RIO GRANDE VALLEY, Texas (ValleyCentral) — The Mega Millions has reached the $1 billion mark. There are countless things people can buy with $1.2 billion and a house is definitely on that list.
“If you wanted to buy a house, it all depends. Do you want to be conservative or do you want to go ahead and go all out?,” said Hidalgo County Tax Assessor & Collector Paul Villarreal Jr.
Most people would take those chances of going all out if they win the billion-dollar jackpot. There are many million-dollar homes available in the Rio Grande Valley and if you are the lucky winner that dream home can be right here.
Villarreal shares that when purchasing a home it is important to look at property taxes.
“A one million dollar home you’re looking at about 2.7% of the tax rate so you’re looking about paying $26,000 to $27,000 in taxes so that’s one of the things you have to consider,” said Villarreal.
Mega Millions said the odds of winning the jackpot is roughly 1 in 302.6 million, but if you are that lucky winner, Villarreal said instead of purchasing a number of homes or spending it on cars and vacations, it is best to invest.
“Go out there and invest. Invest on some fourplexes, some apartments that you can always make sure that you’re bringing some of the money back and use the money that you want in order to make sure you have your future,” he said.
If there is a winning ticket on July 29, Mega Millions said the $1.2 billion jackpot will be the third largest jackpot prize in the game’s 20-year history.