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Funny enough, Texas is basically the opposite: there's no income tax, and so it has to get taxes from property. That also has a couple of negative consequences:
by steveklabnik 4y ago
Funny enough, Texas is basically the opposite: there's no income tax, and so it has to get taxes from property. That also has a couple of negative consequences:
There's a "homesteading exemption" for taxes on a primary residence. This means your property taxes can't shoot up massively if your property suddenly gets more expensive.
This pushes even more of the property tax burden onto investment properties, which sounds good to some in theory, but one affect it has is that rental properties are investment properties. So rents go up a lot. This means renters end up paying a lot of property taxes, which is, uh... a surprising outcome.
- gumby 4y agoYeah, these lopsided systems have drawbacks!