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That's a state sales tax of 6.25%. Austin and Dallas are at a minimum of 8.25%, for example. Though if you're in a specialized planning district, you can be loo
by thebradbain 5y ago
That's a state sales tax of 6.25%. Austin and Dallas are at a minimum of 8.25%, for example. Though if you're in a specialized planning district, you can be looking at sales taxes of 10%+.
Cities have their own sales tax. And so can school districts (and they can have their own property taxes, too).
And sure, you're right, there's not much housing under $1M in the Bay Area. That doesn't change the fact that a $1M home in TX still pays about the same in property taxes as a $2M home in SF. Or the fact that in SF your property taxes are essentially frozen at purchase price, and in TX they will increase every year.
- 0xBDB 5y ago"Though if you're in a specialized planning district, you can be looking at sales taxes of 10%+" The maximum cumulative rate by law is 8.25%.
- refurb 5y agoOP was referring to sales taxes in TX in general, not the highest cities, but point taken. And sure, property taxes for a $1M home in TX is the same as a $2M house in SF, but that's a mansion in TX and a 2 bedroom apartment in SF. You get way more for your money. And google tells me that TX does cap property tax increases. Not like Prop 13, but we all agree Prop 13 is terrible, right? And everyone is ignoring the state income tax which is 9.3% in the $60 to $300k bracket (and goes up to 13.3%). So if you’re making $250k, that’s saving of $20k alone, which is about the property tax in TX. It’s not even a close comparison in terms of the tax burden between the two.