Home Buying in 75094>Question Details

BuyingTips, Home Buyer in Dallas, TX

Property Tax on a new home Vs Inventory home

Asked by BuyingTips, Dallas, TX Sat Feb 9, 2013

If I build a new home which will complete in August this year, will I pay the property tax for the dirt only for 2013? If I buy an inventory home which is already complete and priced, will I pay the property tax for the home, upgrades and the dirt also for 2013? Is saving property tax by waiting for the home to complete in August a good idea?

Help the community by answering this question:

Answers

5
When you "boil it all down" miscellanous money vs. years of owning a home you prefer to have

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Sun Feb 10, 2013
The taxes will be pro-rated based on who owned the home and how long they owned it during a year. The taxes on new construction are calculated on the land until the home is built. However, the catch is to ensure that your mortgage payment includes enough money for taxes and insurance on the value with the home (not just the land), assuming that you are putting your taxes and insurance into an escrow account with your lender.

If you have a Realtor represent you, they can give you the specifics for your situation and guide you to make the best decision for your family.

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com

http://www.linkedin.com/in/melissahaileyrealtor
http://twitter.com/melissahailey
http://activerain.com/blogs/mlshailey
0 votes Thank Flag Link Sun Feb 10, 2013
Please remember you only pay taxes on the time you own the home during the year and the major issue is really the price of the new home to inventory. New homes in the area can be very expense per foot compared to inventory homes wiping all gains from not paying a few months taxes very quickly. Murphy is a great area, I live in Sachse a neighboring town love the area and sure you will too. Now is the time to work on this purchase, the Murphy area inventory is quickly moving as this area in general is and will only get worse as the season for real estate goes forward. If I can help give me a call.
0 votes Thank Flag Link Sun Feb 10, 2013
It depends.... sometimes you get lucky, but don't overthink it.
I would never buy a house or not buy a house based on the taxes and trying to time your purchase to if you will save a couple thousand here or there.
Buy a house that will make you and your family happy....also by waiting you could wipe out all the savings if interest rates continue to rise....and they very well could.
0 votes Thank Flag Link Sun Feb 10, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Vpallathu, I have sold many inventory (spec) and built homes, the builder only pays property taxes on unimproved land for both. You really should consult a real estate professional that is working for your needs. Example, would you use the opposing attorney to represent you? I am pretty sure NO, that is why is it a great idea to have a Realtor serve your wants and needs.

GOOD LUCK WITH YOUR HOME SEARCH :)

Feel free to contact me:

Tenesha Lusk, Century 21 Judge Fite
972-904-0673
Web Reference: http://teneshalusk.c21jf.us
0 votes Thank Flag Link Sat Feb 9, 2013
Are you comparing real estate professionals to attorneys who can also lie like attorneys to save their clients?
Flag Sat Feb 9, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Collin County > Plano > 75094 > Home Buying in 75094 > Question
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer