The plant is a boon for the town of Rockdale, with its population of just over five and a half thousand. In an old Alcoa aluminum smelter now sit three football field lengths of cutting edge technology: ASIC miners that work in sync to validate transactions on the Bitcoin network. This last factor was what convinced Bitmain - the world's largest manufacturer of Bitocoin mining equipment - to open a new mining operation in Rockdale, Texas. They are drawn to the Lone Star state by its pro-business attitude, zero state income tax, and low energy costs. Texas attracts a range of Bitcoin investors, from retail to institutional. Fortunately, Texas is one of the few states that doesn’t levy transfer taxes or include a state recordation tax, which will save you a percentage of overall costs.Chapter 1 Bitcoin & Cryptocurrency Trading in Texas On average, to cover closing costs for a home in Texas, you'll need to save around 2.17% of the purchase price. Luckily, these fees are only charged once at the closing of the mortgage, and don’t carry on annually like insurance and property taxes. If you’re curious about your inspector’s education, Texas issues inspector licenses so the industry is regulated.Ĭlosing costs are another expense you’ll have to consider before buying a home. If you want a termite or mold inspection or radon testing, you’ll pay an additional fee for each service.
In Texas, expect to pay $350 to $600 for the service. One of the first things to consider when you find a home you’d like to buy is a home inspection. Costs to Expect When Buying a Home in Texas Financial advisors can also help with investing and financial planning - including retirement, taxes, insurance and more - to make sure you are preparing for the future. average.Ī financial advisor in Texas can help you understand how homeownership fits into your overall financial goals. According to a white paper issued by Texas’ Office of Public Insurance Counsel, agent commissions and acquisition costs, advertising and underwriting are 65% higher in Texas than the U.S. While Texas does have many of the same weather risks, with large cities frequently exposed to hurricane, tornadoes and hailstorms, there are other reasons the insurance price is so high in this state. That puts the Lone Star State right near Florida, Louisiana and Mississippi, all states that have heavy hurricane and flooding risk. According to recent data from, Texas ranked as quite expensive for this insurance at an average of $3,429 per year. If you’re a veteran, disabled, older than 64 or living in your primary residence, you may qualify for a property tax exemption.Īlong with high property taxes, Texas is known for having some of the highest annual homeowners insurance costs. The good news for Texas homeowners is that there are a number of different exemptions to property tax that may apply to you. Tax bills are sent usually in early October and are due by the end of January in the following year. Wondering how your home is appraised? Each year the county will determine the current market value of your home, and that’s the number your tax payments are based on. If you owned a house appraised at $250,000 in this sparsely populated county, your annual property taxes would be only $850. The lowest tax rate in the state is 0.34% in Borden County, which is in the central area of Texas. Harris County, which contains Houston and its suburbs, has some of the highest tax rates in not only Texas, but the U.S. For example, a house appraised at $250,000 in Houston or one of its suburbs has an effective tax rate of 1.82% or $4,550 a year. The percentage depends on local tax rates from schools and other county concerns, so it varies per area. Property tax rates in Texas are levied as a percentage of a home’s appraised value. That said, Texas doesn’t have an income tax, so the majority of local government services such as libraries, road systems and schools are paid for by locally administered property taxes. The average effective property tax rate is 1.69%, which is good for seventh-highest in the U.S. It’s one of the first things to add to your housing budget if you’re planning on buying a home in the state. Property taxes in Texas are known for being quite high compared to the rest of the country.
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