PROPERTY TAX REPORT

Texas has the 6th highest real estate property taxes, new report finds

There are five states paying higher property taxes than Texas.

It’s the time of year when Texas homeowners grimace at their tax bills. But here’s some consolation – the Lone Star State does not have the highest property tax rate in the U.S. Personal finance website WalletHub’s 2023 report says there are five states paying higher property taxes than Texas.

In the report, Hawaii comes in first place with the lowest property tax rate out of all 50 states and the District of Columbia – 0.29 percent. With a median home value of $662,100, that means the average Hawaiian is paying $1,893 in annual property taxes.

Toward the bottom of the list (meaning states with the highest property tax rates), Texas sits at No. 46. The median home value in Texas is $202,600 with a property tax rate of 1.74 percent, which means the average Texan pays $3,520 in property taxes.

States paying higher property taxes than Texas are Vermont at 1.90 percent, New Hampshire with 2.09 percent, Connecticut at 2.15 percent, and Illinois with a 2.23 percent tax rate. Coming in at No. 51 with the most expensive property tax rate on the list is New Jersey, sitting at 2.47 percent. At that rate, New Jersey homeowners pay $6,057 on a median home valued at $355,700.

Dr. Alex Combs, assistant professor in the Department of Public Administration and Policy at the University of Georgia, says people should consider how much they could pay in property taxes when making the decision to move.

"After all, people are sensitive to price, and the property tax is a visible cost of homeownership that funds generally desirable government services like education and public safety," he explains. "If they have the opportunity, people are going to seek the biggest benefit for their property tax buck."

The 10 states that pay the lowest real estate property taxes are:

No. 1: Hawaii – 0.29 percent
No. 2: Alabama – 0.41 percent
No. 3: Colorado – 0.51 percent
No. 4: Nevada – 0.55 percent
No. 5: South Carolina and Louisiana (Tied) – 0.56 percent
No. 7: District of Columbia – 0.57 percent
No. 8: Utah and Delaware (Tied) – 0.58 percent
No. 10: West Virginia – 0.59 percent

While Texas homeowners will feel the sting of their property taxes, at least they can find some comfort in not having to worry about vehicle property taxes. Texas vehicle owners do have to pay a 6.25 percent tax rate on the purchase price of a car with their local tax assessor-collector, but they do not have to pay annual vehicle property taxes.

Plus, it’s not just Texas – WalletHub determined 23 other states and Washington, D.C., also do not have vehicle property tax rates. Louisiana has the lowest rate out of the remaining states who do pay vehicle property taxes, at 0.10 percent. The state with the highest vehicle property tax rate is Virginia, at 3.96 percent.

The full report and its methodology can be found on WalletHub’s website.

Homeowners Property Taxes WalletHub property taxes in texas

Haggard Farm news

Massive retail village with restaurant and event barn to debut in Plano

Rendering courtesy of Haggard Farm

A rendering of Almanac restaurant at Haggard Farm.

A 180,000-square-foot “retail village” is about to be born in Plano.

The village will debut this fall at the more than $750 million Haggard Farm mixed-use development, along with 350 apartments, 188 townhomes, and a three-acre park. Haggard Farm sits at Spring Creek Parkway and Parkwood Boulevard in Plano.

A farm-to-table restaurant and an event barn will anchor the village, being developed by Stillwater Capital in partnership with The Retail Connection and WoodHouse.

WoodHouse will introduce two original concepts: a farm-to-table restaurant called Almanac and an event space called Haggard Hall. Stillwater says the 17,500-square-foot event barn, made of mass timber, is “inspired by the role Texas dance halls once played as community gathering places.”

Haggard Hall will accommodate more than 600 guests across the main hall, private dining rooms, and event lawns.

“Our history as music venue, club, and restaurant operators has made us keenly aware of the collective chemistry that transforms a neighborhood into a destination,” W. Brandt Wood, partner and director of experience at WoodHouse, says in a release. “Haggard Farm will greet its visitors with immersive, authentic, and interconnected experiences throughout the district.”

Stillwater Capital says more tenants will be revealed soon. Over half of the spaces at the retail village are already leased.

The retail village will offer “a distinctive mix of dining, wellness, hospitality, apparel, and home furnishing operators,” the developer says.

The entire development will span 142 acres. Aside from the retail and residential components, Haggard Farm will feature a boutique hotel and up to 600,000 square feet of office space.

Clay Roby, managing director of Stillwater Capital, says Haggard Farm’s lawns, gardens, and water features will complement farmers markets, seasonal festivals, and community concerts.

“Haggard Farm is one of DFW’s most exciting projects — a curated collection of shopping, dining, hospitality, and residential components inspired by the unique character of this land and delivered as a single cohesive environment,” Roby says in the release.

farms haggard mixed use development plano