Mansions for Sale in Texas
Average Mansion and Luxury Home Prices in Texas
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Dallas
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Dallas
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TX
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945,630
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Dallas
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Dallas
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TX
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806,664
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Houston
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Harris
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TX
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750,000
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General
Texas is a state in the South Central United States, nicknamed the Lone Star State. Texas is the second largest U.S. state in both area and population, with an area of 268,820 square miles (696,200 km2), and with a growing population of 24.6 million residents. Houston is the largest city in Texas and the fourth-largest in the United States, while the Dallas?Fort Worth Metroplex is the largest metropolitan area in the state and the fourth-largest in the nation. Other major cities include San Antonio, El Paso, and Austin?the state capital.
Economy
Texas had a gross state product (GSP) of $1.09 trillion, the second highest in the U.S.Its GSP is comparable to the GDP of India or Canada which are ranked 12th and 11th worldwide. Texas's economy is the third largest in the world of country subdivisions behind California and Tokyo Prefecture. It's Per Capita personal income in 2007 was $37,083, ranking 22nd in the nation. Texas's large population, abundance of natural resources, and diverse population and geography have led to a large and diverse economy. Since oil was discovered, the state's economy has reflected the state of the petroleum industry. In recent times, urban centers of the state have increased in size, containing two-thirds of the population in 2005. The state's economic growth has led to excessive urban sprawl and its associated symptoms.
Taxes
Texas has a "low taxes, low services" reputation. According to the Tax Foundation, Texans' state and local tax burdens rank among the lowest in the nation, 7th lowest nationally; state and local taxes cost $3,580 per capita, or 8.7% of resident incomes. Texas is one of six states that lack a state income tax. Instead, the state collects revenue from a state sales tax, which is charged at the rate of 6.25%. Texas is a "tax donor state"; in 2005, for every dollar Texans paid to the federal government in federal income taxes, the state received approximately $0.94 in benefits.
In 2004, Site Selection Magazine ranked Texas as the most business friendly state in the nation. This ranking stems in part from the state's three-billion-dollar Texas Enterprise Fund. The state holds the most Fortune 500 company headquarters in the United States.
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