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> And more importantly, property taxes can go as high as or low as needed which keep downward pressure on home prices. The major downside of this is that it fo
by LapsangGuzzler 3y ago
> And more importantly, property taxes can go as high as or low as needed which keep downward pressure on home prices.
The major downside of this is that it forces out the lower income folks who originally owned the property. I saw so many families who bought houses 40-50 years ago in Austin who had to leave because of the property tax increases.
If you’re serious about laying down roots in a town like Austin, you have to be prepared for wild increases in property taxes, which can really eat into your portfolio long term.
- hn_throwaway_99 3y agoI mean, it's really hard to feel that bad for folks. People say it's about the property taxes, but a lot of people also saw that their property values tripled in a few years and were more than happy to cash in that winning lottery ticket, and I certainly don't blame them.
- freitzkriesler2 3y agoTexan residents 65 and older are exempt from property taxes if they live in their main property. If they aren't taking advantage of this, they need a real accountant.