No, $40k/yr in property taxes is insane unless your parents own several mansions, even for Texas where the highest property tax rates are around 2.5%. Even if you tack on millages and bonds and other things there’s no way it gets near that.
There’s a lot of bad takes and clear misinformation from disaffected people in this thread. Stuff like this should be obvious.
chiliedogg@lemmy.world 3 weeks ago
For the city. Then double the city rate for the school district, then add some more for the MUDs and the County and the Health district and the Emergency services district. Shit adds up fast, and when you buy a house new for 180 grand and a few years later it’s valued at 700 grand, you have to move because you can no longer afford to pay the taxes.
bitjunkie@lemmy.world 2 weeks ago
It sounds like your parents just don’t want you to know that they suck with money.
chiliedogg@lemmy.world 2 weeks ago
I work for a city where the stupid-rich live. Their houses are NUTS. I recently approved construction of a 5,000sft guest house with a rooftop tennis court. We have over a dozen houses in active construction that cost over 15 million dollars, and no new structures being built under 4 million.
We actually have standards in our development code regarding servant’s quarters. And the most important thing to know about those standards is that they’re required to be smaller than the minimum allowable size for guest quarters. Can’t have the Servant’s getting all uppity.
But the thing is, they pay very little in taxes as a portion of their wealth. They have enough political power that they founded a 4mi^2 enclave as its own city entirely surrounded by a major city. They also managed to get their own school district. As a result, they have some of the lowest taxes in the state. Someone with a 7 million dollar house here will pay the same amount of money in property taxes as someone with a half-million dollar condo 2 miles away, because the rates for the school district and city for the wealthy are so low.
For utility districys, they get out of paying property tax by having the city provide it directly without a WCID by contracting to the major city next door that gives them the utilities at a loss to keep the rich assholes happy and supplying campaign donations.