23 Nov Be Glad Texas Is A Non-Disclosure State…
Texas is a non-disclosure state. Very simply, when you sell your home the value is not a matter of public record. Some home owners and buyers think this is absurd. Goshdarnit they should be able to see what homes have sold for! Zillow and a lot of other sites attempt to provide you a “value.” The fact of the matter is that none of them have access to sold data. Not a single one of them. Only Realtors and Appraisers have access.
So why should Texans be grateful that Texas is a non-disclosure state?
Do you like paying taxes?
Texas has no income tax, but we have LOTS of property tax. You will be taxed about 3% of your homes value each and every year. On a 200k home you’re looking at about 6k per year. The vast majority of homes in Houston and surrounding counties are UNDER TAXED. The value of the home is sometimes much, much higher. Do you want to pay more taxes? of course not! This 3% usually includes school tax, property tax and water tax. Other counties like Waller & Montgomery can have taxes around 2%. Some areas have water from the ground (wells) so obviously no water tax. A high property tax would be around 4%. The newer the development, the higher the tax.
We do have Homestead Rights in Texas. Having your home Homesteaded is also a FREE thing to do. NEVER pay for it. The forms can be found online at www.hcad.org or any counties appraisal website. Filing for Homestead Exemption can lower your taxes and provide you certain rights from creditors.
Of course, nothing can protect you from not paying your property taxes, HOA dues and loan payment. You cannot Homestead more than one property and it must be the home you live in.
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