:no_upscale():quality(75))
Photo credit: Tonie Auer/Bisnow
It’s been talked about in a number of legislative sessions: replacing the property tax with a sales tax. At Bisnow's Dallas State of the Market event on Tuesday, Marvin F. Poer and Co SVP Ken Parsons said he doesn’t see it happening. One reason: about 40% of real estate in Texas is owned by absentee ownership, which means those people wouldn’t be paying sales tax. That means the burden would be shifted to the owners who live here. Plus, Texas still has no income tax and has a fairly controllable sales tax. The current property tax system is equal and uniform when you can compare your property to your neighbors, he says.
