay .79700 per $100 valuation, and oh yes, send your kids to private school. Another shocker: Irving FCD1 has the highest property tax rate. No wonder Tony Romo is moving to North Dallas!

PS: One of my North Dallas properties got a smidgen of an increase, but I am sending it to Rob to nip right in the bud!

Here is the North Texas property tax rate low down, 4 days and counting ’till you can protest no more:

“There are several entities that make up the total property tax rate depending upon where you live.  Everyone in Dallas County pays County and School Equalization at the 2012 rate of .253037% and Parkland Hospital and Dallas County Community College District at the 2012 rate of .390375% for a combined total of 0.643412%, but then there’s City and School taxes plus a few Special Districts.  Those vary, and the difference can be significant.  To give you an idea, I’ve highlighted a few below;

 

City	Estimated Tax Rate 2013
Addison	.58000
Dallas	.79700
Highland Park	.22000
Plano*	.48860
University Park	.27845

 

School	Estimated Tax Rate 2013
Addison	1.290347
Dallas	1.290347
Highland Park	1.134200
Plano*	1.373400
University Park	1.134200

*Plano is in Collin County

As you can see, the Park Cities enjoy a lower rate on both city and school taxes than other neighborhoods.  Highland Park has the lowest city tax rate in the County, but property values are among the highest.  Wylie has the highest city rate at 0.8889, with Lancaster and Cockrell Hill close behind.

On School taxes, again Highland Park ISD has the lowest rate in the County at 1.1342, with Grand Prairie and Irving having the highest school tax rate at 1.465.

So what’s all that really mean?  Let’s take a look at a home valued at $1,200,000.  Assuming the property is your Homestead (which gives you a 20% reduction), if it was in Preston Hollow or anywhere in Dallas ISD you would be paying $26,212.48 in property taxes.  In University Park your tax bill would be $19,735.39 and in Highland Park $19,174.27.  In Plano you’d be looking at paying $22,384.71.

The highest tax rate in Dallas County belongs to property owners in the Irving area that are part of the Dallas County Flood Control District #1.  Their total rate is a whopping 5.757012.  That same $1,200,000 home owner in this area would be paying $55,267.31.  Remind me not to move into that neighborhood!

(Editor’s note: Geeze Louise!)

On a different subject, homeowners that are over 65 and are considering downsizing need to remember to transfer their Over 65 Homestead Exemption from their old home to the new one.  It’s something I’ve seen several people forget and could cost you thousands of dollars.  When you turn 65 your school taxes basically freeze at that dollar amount, as long as you don’t make improvement to the property. When you move, the percentage savings can transfer to the new property, but only if you request it.

Property taxes are high in Texas, but remember, we don’t have a State income tax.”

(Editor’s note: yeah, yeah yeah.)

If you have any other property tax questions or would like to have your property taxes monitored each year, please call me at 214-212-6910 or contact me at   [email protected] .  For more information visit www.PropertyTaxManagers.com