Heard this beuty was bought for a large amount just to be razed...can anyone confirm?
http://www.realtor.c...5046?source=web
Posted 14 May 2015 - 08:03 PM
Heard this beuty was bought for a large amount just to be razed...can anyone confirm?
http://www.realtor.c...5046?source=web
Posted 14 May 2015 - 08:10 PM
It would be a flaming idiot who would demolish that house to build some grotesque Plano mcmansion.
Posted 14 May 2015 - 08:53 PM
I saw it mentioned on an MCM facebook page.
Posted 14 May 2015 - 09:33 PM
Posted 15 May 2015 - 06:59 AM
If true the neighbors are going to be horrified about what this will do to their property taxes. Dwellings are subject to the 10% yearly cap. Land is not. So if they start buying homes to scrape them off, guess what your land is now worth?
Posted 15 May 2015 - 07:41 AM
According to the reports I have, this is true. The house is going to be demolished.
Posted 16 May 2015 - 05:58 AM
That's terrible.
-Dylan
Posted 11 June 2015 - 01:32 AM
Noooo!
Posted 12 June 2015 - 09:48 AM
It is currently being bulldozed. They may be finished by now.
Posted 12 June 2015 - 12:08 PM
If true the neighbors are going to be horrified about what this will do to their property taxes. Dwellings are subject to the 10% yearly cap. Land is not. So if they start buying homes to scrape them off, guess what your land is now worth?
The total taxable value will only go up 10%, but TAD will play with the land values to increase them more and decrease the dwelling value accordingly. It looks like lots on that street are currently valued at $525k per TAD, so if this home sold for $1 million, that leaves TAD a lot of room to raise the land values over the next few years. But I have always viewed this as a rich man's problem...guess what, if you bought in an area that is really desirable and values go up, your taxes will go up too. If you don't like it, sell and pocket all that money and move somewhere else. I hate paying house taxes as much as the next guy, and fight with TAD about it literally every year, but I view it more as sport. The reality is that I like the fact that the value is going up.
This situation is a shame, but at the same time I wouldn't assume someone is going to put up a "Plano McMansion" in its place. The home at the end of the street (on the right in the court) was recently built by V Fine Homes and is a fantastic fit with the neighborhood in my opinion. It's all about whether the buyer and builder have taste.
Posted 16 June 2015 - 10:31 AM
If true the neighbors are going to be horrified about what this will do to their property taxes. Dwellings are subject to the 10% yearly cap. Land is not. So if they start buying homes to scrape them off, guess what your land is now worth?
The total taxable value will only go up 10%, but TAD will play with the land values to increase them more and decrease the dwelling value accordingly. It looks like lots on that street are currently valued at $525k per TAD, so if this home sold for $1 million, that leaves TAD a lot of room to raise the land values over the next few years. But I have always viewed this as a rich man's problem...guess what, if you bought in an area that is really desirable and values go up, your taxes will go up too. If you don't like it, sell and pocket all that money and move somewhere else. I hate paying house taxes as much as the next guy, and fight with TAD about it literally every year, but I view it more as sport. The reality is that I like the fact that the value is going up.
This situation is a shame, but at the same time I wouldn't assume someone is going to put up a "Plano McMansion" in its place. The home at the end of the street (on the right in the court) was recently built by V Fine Homes and is a fantastic fit with the neighborhood in my opinion. It's all about whether the buyer and builder have taste.
Read what I wrote again. Only the residential homestead (house) is capped at going up 10% per year. The land can go up whatever they want to. The total taxable value will go up way way more than 10% in one year. In areas like Tanglewood, total property tax bills more than doubled a few years ago when the teardowns started. Apparently due to McMansions already built in the area, this piece of property already had an astronomical land tax bill, which is why they were unable to sell it to someone who wanted to keep the house as it was.
Posted 17 June 2015 - 08:39 AM
That's not correct. As per Texas state law, the appraised total (including land and improvements) can only go up by 10% per year for a property with homestead exemption.
TAD can assign a "market value" that's whatever they want. And sometimes you see the market value being 50% higher than the appraised value for a short period, at which point the appraised value will rise by 10% per year until it catches up to the market value. But the appraised value - what the owner actually pays taxes on - cannot go up by more than 10%.
Posted 17 June 2015 - 11:50 AM
If true the neighbors are going to be horrified about what this will do to their property taxes. Dwellings are subject to the 10% yearly cap. Land is not. So if they start buying homes to scrape them off, guess what your land is now worth?
The total taxable value will only go up 10%, but TAD will play with the land values to increase them more and decrease the dwelling value ...
.... Apparently due to McMansions already built in the area, this piece of property already had an astronomical land tax bill, which is why they were unable to sell it to someone who wanted to keep the house as it was.
That's not correct. As per Texas state law, the appraised total (including land and improvements) can only go up by 10% per year for a property with homestead exemption...TAD can assign a "market value" that's whatever they want. And sometimes you see the market value being 50% higher than the appraised value
I was a somewhat baffled with Volare's overall point and the explanation that the buyer was forced to demolished as a result of land value. I think that Hannerhan's point seems a more logical explanation.
Posted 22 June 2015 - 02:11 PM
I am telling you what my Realtor told me regarding the land value increase not being bound by the 10% limit. But regardless, as soon as a property is sold, the 10% per year cap is released, and the new buyers will have an astronomical land value. They weren't forced to demo, but if you were paying taxes on a plot of land worth say $500,000, wouldn't you expect they would have a house to match?
Posted 22 June 2015 - 04:39 PM
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