This afternoon, the Dallas City Council approved maintaining its property tax rate at 79.7 cents per $100 of assessed valuation. That means the owner of a $1,000,000 home in Dallas will send the city $7,970 in taxes for fiscal 2015, which begins Oct. 1.
Today’s decision came on the heels of the Highland Park Town Council keeping that town’s tax rate at 22 cents per $100, while the University Park City Council actually lowered its tax rate from 27.432 cents to 26.979 cents. So that means owners of $1,000,000 homes in the Park Cities will pay $2,200 (HP) and $2,698 (UP) in municipal taxes.
Why is Dallas’ rate so much higher than those of the Park Cities? Well, as we all know, the houses in Highland Park and University Park are, on average, more valuable than those in Dallas. So the governments can afford a lower rate if the taxable values are so much higher. As these charts indicate, Highland Park and University Park typically have the county’s lowest municipal tax rates, while Cockrell Hill’s and Lancaster’s are among the highest.
But enough about tax rates. Let’s discuss those million-dollar houses. Here are three homes, one in each municipality, that are on the market for somewhere in the neighborhood of $1,000,000.
The four-bedroom home at 6215 Prestondell Drive is listed for exactly $1,000,000. It’s situated on two-thirds of an acre on a private cul-de-sac in North Dallas. The house boasts a massive master suite including an exercise room, plus three living areas, a study, and a chef’s kitchen.
The two-story house at 4529 Fairway Avenue can be a single-family home or divided into a duplex. Original stained-glass windows and period tile work maintain the charm of this great building offered for $999,000. The outdoor living spaces include large patios and separate arbor areas.
The charming Tudor cottage at 4316 Stanford Avenue is listed for $995,000. It includes walk-in closets in all three bedrooms, and the family room features a large window with great views of the lush backyard. Living in the Idlewild subdivision means you can walk to Highland Park High School.
(Note that each home is illustrated by a photo of outdoor seating. I figured potential buyers would want a pleasant place to sit as they calculated their tax bill.)