The housing market is booming across North Texas. But the strong economy and heady growth has some area homeowners worried. Will the pressure of such rapid growth overly strain our infrastructure? What about tax relief for property owners who don’t plan on selling as housing values skyrocket?
Depending on who you ask, an estimated 4,000-8,000 people are moving into Dallas-Fort Worth and the surrounding counties every week. That pace is expected to continue over the next 5 years, add up to 2 million new residents to the area by 2020. What does that look like to everyday people? Look at the massive growth in places like Frisco and McKinney – both towns have grown more that 20% over the past four years. There are blessings and curses with the rapid expansion. In Frisco, you’ll see lots more town amenities, retail, and restaurants. Plus traffic headaches and unending road construction. Frisco property values are up – the house you bought two years ago for $300,000 is likely worth close to $375,000 today. And your property taxes have risen, right along with it.
Fortunately, MetroTex Realtors have been watching the market very closely and are hard at work to support measures that offer relief for homeowners. On November 3, voters will be asked to support two ballot propositions that will fundamentally impact their quality of life during this rapid expansion and beyond.
Let’s start by increasing your homestead exemption from $15,000 to $25,000. Prop 1 on the ballot does this and helps seniors and people with disabilities by giving them a lower property tax cap. Prop 1 will also constitutionally ban real estate transfer taxes, which could add thousands to closing costs on every sale. The ban means that Texans won’t ever be double-taxed on their property. Prop 1 will not impact educational budgets as the state already reimburses districts for the difference between exempt and non-exempt tax revenues.
Another important ballot initiative this year earmarks more funding for roads. Prop 7 will set aside $2.5 billion to make Texas roads better and safer. The long-term solution that Prop 7 establishes will create a sustainable fund so projects can be managed efficiently and at low costs. Best of all, all of the money supporting Prop 7 comes from existing funds, and does not increase costs on taxpayers. And in case you’re wondering, none of the money dedicated under Prop 7 can be used for toll roads.
It’s vitally important that as a homeowner you make your voice heard on November 3 and support Prop 1 and Prop7. The future of North Texas depends on you.
For more information about the ballot initiatives, visit www.TexansForProp1.com/RealEstate, and www.TexansForProp7.com/RealEstate. If you're interested in buying, leasing or selling a home in Texas, visit dfwrealestate.com or call a MetroTex REALTOR.