We have an action-packed June full of new content. The attention-grabber, for much of the summer, is likely to be property taxes. The Dallas City Council is eventually expected to push (although it seems to have failed in the short term) a record-breaking property tax increase that will impact everyone from homeowners to renters.
Renters, you say? Yes. In fact, property tax increases disproportionately affect renters because rental properties are valued differently than residential properties. Public agencies are generally mum on this topic because they know the topic would not be popular--especially when they are trying to pitch a bond program.
Apartments, and such, are generally valued on income. The higher the rent per square foot, the higher the tax bill. Compounding this is the fact that renters cannot claim a "homestead exemption" the way they could if they owned a house.
Of course, most renters don't notice this. They simply notice a sharp rent increase when the lease renews (or they move apartments where these rent increases are already baked into the rent). The tax, paid by renters, on an average 1,000 square foot apartment has almost tripled since 2012.
Dallas property taxes (on residential and commercial properties) are already some of the highest in the country because of voter-approved bond packages, along with management deficits and waste in the City of Dallas and DISD.
So we will be giving you an interactive tool to drill down and visualize exactly how much these taxes have impacted you over time. If you live in an apartment, you will be able to
- select the name of your apartment complex
- enter the square footage of your apartment
We will show you how much of your rent (personally) will go toward paying your sky-high property taxes--and how much your landlord will eventually need to increase your rent to offset these costs.
Of course, we will have similar visualization tools for homeowners.
So stay tuned for analytics like you have never had access to before!