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It's time for the dreaded tax season, and Houston homeowners may be getting sticker shock looking at their property tax bills in Harris County property taxes have skyrocketed among the highest levels in the U.
The property tax report analyzed the growth in tax rates and housing prices across all 50 states and the most populous U. From to , Harris County taxes increased That places Houston 12th on the list of the top 15 counties with the highest five-year property tax increases nationwide. Property tax hikes follow a similar rise in housing prices, thus putting more pressure on homeowners and first-time homebuyers.
The report's findings revealed Texas housing prices have ballooned by 42 percent over the last five years. And there's no sign of relief without changes on the federal level, the report adds. Short of government-led changes, homeowners will continue to contend with rising property taxes year after year. Higher taxes also have ramifications for renters, who see these costs passed down from landlords in the form of higher rent prices , which may send more renters outside the city in search of more affordable areas.
Elsewhere in Texas, Dallas County tied for the No. Tarrant County was not far behind, coming in at No. As many Texans are aware, it's a high price to pay for not having any income tax and no annual vehicle taxes.
May was the busiest month for Texas' luxury home sales. Meanwhile, January was the slowest month with only million-dollar homes sold. Some are highly valued for their size or amenities, but with many, the key factor is location. Luxury real estate performance in Houston The report further revealed that the second-highest share A total 3, luxury homes were sold in the Houston area from November to October ; 10 percent more than the previous year.