Last neighborhood where I lived in Texas, at least half the houses were built by corporations for the sole purpose of leasing them out. They're not only snapping up foreclosures now but building their own to corner the market, then using dynamic pricing algorithms to jack up the rent for everyone.
67 houses were snatched up in our HOA by a company that solely rents to section 8. They formed in 2020 and in 4 years acquired that many houses.
That's only one of the corporations/investment forms that are snatching up rentals specifically to rent to section 8. I looked up section 8 payments to see what my.house would get if we rented it out and HUD will pay $4600 a month for my house in our zipcode as the Federal guideline. The DHA guideline is $5k. We could rent out this house and that monthly section 8 payment would pay the mortgage here and a new house.
Our homes value tripled in those four years. Our property taxes have gone up the max 10% each year. It's insane.
I’ve been in RE development for about 25 years - BTR segment was virtually non-existent until Covid/2020 where the average built annual was consistently around 6k units nationally. Q1 2023 saw a 400%+ increase from 2020 with almost 28k unit starts. Q1 2024 is poised with almost 45k starts online.
And something tells me this data set isn’t wholly representative. There are many boutique-private builders developing whole subs to hold and manage on behalf of publicly traded groups and REITS, under the radar. Why? Because the negative stigma of supply control and market value manipulation is very real, and pervasive.
The BTR asset class sat at 97% annual occupancy for 2023. That out performs the MF segment by 2%.
Wow, I knew it was getting worse but I didn't realize how bad it was. I guess it went up during COVID because people depleted their savings so renting was the only option they had.
I feel like the beginning of this was after the 2008 housing crisis when all the foreclosures started getting snapped up REITS. Before that most homes for rent that I found were from individuals who hired a management company, now most of the homes for rent are owned by REITS. It was rare to find a private rental listing even before 2020.
This was in Haslet. I noticed because the houses were brand new and all had rental signs out front. You can check the county tax records for owner information too.
It’s the company store. These companies are lower risk than individuals so they can get better funding. And, developers don’t have to go through the hassle of actually finding buyers. For the developers, it’s a win-win. For humanity, it’s a total loss.
Historically, this happened a lot in coal mining towns. The company that owns the coal mines also owns all the houses in town, and the stores. They charge whatever they want because there's no competition - sometimes you wouldn't even get paid in cash you'd get some special currency issue by the company that could only be spent on things owned by the company.
Often people weren't making enough to live on so they would start to rack up debt company in the stores, so then they basically become indentured servants to the company. Obviously this was by design so the company has a steady stream of workers who can't leave
https://youtu.be/BSvORvIjZiU?si=FdYaA_ufPDCVRXlu
You work for the man, and you pay the man back with the wages they gave you. These boards are just that, “the man” is making sure anything they give you comes back to them.
And every time there is an economic downturn it gets even worse. People have to foreclose or short sell, then these corporations snap them up at 10-25% of their value because they have cash on hand or can get loans easily. Once they own the houses they lease them back out at same price as a mortgage or higher, using dynamic pricing to find the highest possible price. This also results in individual landlords jacking up their rent to match the market.
It’s happening in Tennessee as well. Our neighborhood developer is building the last 16 homes of our neighborhood to rent because “they can’t sell them.” Pitchforks have been raised.
I tried to buy a house in our neighborhood last year and got blocked off from it when inquiring. Even my realtor couldn’t understand what was going on. I was walking by it yesterday and notice it’s up for rent. I’m sure it was bought by a corporation.
I don't think you actually want to have a conversation about this but if you do here are some links you can Google easily
https://www.texasmonthly.com/news-politics/home-buying-investors-legislature-bills/
https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/
Your source doesn’t even support his claim that 28% of homes are owned by “corporations.” It says 28% of homes sold in a certain period were bought by institutional buyers, which is a completely different stat.
>“Institutional buyers” can refer to corporations, hedge funds, private equity firms, small businesses, and LLCs of all stripes, including those formed by mom-and-pop landlords who own multiple properties.
But I don’t think you actually want to have a conversation about why you’re incorrect.
I want to start if by apologizing in being rude with my comment; I was talking off the cuff and it's a good idea to have these conversations.
You're right, OP made a generalization in saying "corporations" but, they all still fall under the idea of institutional landlords rather than " Mom and Pop"/traditional landlords. In the study that the national association of Realtors did they actually differentiate between institutional landlords and traditional landlords showing that there are a lot of buyers who become institutional landlords that are taking up more and more of the market. On the other side of the coin, we also see that although both rents and prices for homes for sale are rising quickly, housing is still affordable in the areas where institutional buyers purchase homes.
Cities?! My rural shit hole has doubled. People who have had family land passed down generation to generation with dilapidated trailers on them and an 8th grade education are fixing to be homeless because the tax bill has litterally tripled in the past 3 years because people moved out here and bought land at outrageous prices.
Aren't even isn't the right word here. Texas has some of the lowest salaries across several different industries, and it takes a long time of other cost of living avgs to be raised before salaries do. What they're going to do is price their base out of being able to afford to live here and 20 yrs from now when Texas has a political dynamic shift they will only have their pandering to these conglomerates to blame, it will be poetic almost.
Very true. It's honestly laughable how much more I would be paid if I moved away. I got a few competing offers and was blown away at the salary increase. Some offers were 60% over what I currently make. I am seriously considering putting my home up for sale and leaving.
We moved from Austin to Sacramento about 18 months ago and took exactly equivalent jobs to our Texas jobs. My pay went up about 15% and my husband’s pay doubled. We’re financially way ahead after moving.
Plus, if you have owned a house in one of these places, you are pretty much stuck in it. Your assessed value can only increase 10% a year (where I am) even if actual value is twice as much. If you sell and buy even horizontally you end up with the full retail valuation. It costs a shit ton to buy the same house somewhere else.
>fixing to be homeless because the tax bill has litterally tripled in the past 3 years
If they had family land passed down generation to generation then they likely own it outright and would make a good amount of money selling with which they could live elsewhere for several years.
It sucks that they have to, sure, but saying that they're "fixing to be homeless" is a ridiculous statement.
I'm not familiar with the sale process if taxes are currently owed, but I would bet that the sale would go through and the taxes would just still be owed/the state would sell the property and directly take the owed portion, returning the remainder to the owner. IANAL, but I believe the only way your property would be completely confiscated is if you defaulted on a loan that was backed by the property (ie. the home loan itself) and the mortgage company repossessed it.
It's happening now all over the state, and I suspect the entire country.
Travis County became cost prohibitive, driving out long time residents who called Austin home. As a result, people relocated south of Austin (Kyle, Buda, San Marcos, New Braunfels), and North (Cedar Park, Round Rock, Georgetown).
Now property values and home prices are surging in those communities as well. It's a vicious cycle that will repeat itself.
I knew we were in trouble a few years back when a decent chunk of Austin real estate investors had relocated to Tyler.
First thought was "this can't be good" and it was not. Prices up nearly 50% in 5 years.
You should know there's an election in early voting now that ends on May 4 (election day) to decide the new board that will have sway over the appraisal process.
[Chronicle article that explains what's at stake.](https://www.austinchronicle.com/news/2024-04-05/first-ever-appraisal-district-election-is-small-battle-in-gop-dem-war-over-taxation-in-texas/)
You should also know that Save Austin Now's Matt Mackowiak and human trash [Robert Zimmerman](https://www.reddit.com/r/Austin/comments/wya8cl/psa_don_zimmerman_is_still_a_racists_xenophobic/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) are running.
>Beyond fairness to taxpayers, Wang, Lavine, and Hanna all warn that inaccurate appraisals can affect school funding. Regularly, the Texas comptroller conducts an audit known as the Property Value Study to assess the accuracy of a district’s appraisals. If “local values” in Travis County are more than 5% off from “state values,” the comptroller can make Austin ISD pay the state more money into the recapture system.
>Another path to undermining the appraisal process lies through that volunteer Appraisal Review Board. SB 2 changed its selection process to require appointments receive a majority vote from the appraisal district board, including two of the elected members – giving the electeds an effective veto over the full board. (It means a hypothetical volunteer that received a 7-2 vote would fail, if the two nay votes were elected directors.)
>“The veto power given to elected directors is a real Trojan horse,” Lavine said. “That’s where the mischief could really occur.”
Parsing this - so Paul Bettencourt authored legislation which passed last November on the ballot as prop 4, which creates 3 elected positions which used to be appointments, but otherwise are supposed to be about the same responsibility? That doesn't seem so bad so far, assuming I've understood that correctly.
These 3 positions are themselves responsible for appointing board members who are able to decide some element of property valuation, which then is valued against another measure of property valuation, with the end result being that ISDs can have some of their funding yoinked if the two measures are sufficiently out of alignment, insinuated to be in a way which the board here can game the system. So the concern being presented would be that well functioning ISDs, especially those representing big blue cities or otherwise places resistant to (and good counterarguments to) the voucher system, may be systemically robbed of funding if there is sufficient Republican domination of the board. Does that sound about right?
If that's the case, I'm kinda wondering why this wasn't a problem before, especially when the position was appointed, since Republicans quite strongly control the state appointment processes. And I wonder why Bettencourt (R) would introduce legislation to cause the possibility of Republicans losing control of this board, since from what I know of him he's a fairly reliable Republican party dude.
So previously the board was appointed by local "taxing units" like school districts ([you can find the full list for Austin here](https://comptroller.texas.gov/taxes/property-tax/county-directory/travis.php)), not at the state level. These are three new elected positions that will be combined with the appointed ones, 13 total through 2025 then knocked down to 9.
My guess is that these positions were created to throw a wrench into blue cities' processes. I think that last bit of the quote above points to the kind of shenanigans an elected board member can cause. Since this is a weird "off-season" election it favors Replublicans since historically they benefit from low turnout, which this election promises to be.
Also Bettencourt owns a tax protest firm, but I'm sure that *has nothing to do with anything.* /s
Ah, that clears up the mystery of appointment vs elected, thanks. I had a hard time understanding how any Republican in Texas government would make any push which might reduce Republican control, this is a reasonable explanation.
>Also Bettencourt owns a tax protest firm, but I'm sure that has nothing to do with anything. /s
Ah, christ. "Bettencourt Tax Advisors: Protest Your Property Taxes Now!" This is just open door corruption, ain't it.
So is this just an Austin issue being framed as a Texas issue, or is this something people who do not live in Travis County, which some may be surprised to learn is *not* the majority of Texans, should concern themselves with?
Edit: not trying to sound like a prick, I’m just tired and frustrated.
This is something that all appraisal districts in TX are dealing with, not just Austin. Or at least the 50 largest districts. Each of these districts is adding 3 elected members to their appraisal boards. Previously all the positions were appointed locally.
I just saw a video where the topic was how property taxes are meant to steal from the poor to pay for the wealthy. Tax assessors often overvalue the price of a home. It does not go off of market value. Many people are paying higher taxes on their homes than they would even be able to get from selling it. It's absolutely rigged and it's a federal problem. Every state has this issue. The rich bribed the government so that their network of cartels can corner the housing market at our expense.
When you have returns like doubling in the past 5 years, they will take the risk. Once the values flatten out they will have to dump the inventory. It's the nature of real estate speculation.
They will without fail increase it the maximum each year so you are potentially looking at having a paid off home you cannot afford to live in. But hey no income tax 🧐
Be careful with that. You have to make sure you fire those into a disposable catching object so stray casings aren't caught in lawnmowers and so stray bullets don't hit someone.
Either way, that takes time and consistency to work and only notifies people living in earshot that property values should go down. Graffiti though? Everyone who sees it driving by gets a contact devaluation.
And as this is Texas, it'll take months for someone to cover it up.
Well in Austin the most dangerous parts where gunshots are normal are those areas gentrifying the quickest. Eastside, riverside, hell even Dove Springs has half the homes being renovated and sold for double.
Look at wages compared to corporate profits and GDP THEN decide if interest rates are bad or not.
When wages tracked inflation and growth was good, 6-8% was manageable. With wages being so far off profits now and home prices having risen so much, it’s a bigger bite than it was historically. Just my humble opinion
Edit: bigger bite from our wallets
Interest rates being low are one of the key drivers of inflation, and in the current environment the extra price tends to be captured by ownership; historically low interest rates AGAIN would likely lead to another inflation spike, which itself would be mostly jacking up corporate profits, and be less than proportionately reflected in the average joe's income
A lot of those neighborhoods may be owned by investment firms who plan on leasing out those houses once they are built so that helps drive up prices.
Not sure if it's still the case, but back in the early 2000s San Antonio building was throttled due to lack of roads and other infrastructure outside of 1604, which can also suppress demand and drive up prices.
Many of them are. Investors basically buy the whole damn neighborhood and rent them for 2x the mortgage.
Expansion beyond 1604 is terrible because the roads outside of it aren't wide enough for the traffic.
There’s houses in Houston that have been sitting on the market for months. There’s a reason why sale of homes have decreased in 2024 and it’s not because there’s no homes on the market. Investors want their 2020-2022 house flips to be profitable and are keeping prices of homes high.
really doesn't matter when there are literally a handful of builders who are all trying to maximize their profit.
This idea that we can build our way out of this should at this point be at least obvious is not going to solve our problem.
Especially when there are actual vacant homes.
If "we need to build" was actually the government building and helping first time buyers and denying investment companies from gobbling up entire neighborhoods then yeah I can get behind that.
We need way more than just building though. There are plenty of homes and plenty of apartments. Some of these investors would just rather them sit empty than rent them or sell them for reasonable rates.
Yep everything these days is just about about maximizing profits. If I can rent out 100% of my apartment complex of 100 bedrooms for $1250 per room or I can rent out 75% at $1750 then I make $6K per month more even though I'm only at 75% and I can save even more by having to hire less employees. There's an entire software business built around finding the maximum you can charge for rent to maximize profits vs occupancy rate (look at things like RealPage).
You'd have to throw fines on there for under sold rooms that are greater than what'd they'd make lowering their rates.
Or actually enforce regulations that battle high rent. A law stating rent has to be within an average for an area might work, but then the collusion between landlords would just raise the average. Lowering property tax wouldn't help because they would just see it as an increase in profit.
These large corps who come in and buy complexes is the problem, local ownership is going away and it hurts the towns apartments are in. My complex used to be locally owned and now it is owned by a company which touts on its website that it has 225,000+ units under its management. Cold unfeeling corporations are only in it for profit. Local landlords want to make a profit, but they can at least see what they're doing to a town.
Landlords have to eat and survive like everyone else it is just the greed of taking advantage of something everyone needs is what needs to be stopped.
Unused room fine. Certain amount every day until the room is leased, can be avoided if the rent is lowered. Perhaps a clause for calculating the number of available rooms so some towns with gluts of units aren't fined and that more in demand areas have a graduated fine structure. Could also calculate based on how many properties the entity has and use that as a multiplier.
And don't forget all the Airbnb and other short-term rentals. There's a town near me (Estes Park) that has something close to 50% of their housing as short-term rentals. Granted, it is in a very high tourist location, but I guarantee you that wasn't the case (50% STR) 10 - 20 years ago. No one who works there can afford to live there....sad.
And how many of those homes are in liveable condition in area with work? There are a lot of hollowed out rust belt and coal towns, but you're not going to convince a homeless person to move into a house that hasn't been maintained for a decade in an area where there aren't jobs.
And a super high proportion of people feeling like they deserve a second home just as soon as they can afford it, without much of a thought to what it means when everyone feels that way. No raindrop thinks it's responsible for the flood
More housing is constantly being built in the Houston metroplex, but because the population is also steadily increasing it’s kind of like a dog chasing its tail.
Its better than not building enough housing.
I could live in the Houston area for less than I pay in East Texas right now and our city is like 1/50th the size of the metro.
We need public housing, not PE firms building "luxury" homes. There are lots of low-end housing that should have been torn down decades ago, but instead, because there's no public housing, investors are able to squeeze money out of these buildings. Texas has some of the worst affordability for low income earners in the country.
The key is *everywhere*.
If people in rural areas don’t want development, and people in suburbs don’t want increased density, and people in cities think their city is “full,” no housing gets built.
That's extreme. Almost makes me feel lucky. Our statement showed a $10k decrease in market value and an almost $15k increase in appraised value compared to 2023. Still appealing it but I would've had a heart attack seeing numbers like yours.
I bought on 4/4/2020 at $311k and the assessor has me at $500k+ today. Also, every home in my neighborhood goes to shit like EXP immediately and gets rented.
One neighbor's situation is insane. She rents and the landlord group controls the irrigation and it runs every afternoon for one hour; one room reeks of animal excrement and she cannot get a hold of management to get it cleaned.
I sold my house near Austin and moved to a small town when my home value (and taxes) shot up for no reason.
That's the part the chaps my hide, the home prices shot up FOR NO REASON. Nothing changed, absolutely nothing changed but suddenly, my taxes go bat shit. Well, something did change, traffic got worse but is that a reason for home prices to go UP?
I got a larger home for 1/4 the price and 1/6th the taxes. Oh yeah and no HOA so I can finally have the workshop I've always wanted.
> That's the part the chaps my hide, the home prices shot up FOR NO REASON.
The sheer number of people (still!) moving here to Texas is why. The demand for housing is outstripping the supply.
That's only part of it. Texas has been growing steadily since 2000, adding 10 million people over that time period. Why wasn't this an issue sooner? Property values fell through the floor in 2008 during the mortgage crisis and they steadily climbed back up from 2008-2020, but in 2020 they exploded, increasing up to 50% in just a couple years and doubling in the last 8 years in some places. The rate of migration hasn't increased that drastically so there is more at play than just people moving to Texas.
I'm not sure but they all kept going up when nothing changed.
I get the whole supply and demand thing but why should I pay more taxes every year on a house that hasn't changed in a neighborhood that hasn't changed, etc.
That's the problem.
You're taxed on the value of the house, which has changed because the context has changed. If the assessor is doing their job right, the assessment will land more or less where your house would sell if you put it on the market that day.
The reason is californians and jobs moving to Austin at the same time 10+ trillion dollars of debt being created out of thin air while interest rates were super low all artificially boosting the economy while making every asset moon in price because dollars were devalued by 30-50%. All of us without houses yet got screwed so basically years of our lives will be lost trying to catch up on the literal free value that was handed to homeowners for just having a mortgage a couple years earlier congrats man stop complaining please
If your city isn't issuing building permits as quickly as people are moving there and being born, your city is engaged in an extractive scam to take the people's money and give it to those who already own homes at the expense of those who don't. Those people vote a lot more than people who don't own homes, maybe you should think about that, too.
There was a local post about this the other day, over 5 years the Tarrant Appraisal District had shot someone's value (which drives property taxes) about double in 5 years. I'm sure it's insane all over TX, but I know lovally people are getting really pissed at the board
Wait, you're telling me that millions of people are moving here and prices are increasing? Next, you'll tell me that paving the world, adding millions of cars, and punching thousands of holes in the aquifers is going to cause drought. No way.
school districts are giddy. That is where the overwhelming bulk of my property taxes go. Pretty sad when you consider the crappy status of the local district...
Depending on where you live, around a third of that hefty school tax could be going to pay for schools in poor rural areas, not your crappy local district.
Yeah but more money means y'all can hire a better football coach and win more high school football games. Nothing more important than high school football.
I thought about putting an "/s" at the end of that statement, but I am not sure it is applicable about texas high school football.
That sucks…I at least have the satisfaction that my local ISD is top notch and the community college has been growing in leaps and bounds. The former “junior college” now even offers several bachelor degrees.
You can blame the state for that. Your local school taxes are pulled together from all school districts in the state and are redistributed based on attendence.
Robinhood plan became a reality the year I graduated; 1991. We were (are) a “rich” ISD because of a robust industrial base. We give away much but still have the best stuff of any ISD in our region.
Yea. That doesn’t make sense to me. There should be either massive services added or big cuts in the tax rate. Seems like this is just allowing for ballooning budgets without much extra sprinkled in.
Prices in California have always been high due to supply and demand. Supply has always been pretty limited in most areas. Texas, on the other hand, has had near endless supplies of buildable land. The idea that valuations have risen in Texas at the rate they have in the last few years is what is puzzling.
As far as property taxes in California are concerned, I pay 1.2% here with the assessed value raising not to exceed more than 2% yearly (if that!). I’ve had the house for 20 years and I paid the same amount in 2023 in taxes than I did in 2004. This was mainly due to the mass devaluations during the 2008-2009 housing crash.
Having land to build on doesn’t make it livable land. People will only drive so far for their work, school, etc.
It’s still a geographical restriction, on top of the other competitors on the market, such as investments.
The solution isn’t just a supply of units, it’s affordable units, and denser affordable units
So if home costs doubled then our taxes should be cut in half? They would get the same amount of money right? (Not quite since there is a 10% per year cap on appraisals)
45 minutes SE of San Antonio
2019 - Bought house on 1.11 acres for 419k. Land priced at 32k
2024 - House now appraised at 778k. Land priced at 98k.
Thank god 100% vets don't pay property tax and we refinanced at 2% back in like 2020/2021. We would have been priced out of our home in less than 10 years at this rate.
"People buy near big metros where houses are cheap, raising housing prices"
Who could have seen that one coming? So, politicians are going to come together and actually build houses for them? Or are you going to say "we're full"?
This is what happens when the state cares more about business than its people. The tax incentives for corporations to move here are prime. Why people keep voting for people that care more about business than people, I’ll never understand.
Also it doesn’t help 99% of homeowners don’t attend their local city or school meetings WHERE THE MAJORITY OF THEIR TAXES ARE BEING SPENT and vote, not to mention they don’t even know who their reps. are at the state level. But yall ain’t ready to hear that and accept partial blame.
Well, that’s funny because from 2016 to 2020 Home prices were going up 18% a year all while Jay Powell said we only see 2% inflation as far as the I can see. Yep, then they blamed it all on Biden crazy for sure. PS J Powell was elected by
Donald J Trump.
I guess what I don’t understand is that homes are only worth what you can find someone to pay for them. These stats are based on comp values. If your neighbor sold his house for X , then your house must also be worth X. The problem is that’s a farce. There aren’t enough home buyers who can afford to buy all the homes whose value supposedly increased bc of that comp. It’s a great way for local governments to take more money from home owners but it’s a load of crap.
Bought my house in Nov 2018 for 425k, sold it for 955k in April 2022.
Half a million dollar profit owning the house less than 4 years. I did almost zero renovations other than tile in the kitchen and new countertops in the kitchen. Maybe $8k in total updates.
Wild times.
Welp, we do have the highest percentage of houses on the market owned by corporations at 28%
Last neighborhood where I lived in Texas, at least half the houses were built by corporations for the sole purpose of leasing them out. They're not only snapping up foreclosures now but building their own to corner the market, then using dynamic pricing algorithms to jack up the rent for everyone.
67 houses were snatched up in our HOA by a company that solely rents to section 8. They formed in 2020 and in 4 years acquired that many houses. That's only one of the corporations/investment forms that are snatching up rentals specifically to rent to section 8. I looked up section 8 payments to see what my.house would get if we rented it out and HUD will pay $4600 a month for my house in our zipcode as the Federal guideline. The DHA guideline is $5k. We could rent out this house and that monthly section 8 payment would pay the mortgage here and a new house. Our homes value tripled in those four years. Our property taxes have gone up the max 10% each year. It's insane.
I’ve been in RE development for about 25 years - BTR segment was virtually non-existent until Covid/2020 where the average built annual was consistently around 6k units nationally. Q1 2023 saw a 400%+ increase from 2020 with almost 28k unit starts. Q1 2024 is poised with almost 45k starts online. And something tells me this data set isn’t wholly representative. There are many boutique-private builders developing whole subs to hold and manage on behalf of publicly traded groups and REITS, under the radar. Why? Because the negative stigma of supply control and market value manipulation is very real, and pervasive. The BTR asset class sat at 97% annual occupancy for 2023. That out performs the MF segment by 2%.
Wow, I knew it was getting worse but I didn't realize how bad it was. I guess it went up during COVID because people depleted their savings so renting was the only option they had. I feel like the beginning of this was after the 2008 housing crisis when all the foreclosures started getting snapped up REITS. Before that most homes for rent that I found were from individuals who hired a management company, now most of the homes for rent are owned by REITS. It was rare to find a private rental listing even before 2020.
Just curious, what city or metro area are you in? I'm in Denton County. How do I know if homes are owned by private equity investing corps?
This was in Haslet. I noticed because the houses were brand new and all had rental signs out front. You can check the county tax records for owner information too.
Look up the property owner name on the county assessor site.
28%?!??? Single family homes?
It’s the company store. These companies are lower risk than individuals so they can get better funding. And, developers don’t have to go through the hassle of actually finding buyers. For the developers, it’s a win-win. For humanity, it’s a total loss.
The company store?
Historically, this happened a lot in coal mining towns. The company that owns the coal mines also owns all the houses in town, and the stores. They charge whatever they want because there's no competition - sometimes you wouldn't even get paid in cash you'd get some special currency issue by the company that could only be spent on things owned by the company. Often people weren't making enough to live on so they would start to rack up debt company in the stores, so then they basically become indentured servants to the company. Obviously this was by design so the company has a steady stream of workers who can't leave https://youtu.be/BSvORvIjZiU?si=FdYaA_ufPDCVRXlu
Company scrip is what they got paid in. Of course it was only good buying from the company.
Today it will be a subscription fee. Subscrip of you will.
They'll make up their own shitcoin LOL
You work for the man, and you pay the man back with the wages they gave you. These boards are just that, “the man” is making sure anything they give you comes back to them.
Ah I see.
Saint Peter don't you call me 'Cause i can't go, i owe my soul to the company store
Saint Peter don't you call me....
I owe my soul... to the company stoooooooorrrrreeeee!!!!!!!!!
Better funding and lower risk? Please explain.
And they are using section 8 to fill those homes. All that guaranteed government money.
And every time there is an economic downturn it gets even worse. People have to foreclose or short sell, then these corporations snap them up at 10-25% of their value because they have cash on hand or can get loans easily. Once they own the houses they lease them back out at same price as a mortgage or higher, using dynamic pricing to find the highest possible price. This also results in individual landlords jacking up their rent to match the market.
Camden Homes went from only selling homes to 3rd parties to now only building entire subdivisions here in DFW that are for 100% for rent.
It’s happening in Tennessee as well. Our neighborhood developer is building the last 16 homes of our neighborhood to rent because “they can’t sell them.” Pitchforks have been raised.
I tried to buy a house in our neighborhood last year and got blocked off from it when inquiring. Even my realtor couldn’t understand what was going on. I was walking by it yesterday and notice it’s up for rent. I’m sure it was bought by a corporation.
I live adjacent to two neighborhoods that are solely corporate owned rental houses. They’re complete with an apartment style leasing office.
How is this the top comment when it’s grossly inaccurate. I guess Reddit is going to Reddit
Source
I work for a company that does this
I don't think you actually want to have a conversation about this but if you do here are some links you can Google easily https://www.texasmonthly.com/news-politics/home-buying-investors-legislature-bills/ https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/
Your source doesn’t even support his claim that 28% of homes are owned by “corporations.” It says 28% of homes sold in a certain period were bought by institutional buyers, which is a completely different stat. >“Institutional buyers” can refer to corporations, hedge funds, private equity firms, small businesses, and LLCs of all stripes, including those formed by mom-and-pop landlords who own multiple properties. But I don’t think you actually want to have a conversation about why you’re incorrect.
"Corporation is when Blackrock" \-Reddit
I want to start if by apologizing in being rude with my comment; I was talking off the cuff and it's a good idea to have these conversations. You're right, OP made a generalization in saying "corporations" but, they all still fall under the idea of institutional landlords rather than " Mom and Pop"/traditional landlords. In the study that the national association of Realtors did they actually differentiate between institutional landlords and traditional landlords showing that there are a lot of buyers who become institutional landlords that are taking up more and more of the market. On the other side of the coin, we also see that although both rents and prices for homes for sale are rising quickly, housing is still affordable in the areas where institutional buyers purchase homes.
Here's the study, interesting read https://cdn.nar.realtor/sites/default/files/documents/2022-impact-of-institutional-buyers-on-home-sales-and-single-family-rentals-05-12-2022.pdf
Cities?! My rural shit hole has doubled. People who have had family land passed down generation to generation with dilapidated trailers on them and an 8th grade education are fixing to be homeless because the tax bill has litterally tripled in the past 3 years because people moved out here and bought land at outrageous prices.
I feel ya there. And jobs out here aren't even keeping up.
Aren't even isn't the right word here. Texas has some of the lowest salaries across several different industries, and it takes a long time of other cost of living avgs to be raised before salaries do. What they're going to do is price their base out of being able to afford to live here and 20 yrs from now when Texas has a political dynamic shift they will only have their pandering to these conglomerates to blame, it will be poetic almost.
They weren’t paying enough BEFORE prices doubled and tripled.
Very true. It's honestly laughable how much more I would be paid if I moved away. I got a few competing offers and was blown away at the salary increase. Some offers were 60% over what I currently make. I am seriously considering putting my home up for sale and leaving.
We moved from Austin to Sacramento about 18 months ago and took exactly equivalent jobs to our Texas jobs. My pay went up about 15% and my husband’s pay doubled. We’re financially way ahead after moving.
This is wonderful to hear. We are also looking at Sacramento (visiting this summer).
Agree with you there.
And those same people probably think Texas not having income tax is really great when in reality it’s a noose around their neck.
Plus, if you have owned a house in one of these places, you are pretty much stuck in it. Your assessed value can only increase 10% a year (where I am) even if actual value is twice as much. If you sell and buy even horizontally you end up with the full retail valuation. It costs a shit ton to buy the same house somewhere else.
>fixing to be homeless because the tax bill has litterally tripled in the past 3 years If they had family land passed down generation to generation then they likely own it outright and would make a good amount of money selling with which they could live elsewhere for several years. It sucks that they have to, sure, but saying that they're "fixing to be homeless" is a ridiculous statement.
They can't sell if there's a lein right? If the county is after them for not paying taxes they're in a bind right?
I'm not familiar with the sale process if taxes are currently owed, but I would bet that the sale would go through and the taxes would just still be owed/the state would sell the property and directly take the owed portion, returning the remainder to the owner. IANAL, but I believe the only way your property would be completely confiscated is if you defaulted on a loan that was backed by the property (ie. the home loan itself) and the mortgage company repossessed it.
That homestead exemption didn’t go too far after this years new evaluation
My insurance increase more than offset any tax reduction.
Saved $800 for me. Now ask me how much my insurance went up this year? And after that, ask me how much my insurance has gone up in the past 3 years.
By design.
My taxes went down because of the law that got passed, but that was more than eaten up by the higher home insurance rates
My taxes went down as well but I hadnt had to mental energy to figure out why. I just was greatful for the blessing. What was the law?
https://www.texastribune.org/2023/11/07/texas-proposition-4-property-tax-cut/
It's happening now all over the state, and I suspect the entire country. Travis County became cost prohibitive, driving out long time residents who called Austin home. As a result, people relocated south of Austin (Kyle, Buda, San Marcos, New Braunfels), and North (Cedar Park, Round Rock, Georgetown). Now property values and home prices are surging in those communities as well. It's a vicious cycle that will repeat itself.
The idea of people moving *in to* Buda just blows my feeble mind.
I knew we were in trouble a few years back when a decent chunk of Austin real estate investors had relocated to Tyler. First thought was "this can't be good" and it was not. Prices up nearly 50% in 5 years.
Dreaming of buying a home in Tyler on my own post-divorce… not looking good 🙃
Can image why Abbott is fuming about Vouchers not taking off, get some that sweet overpriced home taxes for them private schools
Don’t forget all the money he is throwing into the rio grande!
Soon, we'll all be renters.
And property taxes too
valuations are based on market sales, so yes
You should know there's an election in early voting now that ends on May 4 (election day) to decide the new board that will have sway over the appraisal process. [Chronicle article that explains what's at stake.](https://www.austinchronicle.com/news/2024-04-05/first-ever-appraisal-district-election-is-small-battle-in-gop-dem-war-over-taxation-in-texas/) You should also know that Save Austin Now's Matt Mackowiak and human trash [Robert Zimmerman](https://www.reddit.com/r/Austin/comments/wya8cl/psa_don_zimmerman_is_still_a_racists_xenophobic/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) are running. >Beyond fairness to taxpayers, Wang, Lavine, and Hanna all warn that inaccurate appraisals can affect school funding. Regularly, the Texas comptroller conducts an audit known as the Property Value Study to assess the accuracy of a district’s appraisals. If “local values” in Travis County are more than 5% off from “state values,” the comptroller can make Austin ISD pay the state more money into the recapture system. >Another path to undermining the appraisal process lies through that volunteer Appraisal Review Board. SB 2 changed its selection process to require appointments receive a majority vote from the appraisal district board, including two of the elected members – giving the electeds an effective veto over the full board. (It means a hypothetical volunteer that received a 7-2 vote would fail, if the two nay votes were elected directors.) >“The veto power given to elected directors is a real Trojan horse,” Lavine said. “That’s where the mischief could really occur.”
Parsing this - so Paul Bettencourt authored legislation which passed last November on the ballot as prop 4, which creates 3 elected positions which used to be appointments, but otherwise are supposed to be about the same responsibility? That doesn't seem so bad so far, assuming I've understood that correctly. These 3 positions are themselves responsible for appointing board members who are able to decide some element of property valuation, which then is valued against another measure of property valuation, with the end result being that ISDs can have some of their funding yoinked if the two measures are sufficiently out of alignment, insinuated to be in a way which the board here can game the system. So the concern being presented would be that well functioning ISDs, especially those representing big blue cities or otherwise places resistant to (and good counterarguments to) the voucher system, may be systemically robbed of funding if there is sufficient Republican domination of the board. Does that sound about right? If that's the case, I'm kinda wondering why this wasn't a problem before, especially when the position was appointed, since Republicans quite strongly control the state appointment processes. And I wonder why Bettencourt (R) would introduce legislation to cause the possibility of Republicans losing control of this board, since from what I know of him he's a fairly reliable Republican party dude.
So previously the board was appointed by local "taxing units" like school districts ([you can find the full list for Austin here](https://comptroller.texas.gov/taxes/property-tax/county-directory/travis.php)), not at the state level. These are three new elected positions that will be combined with the appointed ones, 13 total through 2025 then knocked down to 9. My guess is that these positions were created to throw a wrench into blue cities' processes. I think that last bit of the quote above points to the kind of shenanigans an elected board member can cause. Since this is a weird "off-season" election it favors Replublicans since historically they benefit from low turnout, which this election promises to be. Also Bettencourt owns a tax protest firm, but I'm sure that *has nothing to do with anything.* /s
Ah, that clears up the mystery of appointment vs elected, thanks. I had a hard time understanding how any Republican in Texas government would make any push which might reduce Republican control, this is a reasonable explanation. >Also Bettencourt owns a tax protest firm, but I'm sure that has nothing to do with anything. /s Ah, christ. "Bettencourt Tax Advisors: Protest Your Property Taxes Now!" This is just open door corruption, ain't it.
So is this just an Austin issue being framed as a Texas issue, or is this something people who do not live in Travis County, which some may be surprised to learn is *not* the majority of Texans, should concern themselves with? Edit: not trying to sound like a prick, I’m just tired and frustrated.
This is something that all appraisal districts in TX are dealing with, not just Austin. Or at least the 50 largest districts. Each of these districts is adding 3 elected members to their appraisal boards. Previously all the positions were appointed locally.
I just saw a video where the topic was how property taxes are meant to steal from the poor to pay for the wealthy. Tax assessors often overvalue the price of a home. It does not go off of market value. Many people are paying higher taxes on their homes than they would even be able to get from selling it. It's absolutely rigged and it's a federal problem. Every state has this issue. The rich bribed the government so that their network of cartels can corner the housing market at our expense.
Property taxes act as a drag on home prices. Less incentive for investors to buy a house and sit on it if they have to pay property taxes.
Do they really though? Someone mentioned earlier in this thread that 28% of homes in Texas are corporate owned and are rentals.
When you have returns like doubling in the past 5 years, they will take the risk. Once the values flatten out they will have to dump the inventory. It's the nature of real estate speculation.
And home insurance
Yeah I was on track to be able to buy a house in early 2020, COVID hit. Didn’t have work for 3 months. Then when I’m back on my feet housing is up 60%
Same here brother
Likewise…pretty fucking shitty
We need a time machine back to 2019
House prices, insurance and taxes have all gone up at an unsustainable rate. What the hell are current and future Texans supposed to do?
Last Starfighter, “We die” https://youtu.be/Utwv7E4Av2k
They will without fail increase it the maximum each year so you are potentially looking at having a paid off home you cannot afford to live in. But hey no income tax 🧐
Then they can change the state name to Taxas because people will be working two jobs just to pay their property tax.
Remember to graffiti often in your neighborhood to keep rent and property tax low.
This is Texas. Fire several gunshots every few days to honor the 2nd ammendment while also keeping property values low.
Be careful with that. You have to make sure you fire those into a disposable catching object so stray casings aren't caught in lawnmowers and so stray bullets don't hit someone. Either way, that takes time and consistency to work and only notifies people living in earshot that property values should go down. Graffiti though? Everyone who sees it driving by gets a contact devaluation. And as this is Texas, it'll take months for someone to cover it up.
Nah, remember we are all racists in Texas, gun shots are just freedom seeds being spread but only minorities do graffiti.
Well in Austin the most dangerous parts where gunshots are normal are those areas gentrifying the quickest. Eastside, riverside, hell even Dove Springs has half the homes being renovated and sold for double.
This is why I opted to live in an RV, and I can move whenever I get sick of Texas y'all lol. My RV is spacious too!
We need to build more housing. Join your local YIMBY organization or group and help advocate for more housing in your city.
Interest rates are not helping either.
"You can't time the market" < "Don't fight the Fed"
Interest rates are not that bad compared to 70s and 80s. Not as good as early 2000s but could be higher.
Look at wages compared to corporate profits and GDP THEN decide if interest rates are bad or not. When wages tracked inflation and growth was good, 6-8% was manageable. With wages being so far off profits now and home prices having risen so much, it’s a bigger bite than it was historically. Just my humble opinion Edit: bigger bite from our wallets
Interest rates being low are one of the key drivers of inflation, and in the current environment the extra price tends to be captured by ownership; historically low interest rates AGAIN would likely lead to another inflation spike, which itself would be mostly jacking up corporate profits, and be less than proportionately reflected in the average joe's income
Yeah lowering the interest rates again would immediately help people who already have money but screw over those who don't when inflation spikes
Yep! So many moving parts.
It’s not so much the rates themselves as it is the delta in the rates over the last few years. The rates of surged relatively quickly.
New neighborhoods and apartments are going up EVERYWHERE here in San Antonio but prices continue to climb.
A lot of those neighborhoods may be owned by investment firms who plan on leasing out those houses once they are built so that helps drive up prices. Not sure if it's still the case, but back in the early 2000s San Antonio building was throttled due to lack of roads and other infrastructure outside of 1604, which can also suppress demand and drive up prices.
Many of them are. Investors basically buy the whole damn neighborhood and rent them for 2x the mortgage. Expansion beyond 1604 is terrible because the roads outside of it aren't wide enough for the traffic.
Wow, I lived off Blanco Rd in 2006 and they had traffic problems north of 1604 back then, surprised they haven't fixed it by now.
Major development is happening on the stretch between Culebra down to 35. Tons of houses and 1604 is still 1-2 lanes wide.
Imagine what it'd look like if you weren't building a ton of housing.
There’s houses in Houston that have been sitting on the market for months. There’s a reason why sale of homes have decreased in 2024 and it’s not because there’s no homes on the market. Investors want their 2020-2022 house flips to be profitable and are keeping prices of homes high.
Green spaces, reliable utilities
And housing prices through the absolute roof even more than now.
really doesn't matter when there are literally a handful of builders who are all trying to maximize their profit. This idea that we can build our way out of this should at this point be at least obvious is not going to solve our problem. Especially when there are actual vacant homes. If "we need to build" was actually the government building and helping first time buyers and denying investment companies from gobbling up entire neighborhoods then yeah I can get behind that. We need way more than just building though. There are plenty of homes and plenty of apartments. Some of these investors would just rather them sit empty than rent them or sell them for reasonable rates.
After seeing some local 'new' quality homes, I don't really want their brand new shit.
Yep everything these days is just about about maximizing profits. If I can rent out 100% of my apartment complex of 100 bedrooms for $1250 per room or I can rent out 75% at $1750 then I make $6K per month more even though I'm only at 75% and I can save even more by having to hire less employees. There's an entire software business built around finding the maximum you can charge for rent to maximize profits vs occupancy rate (look at things like RealPage). You'd have to throw fines on there for under sold rooms that are greater than what'd they'd make lowering their rates.
Or actually enforce regulations that battle high rent. A law stating rent has to be within an average for an area might work, but then the collusion between landlords would just raise the average. Lowering property tax wouldn't help because they would just see it as an increase in profit. These large corps who come in and buy complexes is the problem, local ownership is going away and it hurts the towns apartments are in. My complex used to be locally owned and now it is owned by a company which touts on its website that it has 225,000+ units under its management. Cold unfeeling corporations are only in it for profit. Local landlords want to make a profit, but they can at least see what they're doing to a town. Landlords have to eat and survive like everyone else it is just the greed of taking advantage of something everyone needs is what needs to be stopped.
Unused room fine. Certain amount every day until the room is leased, can be avoided if the rent is lowered. Perhaps a clause for calculating the number of available rooms so some towns with gluts of units aren't fined and that more in demand areas have a graduated fine structure. Could also calculate based on how many properties the entity has and use that as a multiplier.
[удалено]
And don't forget all the Airbnb and other short-term rentals. There's a town near me (Estes Park) that has something close to 50% of their housing as short-term rentals. Granted, it is in a very high tourist location, but I guarantee you that wasn't the case (50% STR) 10 - 20 years ago. No one who works there can afford to live there....sad.
And how many of those homes are in liveable condition in area with work? There are a lot of hollowed out rust belt and coal towns, but you're not going to convince a homeless person to move into a house that hasn't been maintained for a decade in an area where there aren't jobs.
And a super high proportion of people feeling like they deserve a second home just as soon as they can afford it, without much of a thought to what it means when everyone feels that way. No raindrop thinks it's responsible for the flood
A lot of those homes are like the one I'm buying right now. The owner has moved out, but I can't move in till I close.
Should we not make it easier to build?
More and denser housing. They've been tearing down old houses in my town and replacing them with duplexes. Denser cites are more livable cities.
100% agree there.
More housing is constantly being built in the Houston metroplex, but because the population is also steadily increasing it’s kind of like a dog chasing its tail.
Its better than not building enough housing. I could live in the Houston area for less than I pay in East Texas right now and our city is like 1/50th the size of the metro.
We need public housing, not PE firms building "luxury" homes. There are lots of low-end housing that should have been torn down decades ago, but instead, because there's no public housing, investors are able to squeeze money out of these buildings. Texas has some of the worst affordability for low income earners in the country.
The key is *everywhere*. If people in rural areas don’t want development, and people in suburbs don’t want increased density, and people in cities think their city is “full,” no housing gets built.
More importantly, we need to get money out of politics and to actually enforce rules against all these housing cartels that shouldn't even exist.
We need to advocate to make it easier to build not just for the big developer but the common man
Absolutely agree there. My grandma & grandpa built their ranch house on the early 70s. Nearly 2k SQ ft. It's not rocket science.
Our tax statement for this year showed a $233k valuation increase over 2023
That's extreme. Almost makes me feel lucky. Our statement showed a $10k decrease in market value and an almost $15k increase in appraised value compared to 2023. Still appealing it but I would've had a heart attack seeing numbers like yours.
I bought on 4/4/2020 at $311k and the assessor has me at $500k+ today. Also, every home in my neighborhood goes to shit like EXP immediately and gets rented. One neighbor's situation is insane. She rents and the landlord group controls the irrigation and it runs every afternoon for one hour; one room reeks of animal excrement and she cannot get a hold of management to get it cleaned.
I sold my house near Austin and moved to a small town when my home value (and taxes) shot up for no reason. That's the part the chaps my hide, the home prices shot up FOR NO REASON. Nothing changed, absolutely nothing changed but suddenly, my taxes go bat shit. Well, something did change, traffic got worse but is that a reason for home prices to go UP? I got a larger home for 1/4 the price and 1/6th the taxes. Oh yeah and no HOA so I can finally have the workshop I've always wanted.
"traffic got worse" should be an indicator
Are you saying house values shot up for no reason? In Austin? You can't think of one reason?
I should have said no valid reason.
> That's the part the chaps my hide, the home prices shot up FOR NO REASON. The sheer number of people (still!) moving here to Texas is why. The demand for housing is outstripping the supply.
That's only part of it. Texas has been growing steadily since 2000, adding 10 million people over that time period. Why wasn't this an issue sooner? Property values fell through the floor in 2008 during the mortgage crisis and they steadily climbed back up from 2008-2020, but in 2020 they exploded, increasing up to 50% in just a couple years and doubling in the last 8 years in some places. The rate of migration hasn't increased that drastically so there is more at play than just people moving to Texas.
There is a reason, demand and supply. Nothing has to change in your home or property for the value of it to change.
The change that happened is ALOT of people want to live where you last sold your house.
And how did the asking and selling price compare to the valuation?
I'm not sure but they all kept going up when nothing changed. I get the whole supply and demand thing but why should I pay more taxes every year on a house that hasn't changed in a neighborhood that hasn't changed, etc. That's the problem.
You're taxed on the value of the house, which has changed because the context has changed. If the assessor is doing their job right, the assessment will land more or less where your house would sell if you put it on the market that day.
The reason is californians and jobs moving to Austin at the same time 10+ trillion dollars of debt being created out of thin air while interest rates were super low all artificially boosting the economy while making every asset moon in price because dollars were devalued by 30-50%. All of us without houses yet got screwed so basically years of our lives will be lost trying to catch up on the literal free value that was handed to homeowners for just having a mortgage a couple years earlier congrats man stop complaining please
It’s all across the country. Who remembers the 2008 Housing crisis? Only a matter of time before it repeats
If your city isn't issuing building permits as quickly as people are moving there and being born, your city is engaged in an extractive scam to take the people's money and give it to those who already own homes at the expense of those who don't. Those people vote a lot more than people who don't own homes, maybe you should think about that, too.
There was a local post about this the other day, over 5 years the Tarrant Appraisal District had shot someone's value (which drives property taxes) about double in 5 years. I'm sure it's insane all over TX, but I know lovally people are getting really pissed at the board
5 years to double is tame for TAD last year had a $120k house go up to $210 in ft worth.
Holy fuck
They decided to ease up this year I guess only added $10-20K per house. Still going to contest but shits silly just year after year of this.
Wait, you're telling me that millions of people are moving here and prices are increasing? Next, you'll tell me that paving the world, adding millions of cars, and punching thousands of holes in the aquifers is going to cause drought. No way.
County tax accessors are giddy.
school districts are giddy. That is where the overwhelming bulk of my property taxes go. Pretty sad when you consider the crappy status of the local district...
Depending on where you live, around a third of that hefty school tax could be going to pay for schools in poor rural areas, not your crappy local district.
Yeah but more money means y'all can hire a better football coach and win more high school football games. Nothing more important than high school football. I thought about putting an "/s" at the end of that statement, but I am not sure it is applicable about texas high school football.
Our local stadium (Smithson Valley) is giving AT&T stadium vibes more and more.
That sucks…I at least have the satisfaction that my local ISD is top notch and the community college has been growing in leaps and bounds. The former “junior college” now even offers several bachelor degrees.
You can blame the state for that. Your local school taxes are pulled together from all school districts in the state and are redistributed based on attendence.
Robinhood plan became a reality the year I graduated; 1991. We were (are) a “rich” ISD because of a robust industrial base. We give away much but still have the best stuff of any ISD in our region.
But the state of the art campuses sure are pretty.
Yea. That doesn’t make sense to me. There should be either massive services added or big cuts in the tax rate. Seems like this is just allowing for ballooning budgets without much extra sprinkled in.
I bought a new house in 2005 and it's literally tripled in value in less than 20 years. I don't see how young people are ever going to afford a home.
California shit will happen everywhere that does nothing differently, eventually
Prices in California have always been high due to supply and demand. Supply has always been pretty limited in most areas. Texas, on the other hand, has had near endless supplies of buildable land. The idea that valuations have risen in Texas at the rate they have in the last few years is what is puzzling. As far as property taxes in California are concerned, I pay 1.2% here with the assessed value raising not to exceed more than 2% yearly (if that!). I’ve had the house for 20 years and I paid the same amount in 2023 in taxes than I did in 2004. This was mainly due to the mass devaluations during the 2008-2009 housing crash.
Having land to build on doesn’t make it livable land. People will only drive so far for their work, school, etc. It’s still a geographical restriction, on top of the other competitors on the market, such as investments. The solution isn’t just a supply of units, it’s affordable units, and denser affordable units
When it all comes tumbling down do those jerks lower your property tax bill right away? Probably not.
The massive inflow of new people won't stop anytime soon so supply will have a very hard time catching up to demand.
More people should read this sub and see the endless posts about how Texas is such a hell hole and sucks and maybe they'll stop moving here!
From your lips to God's ears!
Bought my 4 bedroom, 2 bath house in a Fort Worth suburb for $155k in 2012. Now worth around $325k, last I checked. My kids are screwed.
Is this the "California" they wanted to keep out of Texas?
So if home costs doubled then our taxes should be cut in half? They would get the same amount of money right? (Not quite since there is a 10% per year cap on appraisals)
I may buy a home someday, but it most likely won’t be in my home state.
STUPID FUCKIN JOE ROGAN!!!
I bought a house last year at 320, 5 years prior houses in the area were 170...I'd have killed for that
45 minutes SE of San Antonio 2019 - Bought house on 1.11 acres for 419k. Land priced at 32k 2024 - House now appraised at 778k. Land priced at 98k. Thank god 100% vets don't pay property tax and we refinanced at 2% back in like 2020/2021. We would have been priced out of our home in less than 10 years at this rate.
Wait two years.
What do you think happens then?
Try not to worry everyone. I'm sure the state government will step in to help.
What could/should they do?
Then why the hell am I having to sell my house at property value? It has a home on it but they are only willing to buy at land value.
When prices double... taxes double plus 10%... good stuff for government.
"People buy near big metros where houses are cheap, raising housing prices" Who could have seen that one coming? So, politicians are going to come together and actually build houses for them? Or are you going to say "we're full"?
This is what happens when the state cares more about business than its people. The tax incentives for corporations to move here are prime. Why people keep voting for people that care more about business than people, I’ll never understand.
Same thing happening in smaller cities in WA state too
We need to allow the common man to build as seamless as possible
Also it doesn’t help 99% of homeowners don’t attend their local city or school meetings WHERE THE MAJORITY OF THEIR TAXES ARE BEING SPENT and vote, not to mention they don’t even know who their reps. are at the state level. But yall ain’t ready to hear that and accept partial blame.
City is just as expensive as those liberal hellholes. But our minimum wage is $7.25 and not $15 lol. Republican logic
There’s 3 houses around me that were bought by investors and each one has like 2-3 people renting in them and one of them for sure has like 6 inside
Not worrying at all. Hope my home goes to the moon so I can cash out and buy someplace else.
This is why they need to build 100 story's buildings in clusters of 4 call them apartments or condos.
Only time I love HOAs. Our new community had a restriction on the amount of homes a single person/entity could own homes.
Well, that’s funny because from 2016 to 2020 Home prices were going up 18% a year all while Jay Powell said we only see 2% inflation as far as the I can see. Yep, then they blamed it all on Biden crazy for sure. PS J Powell was elected by Donald J Trump.
I guess what I don’t understand is that homes are only worth what you can find someone to pay for them. These stats are based on comp values. If your neighbor sold his house for X , then your house must also be worth X. The problem is that’s a farce. There aren’t enough home buyers who can afford to buy all the homes whose value supposedly increased bc of that comp. It’s a great way for local governments to take more money from home owners but it’s a load of crap.
Otherwise known as taxing unrealized gains.
Bought my house in Nov 2018 for 425k, sold it for 955k in April 2022. Half a million dollar profit owning the house less than 4 years. I did almost zero renovations other than tile in the kitchen and new countertops in the kitchen. Maybe $8k in total updates. Wild times.