Homeowners in North Texas get ‘sticker shock’ with new property tax estimates
Homeowners across North Texas have received their property tax assessments, and they come with sticker shock. Experts say house prices are up 20% year-on-year while inventories are down 30%.
Dallas – Homeowners across North Texas have received their property tax returns, and they come with sticker shock.
House prices have risen by 20% or more nationwide.
Experts say house prices are up 20% year-on-year while inventories are down 30%.
Some say demand is at an all-time high, causing problems for some homeowners.
Barry “Kooda” Huebner bought his home in Oak Cliff in 1998. At the time, the estimated high value of his home was $77,000. Last year it was valued at $295,000.
Huebner received a new assessment notice from Dallas County on Monday. It goes up another $30,000, which means taxes will go up too.
“And it’s going to be the place where I can’t stay just because of tax increases,” he said.
“The DFW housing market is absolutely on fire right now,” said RE/MAX Town and Country agent Michael Coburn. “We have such a high demand for houses that prices are rising dramatically. There are homes that cost $300,000 last year that are being valued at $390,000 this year. And that leads to taxes going up even if you don’t plan to when you sell your home.”
“Times have changed and gentrification is taking over,” Huebner said.
If Hübner sells, he cannot afford anything comparable in this market.
“Can’t afford to go. Can’t afford to stay,” he said.
Hübner’s wife lived with him until she died of cancer in 2019. The 69-year-old hopes to be able to spend the rest of his life here. He just hopes he can afford it.
“And every month I use that a little bit more and a little bit more so I can pay the deficits,” he said.
At least Dallas, Collin, and Denton counties are issuing estimates.