Damage from the Storms



This time of year is always a little turbulent in North Texas, yesterday a line
of severe storms came in at the same time, from the West & South, dozens of
counties were involved. 50 to 100 mile an hour winds whirled around the metro
area.  No one was spared from this storm.  This is a photo taken in West Plano
of a 12 year old Bradford Pear that was snapped into.  We didn't have that much
destruction in our neighborhood just a few wind gusts that took down trees, but
the whole metro area had different problems with high water, lightening strikes,
funnel clouds, down power lines and fire.  All this happened around rush hour
till about 10:00 PM.  Needless to say it was an exciting evening.
 

 

A Community Profile: Wolf Creek Estates



Wolf Creek Estates is located in zip code 75024 along the Midway Corridor.  It is a beautiful community of around 300 homes and is built around parks, lakes and grounds for use by the homeowners only.  Your HOA fee is around $700. annual which takes care of this pristine landscape.  The homes were built in the 90's and are priced from 290K to 465K.  You get the best of both worlds here because all of Wolf Creek is located in the Plano Independent School District, with exemplary Barksdale, Renner, Shepton and Plano West as your schools. Many different custom builders such as David Weekley built here and the development is located directly west of Shoal Creek in West Plano. If you want extra room to roam besides your back yard, then Wolf Creek could be for you.

 

About Texas Property Tax Cuts

Did you know that Texas homeowners pay some of the highest property taxes in the nation?  Yep!  It's true and that's why this is one of the first things we address with relocation clients.  Last year, the legislature succeeded in passing a comprehensive tax-reform package, but it is still confusing.  As a general rule you can figure about 2.25% on the total tax appraisal of your home.  You can write this off completely every year but you still have to pay it by the end of December or until February of the following year.  After that it is considered late and you will have penalties. Most of the property taxes go toward
public schools.

In most Texas school districts, the rate for the maintenance and operations portion of school property taxes went from $1.50 per $100 valuation to $1.33 last year.  Believe me every bit helps.  This year the rate will be cut to $1 per $100 valuation.  This only applies to the maintenance-operations side, any previous or future voter approved bond package can make your school property taxes higher.  Just when you thought you were getting a break.

So you won't be surprised that many local school boards are looking at the property tax reduction as an opportunity to pass large bond packages, thereby diminishing your property tax savings.  Just so you know as of May 12, 104 school districts throughout Texas have scheduled bond elections to access what has been called "free money" Gosh!  Can I get some of that!  The school boards see this as a swapping of the property tax reduction for new buildings and upgrades for local schools.  Just when you thought you might get a break!

Long story short, if you approve these bond packages you will see your property taxes go up! No "free money". You will pay for it either way.  Be aware of all bond packages before you vote, become educated and informed about all school  issues. My opinion is if you vote against the bond package the school boards will find their money elsewhere.  It pays to become an educated voter. The voter will decided what projects are worthwhile because you will pay for them in increased property taxes anyway. What happened to the extra $1 tax on cigarettes packs?  Maybe state gambling will get another boost.  Only time will tell, in the meantime, stay informed. See here for Dallas Tax Rates by City

 

Preston Hollow versus Park Cities?



What is the difference between living in Preston Hollow and living in the Park Cities?  Inquiring minds would like to know!  So here is brief run down of the pros and cons from a Realtor that has lived and works in these Tony neighborhoods. (I grew up here)

There are 3 huge differences between these two areas:

1. Park Cities has an exemplary school system and always has, Preston Hollow is Dallas ISD but is located near all ivy league private schools.
2. Park Cities has a population of around 33,000 total in a land mass that is 7 sq miles.  It's a bit crowded especially with the Texas SUV's.
3. Preston Hollow is directly North of the Park Cities starting at Northwest highway and has huge lots and rolling terrain that is hard to find today.

The home appreciation in these neighborhoods has sky rocketed the past few years, Park Cities, which is Highland Park and University Park has hovered around 12-25% the last 4 years, Preston Hollow has had nice appreciation too, similar to Park Cites but depends on street and exact location.  The biggest difference is that Highland Park and University Park are there own townships and are not Dallas, so you have your own highly secure police and fire department and own government. Zip codes here are 75205 and 75225.

Preston Hollow is Dallas and you can vote in all Dallas elections to save the city! Dallas does need your vote! Both areas are close to downtown and shopping, hospitals, entertainment etc.  Park Cities was developed back in the 1920's and 30's and a gentrification has been going on for years.  Preston Hollow was developed more in the 1950's etc. so the styles of homes are much different.  If you want land and space and want to pay for private schools, Preston Hollow is the way to go, If you want exemplary schools including  home to SMU, then Park Cites should be your choice.  Either way you can't go wrong it is just your personal preference.  There is a lot more to it then this but this is a good start if you are considering these areas. If you would like to know more insider scoop, I'm just an email away. 
Have a great weekend!