University Park Realtor, without the guesswork.

University Park is the larger of the two Park Cities, a 25,323-resident city (July 2025 Census estimate) surrounded by Dallas and home to SMU and the George W. Bush Presidential Center. Zillow's typical home value reached about $2.47 million in September 2026, up 8.7% over the year, and the Census Bureau puts the median owner-occupied home at $1,861,800. In October 2026, HAR showed homes for sale averaging $3.40 million at about $702 per square foot.

For tax year 2025, the city rate is $0.218565 per $100, Highland Park ISD is $0.8347 and Dallas County's county, Parkland Hospital and Dallas College rates add $0.534075, for about 1.59% combined. On a $2 million home that is roughly $31,700 a year, or about $2,650 a month, before exemptions. The state's $140,000 school homestead exemption and the city's 20% homestead exemption together trim about $2,000 a year at that price, so file your homestead the year you move in.

Budget taxes on your purchase price, not the seller's bill: the 10% homestead cap is removed when a property sells. On a $2 million home at about 1.59%, plan for roughly $2,650 a month before exemptions. If you are considering a teardown, get a survey and confirm setbacks and city permit requirements before you price the rebuild.

The lesson that matters most at this price is that the seller's tax bill is not your tax bill. Texas caps a homestead's taxable value increase at 10% a year, but the Dallas County Tax Office notes that the cap is removed when the property sells, so a buyer is taxed on full market value. On a $2 million purchase at about 1.59% combined, budget roughly $31,700 a year before exemptions, no matter what the listing's tax history shows.

In University Park the land often carries most of the value, so price your home against recent sales with a similar lot size and location, not just similar square footage. Before you spend on a remodel, ask whether your likely buyer is keeping the house or replacing it; if it is a builder or a rebuild buyer, a $150,000 kitchen will not come back to you. Clean, documented maintenance (roof, foundation, HVAC) helps both kinds of buyer.