Houston, TX - All MCM's all areas, $74,900 to $4,000,000

Commercial and Residential properties for sale, rent or lease

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txmod
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Houston, TX - All MCM's all areas, $74,900 to $4,000,000

Postby txmod » Sat Dec 26, 2009 10:39 am

Here is a list of most of the MCM style homes available throughout Houston. Some are good, some need restoration, some need undoing. Inventory is light right now. Before the Californians fall out over the prices, be sure and check the property taxes. Texas has no state income taxes but they make up for it in property taxes.


modfan
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Postby modfan » Mon Dec 28, 2009 8:25 am


txmod
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Postby txmod » Mon Dec 28, 2009 11:37 am

Yep. There is a homestead exemption, and of course the over 65 and other exemptions people can get. Homestead saves about 20% roughly. But on this list before any exemptions the taxes are listed at $2,849 annually for the lowest on up to $83,041 for the $4,000,000 job.

pgharchfan
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Postby pgharchfan » Mon Dec 28, 2009 12:43 pm

State income tax in California tops out around 9-10%, property tax is usually about 1.5% of assessed value.

Property tax in Texas is around 2.5% of assessed value, minus exemptions.

Do the math, TX is still a bargain.
Last edited by pgharchfan on Tue Dec 29, 2009 3:20 pm, edited 1 time in total.

jakabedy
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Postby jakabedy » Mon Dec 28, 2009 2:25 pm

No, Alabama is a bargain. Texas is only a bargain when compared in a vacuum to California. TX is sold as a retirement destination, but I imagine a lot of folks get surprised when the first property tax bill comes.

I'd rather pay 5% of my income in tax than 4% of my home's value, since my income is about 1/3 of my home's value. But then, our kids can't read all that well. So it's all a wash.
1920s Bungalow Gal turned MCM Maven

My Blog: http://magiccitymodern.blogspot.com/

txmod
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Postby txmod » Mon Dec 28, 2009 3:48 pm

It's not 4%. The tax rate is in the lower right corner where they list all the info. The vast majority on their are 2.5%, some dip lower, 2.23 down to 2.06 and some change. the higher ones are 2.65. That is before any exemptions too. It's high, but it isn't that high.

retromodernjeff
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Living in TX - a big no

Postby retromodernjeff » Thu Dec 31, 2009 4:08 am

I agree with Jakabedy, TX is no bargain, well Houston anyway, the property tax is a real killer. The home prices may look cheap, but if you want to live in a decent area with good schools you will pay for that in an expensive house with killer taxes in the $8000.00+ a year range. And worse that P Tax is a total loss. While some of the best MCMs I have ever seen coast to coast are in Houston, don't bother, its not worth it, not even close. FLA also has great mods and prices are cheap, P taxes are very low, no state income tax and better weather.

For fun, check out some of those cheaper homes on txmods list to the schools nearby on www.schooldigger.com . Now with the realization that its private school only option, add that price tag to your cheaper home.

jakabedy
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Postby jakabedy » Thu Dec 31, 2009 5:10 pm

Houston is the area I'm most familiar with as well. I looked at taking a transfer there back in 2004 and was shocked at the tax rates. If I recall correctly there is the property tax, then in some areas the school tax on top of that . . . it all adds up. To contrast, I am in an unincorporated area in the fastest-growing county in Alabama. My total property tax bill is about 0.4% of the value of my home -- no additional school tax.

I'm not saying Alabama is for everybody. Some days I'm not even sure it is for me. But it is a bargain, nonetheless, compared to most anywhere else.
1920s Bungalow Gal turned MCM Maven



My Blog: http://magiccitymodern.blogspot.com/

txmod
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Postby txmod » Wed Jan 06, 2010 3:06 pm

Houston is a bargain compared to more than just L.A., but it isn't trying to be the cheapest date in the country. I would hope the 4th largest city in the U.S. with the second highest number of fortune 500 companies wouldn't be at the rock bottom price wise. Given the amenities here vs. a lot smaller towns, it should be somewhat higher.

On the taxes, they are high, but again, no state income tax and a homestead exemption which knocks off about 20% of your tax bill. In the case of most of these that would bring your tax rate closer to 2%.

As for schools, Houston offers a ton of good public schools. Especially places like Memorial Bend or Meyerland for example. Not all areas have good public schools though. If you have kids that would be something to consider, but not everybody does, and there are plenty of people where that is not an issue. So the cheaper ones are a better match for childless people or those who wouldn't put their kids in public no matter what.

As for cost of living, according to this $50,000 income in Houston equals $85k+ in L.A. or $123,000 in Manhattan. It even comes in below Atlanta & Charlotte.



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