Dallas Homeowner Property Tax Some of the Highest
Tough break Dallas-Fort Worth homeowners! You had almost the highest residential property tax totals in the entire country in the year 2017.
Single-family homeowners paid over $10 billion in the last year. New York, Chicago and Los Angeles metro area housing markets were the only areas paying a higher total tax bill.
If you’re interested in the numbers, Attom Data figured out property tax rates for each market compared to average home values. Attom Data is a property data solutions firm whose mission is to increase real estate transparency across the country.
Ok, yes – property tax bills rose by 3 percent in 2017, but they rose 11 percent in DFW area.
The DFW average is almost $5,800 in terms of property taxes last year. Dallas ranks No. 17 of the 217 metro areas. Luckily Texas doesn’t have an income tax.
“High home values have also helped charge the sharp increase in property tax bills. Home prices have risen 40 percent in the last four years — an incredibly high increases,” says Joe Garza of Garza Legal Group. “Luckily Texas doesn’t have a state tax. This makes the property tax worth the rise in the economy, due to the high prices of homes.”
Collin County had the highest average property tax bill at $7,365. In Dallas County, though, the average bill was lower at $6,117. These numbers add to why the impressive number of new residents are swarming he city. The economic and job growth in Dallas, TX is among the fastest growing. Pairing that with the above low(ish) tax rate, makes Dallas a fantastic place to live, at least for the time being.
Just for fun, here are the lowest tax increases in the US: Honolulu (0.33 percent): Montgomery, Ala. (0.36 percent); Tuscaloosa, Ala. (0.41 percent); Colorado Springs, Col. (0.42 percent); and Greeley, Col. (0.45 percent). And the highest effective tax rates were in Scranton, Pa. (3.93 percent); Binghamton, N.Y. (3.14 percent); Rockford, Ill. (3.03 percent); and Rochester, N.Y. (2.93 percent).