Prime example of Austin's insane real estate prices

[millergrovesue]

https://www.austinrealestate.com/listin ... -tx-78702/

And this place will probably have sold before any of you have a chance to call the realtor. BTW this used to be the most undesirable part of town but it's being gentrified, much to the dismay of long time residents. Same thing has happened to my Mom's neighborhood.

[planosteve]

They are going nuts here too. I got my appraisal a week ago and it went up $20,000. I get letters about every week now from some house flippers that wants to buy my place. Fortunately, at my age they can't raise my property tax.

[GFB]

Seems like bargain from here!

[GFB]

https://www.austinrealestate.com/listing/6649852-1906-e-2nd-st-austin-tx-78702/

And this place will probably have sold before any of you have a chance to call the realtor. BTW this used to be the most undesirable part of town but it's being gentrified, much to the dismay of long time residents. Same thing has happened to my Mom's neighborhood.

Why would "gentrification" bother the locals?

This is how much of the country eventually is able to retire..sell the house for a substantial profit.

[millergrovesue]

https://www.austinrealestate.com/listing/6649852-1906-e-2nd-st-austin-tx-78702/

And this place will probably have sold before any of you have a chance to call the realtor. BTW this used to be the most undesirable part of town but it's being gentrified, much to the dismay of long time residents. Same thing has happened to my Mom's neighborhood.

Why would "gentrification" bother the locals?

This is how much of the country eventually is able to retire..sell the house for a substantial profit.

The problem is for people who don't want to or can't afford to move, like my 89 year old Mom. Their property taxes are going through the roof. Doesn't matter that her taxes are "frozen". When houses around hers are selling for a million and a half her property taxes go up because of new appraised values that include new appraised value of her house and higher taxes. She lives on $1,000 a month. She can't afford to pay her taxes (which, last I know of were about $14,000 a year - Thank God my brother pays her taxes.) and can't move because she knows no other part of town and would be unable to get around in any other part of town. She would lose not only her home but her friends, who are also elderly and couldn't visit in another part of town, and her church, which she could no longer drive to. Her church is 90% of her social life. If she couldn't live in the house she has called home for 67 years, her only other life choice would be a nursing home. She can't afford any kind of assisted living facility. They are VERY expensive. So people like my Mom are seriously screwed by housing prices like this. It's a quality of life issue.

Did you see the houses next door to the one in the picture? I doubt those people can afford to pay their taxes either. What if they, like my Mom, are too old to live elsewhere? As we age selling out and moving is frequently not the simplest option any longer.

[planosteve]

I think that your school taxes are frozen when you reach 65 unless you make significant improvements.

[millergrovesue]

I think that your school taxes are frozen when you reach 65 unless you make significant improvements.

It varies from taxing entity to taxing entity. Our taxes have not been frozen here. I think a percentage of the property taxes in Travis County are frozen for over 65 but not all. So if the valuation of your home goes up you are screwed. My sister has spent hours and hours appealing tax assessments for my Mom to no avail. In Austin it's assumed that if you live in Mom's neighborhood you are rich. That ain't the case with her. And this is yet another case of too many out of staters moving into Austin and changing everything, including the insane property taxes. I wish my whole family had left there 30 years ago.

[GFB]

https://www.austinrealestate.com/listing/6649852-1906-e-2nd-st-austin-tx-78702/

And this place will probably have sold before any of you have a chance to call the realtor. BTW this used to be the most undesirable part of town but it's being gentrified, much to the dismay of long time residents. Same thing has happened to my Mom's neighborhood.

Why would "gentrification" bother the locals?

This is how much of the country eventually is able to retire..sell the house for a substantial profit.

The problem is for people who don't want to or can't afford to move, like my 89 year old Mom. Their property taxes are going through the roof. Doesn't matter that her taxes are "frozen". When houses around hers are selling for a million and a half her property taxes go up because of new appraised values that include new appraised value of her house and higher taxes. She lives on $1,000 a month. She can't afford to pay her taxes (which, last I know of were about $14,000 a year - Thank God my brother pays her taxes.) and can't move because she knows no other part of town and would be unable to get around in any other part of town. She would lose not only her home but her friends, who are also elderly and couldn't visit in another part of town, and her church, which she could no longer drive to. Her church is 90% of her social life. If she couldn't live in the house she has called home for 67 years, her only other life choice would be a nursing home. She can't afford any kind of assisted living facility. They are VERY expensive. So people like my Mom are seriously screwed by housing prices like this. It's a quality of life issue.

Did you see the houses next door to the one in the picture? I doubt those people can afford to pay their taxes either. What if they, like my Mom, are too old to live elsewhere? As we age selling out and moving is frequently not the simplest option any longer.

I see. The example of your mother is exactly the reason that California adopted Proposition 13.

[millergrovesue]

I see. The example of your mother is exactly the reason that California adopted Proposition 13.

What does it do? Anything that protects struggling seniors from losing their homes because of excessive taxation has to be a good thing.

If it weren't for my brother my Mom would be lost. None of we other 3 kids could afford to pay her taxes. To my mind there is no excuse for putting such a burden on people who have paid their taxes all their working lives and have been priced out of their own neighborhoods. It's an unconscionable burden.

[GFB]

I see. The example of your mother is exactly the reason that California adopted Proposition 13.

What does it do? Anything that protects struggling seniors from losing their homes because of excessive taxation has to be a good thing.

If it weren't for my brother my Mom would be lost. None of we other 3 kids could afford to pay her taxes. To my mind there is no excuse for putting such a burden on people who have paid their taxes all their working lives and have been priced out of their own neighborhoods. It's an unconscionable burden.

Prop 13 was voted in sometime in the mid 70s. (I moved here in 1980)

Someone mentioned "freezing" property taxes.

Prop 13 does one better than keeping seniors from having to sell their homes. It protects all age groups.

When you buy a house in California, the price you pay for the home defines your property tax..it is essentially frozen, except that they may add up to 2% inflation a year to your tax bill...and not just for seniors..for everyone.

I bought the house I live in 12 years ago.

People that are buying houses like mine now are paying double what I paid to buy it, and also double what I pay each year in property taxes.

[GFB]

So the result is..there is great incentive to stay in one's home.

God knows what this little house will be worth in 10 or 15 years, but my best financial move will most likely be staying put after it's paid off.

Taxes on it will remain very manageable..essentially a non factor.

[glenn/dallas]

It was the land, not the house that was worth the money

[Red Oak]

God Bless Howard Jarvis !

Texas needs a man like him.

[millergrovesue]

God Bless Howard Jarvis !

Texas needs a man like him.

Had to Google him. I had forgotten who he was..................and yes we do!

[BigTex]

Is he still waiting in that taxicab?

[Red Oak]

[jellowrestling]

Seems like bargain from here!

Around here (Bedford), 460 Grand will get you a 2500 sq ft home with pool on a quarter-acre, and still have enough left over to pay taxes and insurance for 20 years. Prices have been going up, though. Depending on where you live, it might only be enough for 15 years of T/I.

[Red Oak]

Or Greg, you could buy this place, just down the road from mine !

http://www.landsofamerica.com/texas/lan ... id/2381389

[Red Oak]

I would live in a Double Wide, especially in that part of the World, so keep a little money aside for a proper house and storm cellar !

[millergrovesue]

460 Grand will get you a 2500 sq ft home with pool on a quarter-acre, and still have enough left over to pay taxes and insurance for 20 years. Prices have been going up, though. Depending on where you live, it might only be enough for 15 years of T/I.

Around here it would probably buy you a nice 100 acres, well fenced, with at least one tank, a 2500 sq ft home with pool and a good sized barn and shop. The taxes would probably run less than $4500 a year..............depending on school district and how fancy the house and outbuildings were. All of which I'd rather have than a tiny lot in Austin.