The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 8 months just by copying trades from a broker that has better skillset and technical know-how than me.
Finding financial advisors like Sharon Ann Meny who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@MB-gs4zw yeah and that's why new home buyers can't afford taxes in Cali . Property taxes should be based on the value of your house but how much the local government spends per household
Taxes on what you earn. Taxes on what you save. Taxes on what you sell. Taxes on what you inherit. Taxes on the things you already bought so that you can use them. Spend 100,s of thousands on a home, don't pay the Taxes you don't own the house anymore. We are being EXTORTED!
I wouldn’t mind if the taxes were used for something meaningful- like healthcare or universal daycare-- ANYTHING Instead we get zero ROI on our taxes. It all just goes overseas or to Defense
And, you will never be able to convince the sheep of that, especially in the black community. All Americans were sold on the advertising agency's genius hook, like for the milk industry back in the day. We are so gullible. Certainly, there are advantages to owning a house, but many are unprepared.
The police can come to your house and remove you based on someone else’s words, freedom doesn’t exist in America, but politicians love to tell the masses that, so they can control them
You dont own anything anywhere, the point is your house is an investment...i bought in 2021 and my house has doubled in value. if i rented since then id just be thhrowing money away
@@AK-47ISTHEWAYI’ll never understand folks like you. You don’t realized that after all is said and done you’ve already lost nearly 50% of your income due to taxation? Paycheck taxed: federal, state, Medicare, SS = approx 25-35% taxes depending on your tax bracket. Buy something, you you’re taxed: sales tax. State tax, county tax. Have a car? That yearly registration is a form of taxation. Smog? That’s a form of taxation. “Own” a property? You gotta pay property tax WITH money that’s been taxed. This is just a short list of many things. So I ask you, why do folks like you keep voting for folks to hike taxation? Why don’t you ask the question how we should reduce government spending? Folks like you are exactly the problem that is causing the middle class to disappear. Yes taxation is required to keep the services you mentioned, but you and I know NOT all of it is going towards what you’ve mentioned. In conclusion, we are being OVERTAXED.
So that means that the wealth transfer would happen faster and there would be nothing stopping foreign investors and big landlords from owning everything.
@@723lionI have a new build near the area. Last year I was $7700 short on taxes and luckily I make enough to cover it. The escrow wasn’t taking enough, the original tax assessment wasn’t accurate, I can see where she’s coming from. It’s like financing a car and a year later they say “hey, we didn’t run the numbers right. Your new rate is higher and you also owe us $5k immediately.” That would never fly in any industry, besides real estate. It’s “normal”
This happened because she bought a brand new home. When you buy a brand new home you pay property taxes from the month you got the home unit December. It's all part of the closing fees. Notice she boon May. So she paid property taxes for May-Decemeber last year. Now 2024 she got the bill for the full year of 2024. Her brand new home was appraised obviously higher than what she bought the house for and her rates property went up, most likely the school district and the MuD taxes went up. This is a buyers lack of knowledge. I know because I bought a house in 2020 August and this happened to me. But I knew it was going to happen because I educated myself for 6 months on buying a house before I even step foot on the first house I went to see. Also my realtor explained this to me as well. We as Americans need to educate ourselves better because our school system is not doing it. It's up to us.
@@JBoy340a I’m not receiving any more or better services for police,fire,roads etc. to justify doubling or tripling property taxes. Retired people are losing their homes after the mortgage is paid off.
My deceased father in law used to say that we don’t actually own our home. Even if you are mortgage free you still don’t really own it. The local tax authority does. If you don’t believe it just stop paying Property tax for a couple years.
@@benstandardthe system can operate without property taxes and an abundant of other frivolous taxes. Start by cutting government down and decrease politician salaries. Cut welfare, more than half on welfare don’t need it and are scamming the system. I could go on but…
That is why other countries infrastructure is none or going to shit. Who is going to pay for it. You want things done of course it is going to have a price tag. If you don't like it move out. Makes sense.
Then for that to happen you need to pay taxes on a home purchase when you buy it. You’d like it even less if that were the case having and additional 7% or so added to your mortgage from the beginning and then paying it off slowly over 30 years.
They Blackrock want u to rent bottom line. FOR THEY will partner with states, and control Their taxes at 1 000 of houses as. 1 home per family, which has zero fighting levels. THINK
California took care of this problem years ago. The counties can no longer reappraise your house year-to-year. Your taxes are based on the purchase price of the house. Tax increase is limited to 2% per year.
You’re correct, but California also attaches taxes and fees to seemingly everything from income to state park admissions. The California Legislature is trying to find ways to undo Prop 13, but to this point they’ve failed
This is exactly what I have been saying. Your property taxes should be based on historical cost not some arbitrary number that the inflated market makes up. Thats not right. It’s not like the county is doing more in the area when the homes are over priced. They’re just pocketing it.
I bought my house in NY in 1982 & paid $1,775 a yr. taxes! If that rule was in effect then, in NY, I would only be paying $4,000 today, but am paying $9,300. w/o any changes to the house! How do they explain this?
@@josepherhardt164 Agree. Call your Governor. You don't have a state income tax so property taxes are the only coarse the local governments have for revenue.
Also horrifying is this happening to elderly people, who paid off their homes. But the value skyrocketed, so they can no longer afford to live in their PAID OFF HOUSE!!!!! A good friend was forced to move his beloved home, which he put so much work into over the decades-because his small property was now valued at $1 MILLION dollars. (I bet in 2012, you could’ve bought it for ~$200k) It’s gross. Greed has become far too rampant here. When will it end??
Sick & twisted government to do this. We've lost our focus as citizens. We need to start protesting against this crap. Taxes should go up no more than 1-2% per year, regardless of valuation. So many things to worry about these days, for the young consumer and old. Meanwhile wealth is concentrated in the hands of only a few.
No wealthy person is holding you down or forcing you to do anything. In this instance, you should be pointing the finger at Daddy Govt. Infinite wealth is concentrated in the hands of govt. When govt wants money, they tax. You don't pay, you may go to prison. Private enterprise isn't sending anyone to jail.
@@Spawny500exactly! He must be living under a damn rock! The damn insurance companies brought the clown in Tally now look at it. We paying more for auto insurance than New York City drivers 😂😂
@@dantheman6607 The notion that the government requires your taxes is deceptive. Taxes deducted from earnings, added to purchases, or collected through property ownership aren't necessarily earmarked for services like roads or police. The government has the capacity to print its own money, rendering the need for yours questionable. As for the $95 billion allocated for countries like Ukraine and Israel, it's essentially conjured by a printing machine in the government's back office. While reducing the swamp won't eradicate corruption entirely, it can diminish the number of corrupt individuals. Surely, having 30,000 thieves is preferable to 100,000? However, this is just my perspective. Remember, the outcomes are a reflection of your voting choices.
Why would you want to get rid of property taxes? Where I come from, they pay for the FREE education that EVERY child gets. That's a fair deal. If your property taxes have increased, that means your home's value has increased. Don't want to pay property taxes? Sell your appreciated house and pay rent.
Wow. I was a snowbird with a beautiful home in Fort Myers. In 2018, we decided we were tired of switching houses every six months and sold our Florida home to just stay in Ohio. Best decision we ever made.
This is why Proposition 13 in California is so important!! Basically, homes are taxed on the sale price of the home. After that, it can only go up about 2% per year. And when (and if) the house is sold again, the new tax evaluation will be based on the NEW sale price. After that, once again, the taxes can only go up about 2% per year, till it is sold again.
@@JohnSmith-xu7ev 2% per year is something people can plan on and budget for. In OTHER states (without Prop 13), property taxes can double or triple or MORE!! And that is why Prop 13 was passed in California to prevent elderly couples (and others) from being kicked out of their homes because they could not afford 200% to 300% increases in their property taxes from year to year. Btw, Californian politicians HATE Prop 13, because it restricts the amount of property taxes they can squeeze from residents.
@@JohnSmith-xu7ev OK. You got me there. I am not good at mathematics, but this is the way I figure it out: With Prop 13 2023 2% Higher Tax 2024 2% Higher Tax 2025 2% Higher Tax Without Prop 13 2023 200% Higher Tax 2024 50% Higher Tax 2025 100% Higher Tax. Of course, without Prop 13, you literally NEVER know what your tax bill will be next year, or the next or the next. There is no way to budget for next year's property tax bill. Also, now... I am starting to see more and more long-term (and short-term) Floridians, sadly leaving their home state because they literally can NOT afford the new tax bills that they are receiving. John Smith, maybe I am wrong. And if you can show me how living without a Propostion 13 policy makes financial sense for the average Californian...I am all ears. I am not trying to bait you. I honestly believe that Prop 13 has been a life-safer for millions of Californians for decades. And has allow millions of Californians to stay securely in their homes during their final Golden Years.
Did you all know that there is no limit to any tax that you pay? They can charge any amount and literally price you out of anything that involves taxes. Have a business? You can be tax to closure. Home and property? You can be taxed out. In a state that has a wheel tax? Yep. Us being taxed is limitless. And yet, another reason why today is so scary.
@@jerrybarbo7952 yes but a bunch of a-holes keep trying to overturn it. this keeps people from losing their homes. the new buyers make way more money than the people who have owned for 30 years.
Yupp, that is why rent is so high nowadays and landlords are raising rent significantly with each lease renewal. I was in the process of looking for a home to purchase but this scares me.
Property tax should be fixed, not adjustable. You pay the amount for the tax when you buy the house and have it stay that amount. If your house increases in value, you can pay the capital gains tax when you sell it. It's like paying higher taxes on unrealized gains. Just because the government can't budget doesn't mean people should suffer for their incompetence or they need to do a better job of showing us that paying taxes is worth it.
While I’m extremely concerned about property taxes. When purchasing a new home you need to make sure that the taxes are based on the assessed value of the home when you purchase it not when the last owner did. Also take into consideration when you can homestead. Depending on when you buy you may have to pay a higher rate until homestead kicks in. If you don’t know any of this information and if your realtor doesn’t mention this you don’t need to buy and they don’t need to be selling. If you also purchase a home and are pinching pennies just to make the mortgage and never accounted for extra home costs you also don’t need to buy. If you are broke and the ac goes out and you don’t have $5000 now you’re screwed. Home ownership is not something to jump into just because you want a house and don’t want to rent anymore. It’s much more than just a mortgage.
A lot of people jump into homeownership with both feet and don't explore any of the what-if's. In a world where people forego inspections just to be the quickest to jump on a home sale, it's to be expected that they didn't consider other details such as taxable values, insurance increases, etc.
@@AdamJohnson0110Inspections are required prior to the sale and I don't know if any state that people just skip it and go directly to closing. People aren't stupid. Florida is very unpredictable. I was born and raised in Pensacola and with the constant threat of hurricanes and tornadoes insurance companies jack up rates every year. My parents had Allstate for 25 years and they were dropped. Just like you buy a car and expect repairs at some point it's no different with homes. So people aren't stupid and never expect tax increases or repairs.
The person who needs to apologize to this woman is not the county, it is her real estate agent who should of told her she would be paying taxes off the new sales price and not what the previous owner was paying.
@@LluviadeOrugas Many first-time Florida homeowners are surprised when their tax bills are higher than the tax bills of the previous owner(s) or their neighbor(s). When the property changes ownership, Florida law requires the property appraiser to remove exemptions and reassess the property so the assessed value equals the just value. This takes effect on January 1 after you purchase the property.
@@luxuriousgreen9714 , oh, ok, thanks for replying. Where I live in NJ, homeowners had their properties reassessed a few years ago, and most of us got a considerable reduction in our taxes. I went from having to pay $20K to not even $15K so assessments are not always bad.
Remember, house prices shot up 40-50% in the last 2-3 years, so appraisals are also going to increase a lot as are property taxes. 2-3 years of severe inflation is destructive. Not only Florida...it's nationwide. I protested my prop taxes 4 times and denied by the appraisal board 4 times.
During the height of the recession, when homes were going DOWN in value, I asked our local tax accessor if property taxes would follow suit as they are based on home value. "No. We just increase the multiplier number."
@william-fla-321 when you bought your first home at 23, it was probably much more affordable. And taxes rising that much in such a short time for a home, is unacceptable no matter what you say about it
In Nebraska our property taxes went from $2600/annually to $5400/annually. Not to mention that insurance went from $2600/annually to $4500… This is with NO improvements whatsoever made.
I just sent five letters to different government officials because my investment property literally increased 10 times in tax value. I asked them who I should blame when I increase the rent on my tenants.
Realtor or lender never mentioned this...Happened to me. I don't pay much, but it still went almost double. It irks me how they'll tell only as little as possible in order to not rock the deal. There were so many things that my realtor didn't do or advise me on. Either she didn't know what she was doing or was purposely keeping things under wrap so as not to rock the boat....Probably both
This is exactly what brought on Prop 13 in Kaliforniastan(California) back in the late 70's. It made it where your property taxes could only go up X% every year, no matter how much the value of your home went up! Utah has the same problem, my property taxes went up 30%, due to re-evaluation by the county. Of course the county tried to tell us it only went up 2%. Which was a total lie!
This Just happened to me. I have to leave my home because the taxes are suddenly so much can no longer pay the Mortgage and I paid on time every month up until this year. Government is out of control.
A friend married a woman from Peru and visits there for her parents regularly. In Peru when you retire, you pay no taxes at all. Their idea is you paid all your life up to retirement and that is enough. Her parents lived here in the US until they retired and to save a fortune in costs, then moved back to Peru.
I left New Jersey because a house that size and style would have a property tax bill of 9K to 17K a year based on the area of New Jersey. I moved to San Diego and the homeowners insurance went up 300 %. Can't win.
It's designed to run low and middle class people out of town so the wealthier people can move in. This is what happened to Sedona, Arizona over about a 20 year period.
Just because the value has increased doesn't necessarily mean that the property tax has risen inline.. often the rate per hundred assessed is reduced to result in a near net zero delta... however some municipalities are definitely taking advantage of re-evaluation to bolster their coffers..
Her realtor should have explained the taxes for new builds. The old tax was based on an empty lot, once the new home appraisal hits the taxes jump. Pretty standard on a new home.
Its not the realtors jobs its should be the mortgage company / title company to calculate it correctly for the anticipated taxes based kn purchase price
The video is missing all the crucial information. IE what did she pay for the house, what was it assessed at when she purchased, what is it assessed at now? Whoever wrote her billing estimates should have assumed that the property tax value would be near the price she paid. If they were assuming that it would stay at the previous owners value, then they were wrong. Also, I have challenged county assessors before. Yeah its futile. My assessment came in over 700K, even though I had a bank appraisal saying my home was worth 620K 5 months earlier(when I refinanced). They told me to kick rocks.
My town used to assess properties every three years so you could expect a modest increase around that time frame. Since covid they have been doing it yearly to exploit the increase in house values. I only just found out this week they are doing it every 6 months now and it's become a full time job position in a town with only 2000 year round residents. Just this year alone i have already seen an effective property tax increase of 20%. I have maybe a few more years of these types of increases before I need to consider selling. We are being priced out of our town. Crazy.
It’s because if you bought a house that’s been homesteading for a long time the taxes will be lower. New title triggers new assessments. The Realtor should know about this and factor in the potential new taxes after applying for the homestead exemptions. With all these price increases it is very much likely that some buyers were not warned of the tax increases
That isnt capping. Wow. So you want them to increase taxes yearly. What koolaid are you drinking? There is no reason to raise property taxes at all till a meteor hits the Earth. If the government cant manage money, thats on them
No we don't. Taxes are capped, I wonder if this woman FAILED to file her homestead exemption? Another thing, no need to SELL YOUR HOME over 3 grand in property tax, get a PT job and pay it, also, she can ask for a payment plan in FL., so she can make the money in a side hustle or PT job and KEEP HER HOUSE. Another thing, with new home owners they spend on CRAP THEY DON'T NEED right after moving in, instead of building their savings back up to account for the down payment they made out of their savings. Why did she pay for security system - stupid, there is Ring and others that are very effective and inexpensive. Folks go out an put in privacy fences and pools and all of that WANT CRAP CAN WAIT..
Not here in California. After you buy, your property tax is fixed, and just goes up with inflation. They cannot reappraise it and stuff it to you. The exception are things like you buy adjacent property and rebuild or major addon to the house. Then it is reassessed at current value. The just added when the owner dies, the kids inheriting get the property reassessed.
It shouldn't surprise you bc it has been forever. People assume the tax won't change? Why? The owner paid $50I and now you buy it at $200I taxes will change.
Not 2 years ago hundreds of millions of dollars in Florida state tax cuts for corporations/the rich were approved by Florida state leadership... these property tax hikes are part of how Florida leadership is paying for those tax cuts. The working class is footing the bill while the rich who don't need it get massive breaks. Breaks that have been proven to not get reinvested in a way that benefits the working class. People believe that Florida has low taxes because it doesn't have a state income tax but income taxes are not the only way a state generates revenue and Florida has proven to have one of the top 2 most regressive tax systems in the country. Meaning the working class foots more of the bill while the rich are afforded one tax cut after another and even handed state tax dollars for businesses that would already be profitable without corporate socialism. Also, people who pay insurance for homes not on or blocks away from the water also subsidize the insurance market for homes on the water. These homes on the water/barrier islands should require extremely exorbitant insurance rates far beyond what they're paying, but don't face that burden... through basically being subsidized by people that live inland paying higher insurance rates to ease/offset the pain(much higher risk of damage and more costly payouts) that beachhouses are vulnerable to and should pay for. People need to open their eyes and realize how backwards and unsustainable this is.
In Palm Beach County FL your primary residence can be Homesteaded, which puts a cap on how much your taxes can be raised annually, as well as cuts the first $50k of your assessed value in half. However, when a sale takes place, the Homestead exemption is removed and the property is then taxed at the current market value for the following year. That's what a lot of new/out of state home-buyers are getting hit with. It's SO much more glaring now, because of how significant the market inflation has been. Everything gets out of control, when extreme inflation enters the picture.
So, apparently Florida isn't the only place this happens. I sure hope they don't start that garbage in Ohio. Here they come and take your house if you don't pay taxes.
This is standard unfortunately new home buyers don’t under that their tax bill will be higher than the previous owner because they are paying more for the house. Buyers agents AND the bank should be forced to disclose this. Also people that are current homeowners don’t even know about the portability law in Florida. Not just homestead exemption but that you can take your savings by applying for it separately to take those assed value savings to a new house. It’s called Save our Homes.
Florida has no income tax or personal property tax. They make it up with high real estate taxes and insurance taxes. Her overall tax burden still isn’t that much. If that small increase in absolute terms made the home unaffordable she couldn’t afford it anyway.
@@rogersmith7808 They’d make it up with a local income tax. I’d rather just pay taxes on the house than income on my entire portfolio outside of retirement accounts.
@@user-tb7rn1il3q Right, that was my point. It takes X amount of money to provide essential services to the populace and that money has to come from somewhere.
It truly is a bait and switch, especially on a new build home. Because at the time of purchase your paying the accessed value of the land. After a year, they then access the value of the structure + land, and then on top of property tax hikes. And it's not just Florida, it's happening all over the US.
Prop 13 only protects current homeowners. It doesn't apply when there's a change of ownership, in which case your property taxes are reassessed at the home's purchase price. I didn't watch the whole vid but that's what probably happened here. She didn't do her due diligence.
The California legislature puts it back on the ballot every year desperate to repeal it lol. You think ANY state legislature is going to allow a prop like this to pass??? 😂 they’ve all got their hands in our pockets, and they’re not going to give that up.
WFLA. Please do a story on how taxes are computed and show people how to easily estimate taxes on homes they are considering based on purchase price. It won’t get as many clicks but it would be a ton useful
Yes. The info is out there and is on the county website with a calculator. Instead they would rather show ignorance and a scam which it isnt. Plenty of ignorant comments here as well.
In places like California your property taxes remain the same based on what prices the house was purchased at. Other places like Texas, property taxes change based on that year’s property value. In Cali, if you can afford it at the start you can afford it 10 years later. However, in Texas if you can afford it now doesn’t not mean you can afford it later if your property value increases.
Fact: having your real estate value skyrocket is terrible. Just raises your taxes. Plus everyone else is getting same bogus home value increase, so you ain't getting ahead
I’ve seen many videos about property taxes this year in many states/areas where the assessments have hyper inflated. Is not over taxing what caused the revolution?
This is becoming a HUGE problem, nationwide. How is this legal? People fight over a few percent income tax increase, but they can just raise your property tax, on a home you own free and clear, 140%? How? How is this legal? It's extortionate.
New home builders are likely not educating buyers that the first year tax assessment was based off the land value only. And in year 2 of ownership it’s properly assessed with the more realistic home value included.
People don't do homework. You are assessed on your purchase . It isn't new or a secret. You don't pay what the previous owner paid. They may also have discounta..
In all fairness, it’s not like Zillow or any realtor is going to give them an honest PITI assessment for their budget. This happened to me as well when I bought my first house. It’s almost always a surprise after year 1.
I wonder how many times people are going to have to hear stories like the state of California can't figure out where 27 billion dollars went for the homeless, and clearly understand not only do they need to stop this shit they need to make these corrupt politicians roll back their corrupt taxation practices.
Our founding fathers started a wa7 and founded the country over a 3% tax, we as citizens are at about 60% now if not more. Our govt is out of control and needs to be placed in check by we the people. The overspending and bloat has gone to crazy proportions.
If this person was a first time home buyer, she may not know exactly how taxes work on a home. Yes, everyone should educate themselves, but this should be required to be on the disclosures of estimated expenses before signing a contract. Realtors want to make a sale, period. That’s a big part of the issue here. Realtors should be duty bound to fully disclose real costs for a buyer and they don’t. Be honest, how many of you really knew all the ins and outs of your first home purchase? What’s different today is that prices go up so quickly that something like this would not have been an issue 30 years ago when prices climbed slowly and we didn’t have private equity and investors driving up prices nor did we have housing stock shortages.
She relied on old tax information from the prior owner, who probably had homestead exemption. Homestead exemption under Save our Homes law, keeps your property assessment from rising more than 3% a year, so if there has been a big market jump in homes values and you buy a house that hasn't been adjusted close to the current value for tax purposes, you will see a big increase like this young lady. Sadly she didn't have anyone like her bank advising her of this during the buying process. I feel bad for her as this was an expensive learning process. Sad.
Absolutely true, she didn't look into that at all. Now to sell the house so quickly and with high tax she'll probably have to take a loss on the price to find a buyer.
I bought a house a year and a half ago, in FL. I was relocating from another state to FL for a new job. We decided that it was time to get the house we'd really like, as we stayed very conservative during our "family" years, and got by with just what we had to. Well, looked over all the financial info, tax history, utilities, etc. Set our budget (we do not escrow taxes or insurance). Got our first property tax bill and it was about a 75% increase from the previous owner's tax bill. I was shocked and immediately started looking into an explanation. In all honesty, it was my fault for not reading all the fine print and doing my complete due diligence. We paid our bill and adjusted our budget (we always maintain a "buffer" or emergency account). I hear of many people who put their savings into a home. I understand that that is a major event in life, but always plan below your means, never at it. Have a buffer saved away to at least buy you some time. If I were to point a finger at the cause of this issue is the realtor's selling the house. They list the taxes that were paid in the past, which tends to be mis-leading to taxes that will be owed. Like buying a car, sales looks "perty". Most important thing I can stress before buying a house is build a buffer account prior to purchase. There are always "the unexpected".
people can say what they want about California 🌴 we will never leave ❤️ I know people that moved to Florida and most of them came back because they could not afford the PROPERTY TAXES and HOME INS
How about insurance rises? Just received my bill and had a 30% increase from last year. Have owned the house for 52 years and NEVER had a claim in all that time.
It's not that simple. We pay about $2800 (unincorporated county) for a $365k house in FL bought 2 years ago (moved here). We paid about $3k in our old state for a $600k value home. State taxes are now about 4% there. Family back in the Cleveland area pay about $2700 for a $200k value (suburb) and the other about $4600 for a $430k value (unincorporated county). I think OH tax rate is about 3%. FL is an odd system since recent buyers pay an amount based on current market value. I admit I had a hard time understanding FL taxes. The previous owners of our house paid about $1500 less since they had been in the house about 20 years and the value was lower due to the limited annual increase. Unlike this lady we bothered to verify costs before we bought.
That’s their agents fault. I’m a real estate agent and you have to tell your client that certain municipalities reassess property taxes after a sale. Low income buyers and first time home buyers are always the victims. The government is making it impossible for people who are not rich, to get ahead.
Wait, they don’t explain this too well. The buyer was relying on the tax assessment the previous owner had and then was surprised when she saw her tax bill? The report says the tax bill was for the first year she was living there. Apps like Zillow and Redfin tell you what your tax bill would be, accounting for the new price. If you buy from an owner who’s been sitting on that property for years you shouldn’t expect to pay the same amount of taxes as they were paying
Taxes are always based on what your purchase price is. That house must have sold for a lot more than the last time it was sold. That always happens and why they say sometimes if people want to downsize from existing bigger homes it might be cheaper to stay where you are because taxes on a new smaller house purchase might be considerably more even if home is smaller.
Property tax is based on the annual county property assessment. If they asses the value of a given property has increased, the amount of tax will increase.
I bought my house in 2002 and taxes have always been less than $700 because of what I paid for it in 2002. My neighbor across the street built a brand new house for around $250K to $300K and the taxes are considerably higher than what I pay. Goes for anyone that paid whatever market rate was at time of purchase new or old structure. Did she get her Homestead in for that year? Can't recall I'd that was mentioned. I live in Hills County directly in Tampa city limits.
Everyone complains about California (and I do too!) but the people of California were smart enough to amend their state constitution (with prop 13) to restrict the maximum amount the property tax can be increased to 2%. The properties tax can/will be raised when the property is sold. This creates huge variations in property tax. I know of two properties, both are valued at 900k. Same size homes, lot size, baths etc. even in same development (actually the homes are 300 yds apart) One home, the owner bought new in 1971 and pays $675/ year property tax. The other home recently sold for 900k and their tax is $10900/year. This may sound unfair if you’re paying the 11k but the guy paying $675 from his social security check can now live out his days in his home. I personally think it’s criminal to tax people out of their homes. If you’re a retired home owner living anywhere other than California your days are numbered being able to stay in your home. They will eventually tax you out!!
I live in Olympia Washington and my taxes have went from 3,500 in 2017 to close to 5,000 last year, it’s up 1,500 but that’s over 7 years on appreciation of house value
All these crazy prices, for home owners insurance, property taxes, flood insurance, let alone buying a house that is highly over priced with 6% interest. The collapse will be coming soon, it will be 2008 all over again, even worse this time. Not sure where everyone is getting their money, I forgot about cars that are not affordable along with high car insurance. Florida is highly over priced and storm season is coming June 1st.
I thought she was a new buyer, the previous owners property tax bill was much lower, it got reassessed at the new purchase price, shed only lived there a year, she didn't realize it would increase.
That's everywhere in America. When tax office see how much u paid compared to what they think is value, they will raise taxes next yr. That's why u can't go by what realtor is posting, next yr the bank will send u a notice of increase taxes and insurance. Pay the difference and here's your new house payment. Oh and every yr it will go up
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 8 months just by copying trades from a broker that has better skillset and technical know-how than me.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?
Finding financial advisors like Sharon Ann Meny who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Property taxes are out of control in the United States.
Add to this the increased insurance expense!
America is broke. cities cant afford to take care of infrastructure. unions ruined America.
Property tax in California has a cap of only 2% per year not like Florida.
@@MB-gs4zw yeah and that's why new home buyers can't afford taxes in Cali .
Property taxes should be based on the value of your house but how much the local government spends per household
You must pay Jews in Israel and Jew Zelensky and Jews in USA and who will pay then low-middle class cattle
Taxes on what you earn.
Taxes on what you save.
Taxes on what you sell.
Taxes on what you inherit.
Taxes on the things you already bought so that you can use them.
Spend 100,s of thousands on a home, don't pay the Taxes you don't own the house anymore.
We are being EXTORTED!
Wait you forgot the air tax
Yes give the people bread and circus so they dont pay attention to what gov. Is doing. Stealing your wealth.
I wouldn’t mind if the taxes were used for something meaningful- like healthcare or universal daycare-- ANYTHING
Instead we get zero ROI on our taxes. It all just goes overseas or to Defense
@@marklabonte2925this is the real issue. Voters have no say in where their taxes are actually being spent.
Taxes on everything you buy (sales tax).
Worst example of this is cars. If a car is sold 15 times in its life, sales tax will be collected 15 times.
As long as property taxes exist, this isn't a free country. In fact, you never truly own anything as long as property taxes are a thing.
And, you will never be able to convince the sheep of that, especially in the black community. All Americans were sold on the advertising agency's genius hook, like for the milk industry back in the day. We are so gullible. Certainly, there are advantages to owning a house, but many are unprepared.
The police can come to your house and remove you based on someone else’s words, freedom doesn’t exist in America, but politicians love to tell the masses that, so they can control them
So rent for the rest of our life? It’s only going to get worse.
Comment erased by the tube because we have no freedom
You dont own anything anywhere, the point is your house is an investment...i bought in 2021 and my house has doubled in value. if i rented since then id just be thhrowing money away
Property tax needs to be abolished. It is inherently against ownership.
Ok then, how do towns raise money to fix roads and underground utilities and fund schools?
@@AK-47ISTHEWAY I'm already paying 20% effective tax on all of my gross income. Manage that money better.
@@hkiajtaqks5253 run for office
@@AK-47ISTHEWAYI’ll never understand folks like you. You don’t realized that after all is said and done you’ve already lost nearly 50% of your income due to taxation?
Paycheck taxed: federal, state, Medicare, SS = approx 25-35% taxes depending on your tax bracket.
Buy something, you you’re taxed: sales tax. State tax, county tax.
Have a car? That yearly registration is a form of taxation.
Smog? That’s a form of taxation.
“Own” a property? You gotta pay property tax WITH money that’s been taxed.
This is just a short list of many things. So I ask you, why do folks like you keep voting for folks to hike taxation? Why don’t you ask the question how we should reduce government spending?
Folks like you are exactly the problem that is causing the middle class to disappear.
Yes taxation is required to keep the services you mentioned, but you and I know NOT all of it is going towards what you’ve mentioned. In conclusion, we are being OVERTAXED.
Sure thing ranty boomer
Nobody should be paying property taxes on their primary residence.
Who and how will schools be funded???
@@ranew33 Stop spending money on BS and there will be plenty of money to fund school choice.
Stop spending money around the world and we would have plenty for here. @ranew33
There's a reduction if you apply and get it recognized. I wish it was lowered to half and over but it's not.
Taxes should be reduced significantly but outright halted seems extreme.
We need laws to prevent this. Her taxes went from $2700 per year to $7400. That is INSANE!!!
So that means that the wealth transfer would happen faster and there would be nothing stopping foreign investors and big landlords from owning everything.
@@chrisc2535 um, no you can just make that other stuff illegal and let people keep their own money. How is that not obvious?
Wait till she gets that $10,000 insurance bill.
@@musicmusicnow5007 Why would I vote blue? I've been voting red for years.
@@jamesm568 that is free, she checks boxes...
This should not even be legal.
That's her fault.
@@723lionI have a new build near the area. Last year I was $7700 short on taxes and luckily I make enough to cover it. The escrow wasn’t taking enough, the original tax assessment wasn’t accurate, I can see where she’s coming from.
It’s like financing a car and a year later they say “hey, we didn’t run the numbers right. Your new rate is higher and you also owe us $5k immediately.”
That would never fly in any industry, besides real estate. It’s “normal”
This happened because she bought a brand new home. When you buy a brand new home you pay property taxes from the month you got the home unit December. It's all part of the closing fees. Notice she boon May. So she paid property taxes for May-Decemeber last year. Now 2024 she got the bill for the full year of 2024. Her brand new home was appraised obviously higher than what she bought the house for and her rates property went up, most likely the school district and the MuD taxes went up. This is a buyers lack of knowledge. I know because I bought a house in 2020 August and this happened to me. But I knew it was going to happen because I educated myself for 6 months on buying a house before I even step foot on the first house I went to see. Also my realtor explained this to me as well. We as Americans need to educate ourselves better because our school system is not doing it. It's up to us.
@@IdoNomb, thank you for sharing this.
@@IdoNombor end corrupt practices like that
The government should never be allowed to tax you out of your home.
It's the city of county. Read my comment above. You are taxed on your purchase price.
Lol, how do you think the gov is gonna pay for your "free" tuition?
If you want police, fire, roads, etc. You have to pay for these things.
Our govt dropped nuclear bombs on people. They're gonna take your money.
@@JBoy340a I’m not receiving any more or better services for police,fire,roads etc. to justify doubling or tripling property taxes. Retired people are losing their homes after the mortgage is paid off.
My deceased father in law used to say that we don’t actually own our home. Even if you are mortgage free you still don’t really own it. The local tax authority does. If you don’t believe it just stop paying Property tax for a couple years.
Even with land :/
Correct.
Yep. Indentured servitude.
We the sheeple being let to slaughter……
Less than a couple years. You miss one property tax payment, and your property is immediately on the auction block in a lot of states.
We fought a war for less taxes than this!!!!
Actually no taxes not less taxes
Half penny tax on a pound of tea
@@HebrewJerusalemBoyHow's the system to operate without any taxes?
@benstandard flat sales tax where even the bums and low life have to pay
@@benstandardthe system can operate without property taxes and an abundant of other frivolous taxes. Start by cutting government down and decrease politician salaries. Cut welfare, more than half on welfare don’t need it and are scamming the system. I could go on but…
I feel her. My house is 150kish on a good day. City has jacked it up to 360k for tax value. Gouging thieves
You should challenge your assessment
Look at what the sold prices were of comparable houses.
Lmao, you'd never list you home for under 435k. Don't kid yourself
@@hostileaks4495 I agree this math ain't mathing.
@@hostileaks4495 that is not alot of buying power. 50k left to go, I will stay where I am thanks.
You should only pay taxes once on anything you purchase. These is pure government control
Sure if you only want fire and police for one year
Yes thats how its done in Vietnam.
That is why other countries infrastructure is none or going to shit. Who is going to pay for it. You want things done of course it is going to have a price tag. If you don't like it move out. Makes sense.
So property taxes over doubled in Dallas. Are cops and teachers getting paid double? Nope, in fact many were just laid off.
Then for that to happen you need to pay taxes on a home purchase when you buy it. You’d like it even less if that were the case having and additional 7% or so added to your mortgage from the beginning and then paying it off slowly over 30 years.
It’s a shame, what was once the American Dream, has now become the American Nightmare.
Soon they will charge you taxes for breathing the air!
They Blackrock want u to rent bottom line. FOR THEY will partner with states, and control Their taxes at 1 000 of houses as. 1 home per family, which has zero fighting levels. THINK
Right
It's been heading in that direction for decades.
now it will be dreaming in tents at streets
California took care of this problem years ago. The counties can no longer reappraise your house year-to-year. Your taxes are based on the purchase price of the house. Tax increase is limited to 2% per year.
That’s right! I still only pay taxes based on the purchase price from 1995. Thank you Prop 13.
You’re correct, but California also attaches taxes and fees to seemingly everything from income to state park admissions. The California Legislature is trying to find ways to undo Prop 13, but to this point they’ve failed
This is exactly what I have been saying. Your property taxes should be based on historical cost not some arbitrary number that the inflated market makes up. Thats not right. It’s not like the county is doing more in the area when the homes are over priced. They’re just pocketing it.
I bought my house in NY in 1982 & paid $1,775 a yr. taxes! If that rule was in effect then, in NY, I would only
be paying $4,000 today, but am paying $9,300. w/o any changes to the house! How do they explain this?
The state gov always tries to get of Prop 13 thrown out in CA, and one day they likely will succeed. At our age, we don't what we would do.
Abolish property tax. Use income tax to pay for schools instead of sending billions to Ukraine and Israel.
Or we could take back the tax cut Trump gave the rich, lower the deficit and make corporations and the rich pay their fair share!
Yesssssssss 😡
Property taxes cover local expenses. They have nothing to do with federal expenditures.
@@josepherhardt164 Agree. Call your Governor. You don't have a state income tax so property taxes are the only coarse the local governments have for revenue.
There is no state income tax in Florida. Federal taxes don't go to support cities and counties.
So we are all share-croppers!!! You never really own anything, even after the home is pay off, property tax bill can seize your home if unpaid. 😢
Yes you have a Lien against your property that can never ever be paid off or removed.
Get out of Florida.
Comparing this to what my ancestors went through is nasty work🤢
Also horrifying is this happening to elderly people, who paid off their homes. But the value skyrocketed, so they can no longer afford to live in their PAID OFF HOUSE!!!!!
A good friend was forced to move his beloved home, which he put so much work into over the decades-because his small property was now valued at $1 MILLION dollars. (I bet in 2012, you could’ve bought it for ~$200k)
It’s gross. Greed has become far too rampant here. When will it end??
It's a giant scam.
Boo hoo.
I'll buy the place for what they originally paid, sight unseen.
Won't take it? Then stop whining!
Never! The greed is only going to get much, much worse!
Sick & twisted government to do this. We've lost our focus as citizens. We need to start protesting against this crap. Taxes should go up no more than 1-2% per year, regardless of valuation. So many things to worry about these days, for the young consumer and old. Meanwhile wealth is concentrated in the hands of only a few.
STOP choosing the PATRIARCHY
No wealthy person is holding you down or forcing you to do anything. In this instance, you should be pointing the finger at Daddy Govt. Infinite wealth is concentrated in the hands of govt. When govt wants money, they tax. You don't pay, you may go to prison. Private enterprise isn't sending anyone to jail.
No, they need to just abolish property taxes and rein in spending.
@@tommybotts wealth concentration has a significant destabilizing impact on society. we are currently seeing it now.
@@Spawny500exactly! He must be living under a damn rock! The damn insurance companies brought the clown in Tally now look at it. We paying more for auto insurance than New York City drivers 😂😂
I guess this is their way of forcing us to own nothing and we should be happy. Who would have thought this is how they were going to do it.
Anyone with eyes should have seen it bud.
@@zootednative If I has seen this coming I'd be filthy rich.
Reduce government. Taxes are collected to pay for salaries, benefits, pensions.
Military, roads, fire and police, healthcare, welfare(both business and individual) etc.
@@DWilliam1They don't need taxes they just print more money.
Where were you when Vivek was trying to reduce the swamp?
Sorry I like my roads, police, schools etc.
@@dantheman6607 The notion that the government requires your taxes is deceptive. Taxes deducted from earnings, added to purchases, or collected through property ownership aren't necessarily earmarked for services like roads or police. The government has the capacity to print its own money, rendering the need for yours questionable. As for the $95 billion allocated for countries like Ukraine and Israel, it's essentially conjured by a printing machine in the government's back office.
While reducing the swamp won't eradicate corruption entirely, it can diminish the number of corrupt individuals. Surely, having 30,000 thieves is preferable to 100,000? However, this is just my perspective. Remember, the outcomes are a reflection of your voting choices.
Why no politicians campaign on getting rid of property taxes? 🤔
Because they are campaigning on tax breaks the the rich. The government needs money to run so they just ignore everyone else.
Cuz tiktok is our biggest problem of course
Why would you want to get rid of property taxes? Where I come from, they pay for the FREE education that EVERY child gets. That's a fair deal. If your property taxes have increased, that means your home's value has increased. Don't want to pay property taxes? Sell your appreciated house and pay rent.
@@Wesley-rn7oc how about you pay them for us bill gates.
Wow. I was a snowbird with a beautiful home in Fort Myers. In 2018, we decided we were tired of switching houses every six months and sold our Florida home to just stay in Ohio. Best decision we ever made.
This is why Proposition 13 in California is so important!! Basically, homes are taxed on the sale price of the home. After that, it can only go up about 2% per year.
And when (and if) the house is sold again, the new tax evaluation will be based on the NEW sale price. After that, once again, the taxes can only go up about 2%
per year, till it is sold again.
You know thats just stupid. So you want to increase taxes yearly
Important would be making wealth taxes unconstitutional.
@@JohnSmith-xu7ev 2% per year is something people can plan on and budget for. In OTHER states (without Prop 13), property taxes can double or triple
or MORE!! And that is why Prop 13 was passed in California to prevent elderly couples (and others) from being kicked out of their homes because they could not afford 200% to 300% increases in their property taxes from year to year.
Btw, Californian politicians HATE Prop 13, because it restricts the amount of property taxes they can squeeze from residents.
@@mikeifyouplease
2023 2%
2024 4%
2025 6%
So how is this good? My secondary degree is mathematics and this is dumb
@@JohnSmith-xu7ev OK. You got me there. I am not good at mathematics, but this is the way I figure it out:
With Prop 13
2023 2% Higher Tax
2024 2% Higher Tax
2025 2% Higher Tax
Without Prop 13
2023 200% Higher Tax
2024 50% Higher Tax
2025 100% Higher Tax.
Of course, without Prop 13, you literally NEVER know what your tax bill will be next year, or the next or the next.
There is no way to budget for next year's property tax bill.
Also, now... I am starting to see more and more long-term (and short-term) Floridians, sadly leaving their home state
because they literally can NOT afford the new tax bills that they are receiving.
John Smith, maybe I am wrong. And if you can show me how living without a Propostion 13 policy makes financial
sense for the average Californian...I am all ears.
I am not trying to bait you. I honestly believe that Prop 13 has been a life-safer for millions of Californians for decades.
And has allow millions of Californians to stay securely in their homes during their final Golden Years.
Purchased my home in Central Florida in 2017, taxes and insurance were approximately $1600 each, now close to 5k each!
Did you file a homestead exemption?
You must not have homestead exemption.
That’s a good price and you shouldn’t brag. My Florida home insurance jumped to over 5,000 dollars, so I canceled it.
@Wiz101Geek homestead exception will only save you maybe $800
@@branflakee4257 what you are missing is you also have a cap on how much they can increase every year
Land of the FREE ?
SMH...............try not paying your PROPERTY TAXES
If you move to Florida you better bring money. Lots and lots of money. It's why so many people are moving out of here.
Did you all know that there is no limit to any tax that you pay? They can charge any amount and literally price you out of anything that involves taxes. Have a business? You can be tax to closure. Home and property? You can be taxed out. In a state that has a wheel tax? Yep. Us being taxed is limitless. And yet, another reason why today is so scary.
There needs to be a stop to this. People are being forced onto the streets.
It's crazy. I sure hope they don't start doing this all over the country.
Stop being poor 🤷♂️
According to plan
Thats why California voters approved Prop. 13 in 1978 to cap annual property tax increases.
@@jerrybarbo7952 yes but a bunch of a-holes keep trying to overturn it. this keeps people from losing their homes. the new buyers make way more money than the people who have owned for 30 years.
TAXES and INSURANCE costs get PASSED ON to RENTERS also..!! 😢😢😢
True! I bet she lives in a community with Cdd fees also, some of those CDD fees are higher than some property taxes
Yes yes!
Yupp, that is why rent is so high nowadays and landlords are raising rent significantly with each lease renewal. I was in the process of looking for a home to purchase but this scares me.
Correct bc the renters are tenants and the owner has to pay the insurance
Yep!
Property tax should be fixed, not adjustable. You pay the amount for the tax when you buy the house and have it stay that amount. If your house increases in value, you can pay the capital gains tax when you sell it. It's like paying higher taxes on unrealized gains. Just because the government can't budget doesn't mean people should suffer for their incompetence or they need to do a better job of showing us that paying taxes is worth it.
Forealz! Only monopolies have one market maker and it deserves to be broken up!
You hit the nail on the head, it's actually an unrealized gains tax.
While I’m extremely concerned about property taxes. When purchasing a new home you need to make sure that the taxes are based on the assessed value of the home when you purchase it not when the last owner did. Also take into consideration when you can homestead. Depending on when you buy you may have to pay a higher rate until homestead kicks in. If you don’t know any of this information and if your realtor doesn’t mention this you don’t need to buy and they don’t need to be selling. If you also purchase a home and are pinching pennies just to make the mortgage and never accounted for extra home costs you also don’t need to buy. If you are broke and the ac goes out and you don’t have $5000 now you’re screwed. Home ownership is not something to jump into just because you want a house and don’t want to rent anymore. It’s much more than just a mortgage.
A lot of people jump into homeownership with both feet and don't explore any of the what-if's. In a world where people forego inspections just to be the quickest to jump on a home sale, it's to be expected that they didn't consider other details such as taxable values, insurance increases, etc.
As a first time home owner this is 100% correct 👍
@@AdamJohnson0110Inspections are required prior to the sale and I don't know if any state that people just skip it and go directly to closing. People aren't stupid. Florida is very unpredictable. I was born and raised in Pensacola and with the constant threat of hurricanes and tornadoes insurance companies jack up rates every year. My parents had Allstate for 25 years and they were dropped. Just like you buy a car and expect repairs at some point it's no different with homes. So people aren't stupid and never expect tax increases or repairs.
homestead protects from creditors not taxes
The person who needs to apologize to this woman is not the county, it is her real estate agent who should of told her she would be paying taxes off the new sales price and not what the previous owner was paying.
😂🤣😂 the fact that she didn’t know this 🤣😂🤣
My property taxes are based on the actual value of the property regardless of how much it’s sold for
@@LluviadeOrugas Many first-time Florida homeowners are
surprised when their tax bills are higher than the
tax bills of the previous owner(s) or their
neighbor(s). When the property changes
ownership, Florida law requires the property
appraiser to remove exemptions and reassess
the property so the assessed value equals the
just value. This takes effect on January 1 after
you purchase the property.
@@luxuriousgreen9714 , oh, ok, thanks for replying. Where I live in NJ, homeowners had their properties reassessed a few years ago, and most of us got a considerable reduction in our taxes. I went from having to pay $20K to not even $15K so assessments are not always bad.
@@LluviadeOrugas You in Florida ??
Remember, house prices shot up 40-50% in the last 2-3 years, so appraisals are also going to increase a lot as are property taxes. 2-3 years of severe inflation is destructive. Not only Florida...it's nationwide. I protested my prop taxes 4 times and denied by the appraisal board 4 times.
because all local governments are more crooked than state and federal, I've seen it all over
During the height of the recession, when homes were going DOWN in value, I asked our local tax accessor if property taxes would follow suit as they are based on home value. "No. We just increase the multiplier number."
disgusting
My heart goes out to the woman in this video . A 174% increase is disgusting an definitely unforeseeable. Not fair at all
She’s uneducated about taxes in Florida. I purchased my first home in Florida at 23, and I knew that.
@william-fla-321 when you bought your first home at 23, it was probably much more affordable. And taxes rising that much in such a short time for a home, is unacceptable no matter what you say about it
In Nebraska our property taxes went from $2600/annually to $5400/annually.
Not to mention that insurance went from $2600/annually to $4500…
This is with NO improvements whatsoever made.
I'd be glad to pay that tax rate . Here in New York my small three bedroom house tax is about $30K per year
@@EddieJazzFan well I thought the $5400/annually was bad now they are raising it another $2000 in 2024!
Biden’s government, own nothing and be happy…🖕
I just sent five letters to different government officials because my investment property literally increased 10 times in tax value. I asked them who I should blame when I increase the rent on my tenants.
My property tax was $3300 last year.
I just received my adjusted assessments tax bill for 2024 shit is now $5200 😢😢🤦🏾♂️🤷🏿♂️
Unless you're aware, this is not brought up when initially buying the home
Realtor or lender never mentioned this...Happened to me. I don't pay much, but it still went almost double. It irks me how they'll tell only as little as possible in order to not rock the deal. There were so many things that my realtor didn't do or advise me on. Either she didn't know what she was doing or was purposely keeping things under wrap so as not to rock the boat....Probably both
This is exactly what brought on Prop 13 in Kaliforniastan(California) back in the late 70's. It made it where your property taxes could only go up X% every year, no matter how much the value of your home went up! Utah has the same problem, my property taxes went up 30%, due to re-evaluation by the county. Of course the county tried to tell us it only went up 2%. Which was a total lie!
Local government is the most corrupt of them all, bunch power and $ hungry clowns
You can’t tell me that they can’t calculate taxes closer to actual taxes before closing.
This Just happened to me. I have to leave my home because the taxes are suddenly so much can no longer pay the Mortgage and I paid on time every month up until this year. Government is out of control.
You don’t even own your own home it’s a trap. Try not paying your property tax and watch what happens to your home
Yeah, in Ohio you miss 1 tax payment and they come for your house and take it.
Very true. Even if your home is paid off. It can be taken out from under you.
A friend married a woman from Peru and visits there for her parents regularly. In Peru when you retire, you pay no taxes at all. Their idea is you paid all your life up to retirement and that is enough. Her parents lived here in the US until they retired and to save a fortune in costs, then moved back to Peru.
We have only heard this 5 million times already so whatever.
A Migrant Family moves in
I left New Jersey because a house that size and style would have a property tax bill of 9K to 17K a year based on the area of New Jersey. I moved to San Diego and the homeowners insurance went up 300 %. Can't win.
keep moving to democrat socialist locations thatll happen.
San Diego is beautiful
@@hideoussails1783 Not really the point
And also a % of you purchase . NJ still has highest prop tax in the u s.
@@highlymedicated2438 it's my point
It's designed to run low and middle class people out of town so the wealthier people can move in. This is what happened to Sedona, Arizona over about a 20 year period.
Where I live, the tax increase cap is lifted after a house sold. New owners are seeing a steep hike with housing values up.
Is it not based on the sale price?
Just because the value has increased doesn't necessarily mean that the property tax has risen inline.. often the rate per hundred assessed is reduced to result in a near net zero delta... however some municipalities are definitely taking advantage of re-evaluation to bolster their coffers..
Her realtor should have explained the taxes for new builds. The old tax was based on an empty lot, once the new home appraisal hits the taxes jump. Pretty standard on a new home.
Its not the realtors jobs its should be the mortgage company / title company to calculate it correctly for the anticipated taxes based kn purchase price
None of them ever explain that because it cuts into sales.
It's a shame...you have a really nice and hardworking person. They don't care...
I purchased a house in 2011. Property taxes were $960 a year. By 2021 they had climbed to $3600 a year.
Ended up selling it at the end of 2021.
The video is missing all the crucial information. IE what did she pay for the house, what was it assessed at when she purchased, what is it assessed at now?
Whoever wrote her billing estimates should have assumed that the property tax value would be near the price she paid. If they were assuming that it would stay at the previous owners value, then they were wrong.
Also, I have challenged county assessors before. Yeah its futile. My assessment came in over 700K, even though I had a bank appraisal saying my home was worth 620K 5 months earlier(when I refinanced). They told me to kick rocks.
Property taxes on homes should be outlawed.
I feel her pain.
My property taxes are 3 times what they were, just 3 years ago on a 95 year old house.
It is absolutely criminal.
My town used to assess properties every three years so you could expect a modest increase around that time frame. Since covid they have been doing it yearly to exploit the increase in house values. I only just found out this week they are doing it every 6 months now and it's become a full time job position in a town with only 2000 year round residents. Just this year alone i have already seen an effective property tax increase of 20%. I have maybe a few more years of these types of increases before I need to consider selling. We are being priced out of our town.
Crazy.
Crooks! Vote that tax guy OUT!
Vote out Ron DeSantis
Its not the cities fault, if you go in blind trying to guess you are stupid.
Vote republicans politician out
It isn't the tax guy. You are assessed on the purchase price. Common knowledge. Home work
You guys can’t figure it out it’s part of the great reset agenda . black rock sneak in and buy all these homes! Yours will be next!
It’s because if you bought a house that’s been homesteading for a long time the taxes will be lower. New title triggers new assessments. The Realtor should know about this and factor in the potential new taxes after applying for the homestead exemptions. With all these price increases it is very much likely that some buyers were not warned of the tax increases
Many experience this problem when they buy a newly built home, and the prior assessment was for a vacant lot. That actually happens.
Florida residents should push for Proposition 13 to cap property tax increases to no more than 2% a year.
That isnt capping. Wow. So you want them to increase taxes yearly. What koolaid are you drinking?
There is no reason to raise property taxes at all till a meteor hits the Earth. If the government cant manage money, thats on them
As great as Proposition 13 is, California has created an end-run around it by way of Mello-Roos fees.
Florida has no income tax but they’ll get that money in other ways…like this
No we don't. Taxes are capped, I wonder if this woman FAILED to file her homestead exemption? Another thing, no need to SELL YOUR HOME over 3 grand in property tax, get a PT job and pay it, also, she can ask for a payment plan in FL., so she can make the money in a side hustle or PT job and KEEP HER HOUSE. Another thing, with new home owners they spend on CRAP THEY DON'T NEED right after moving in, instead of building their savings back up to account for the down payment they made out of their savings. Why did she pay for security system - stupid, there is Ring and others that are very effective and inexpensive. Folks go out an put in privacy fences and pools and all of that WANT CRAP CAN WAIT..
@@nunya2954 Ah yes, just work another job just to pay the government. What kind of boomer thinking is this?
We all are at the mercy of the county assessor. We must pay whatever figure they come up with. This story does not suprise me!
Thats not how it works, its actually very easy to figure out.
Not here in California. After you buy, your property tax is fixed, and just goes up with inflation. They cannot reappraise it and stuff it to you. The exception are things like you buy adjacent property and rebuild or major addon to the house. Then it is reassessed at current value. The just added when the owner dies, the kids inheriting get the property reassessed.
You are at the mercy of the price you offered to pay. That's what It is based on. It is a percentage of that. Do your homework.
It shouldn't surprise you bc it has been forever. People assume the tax won't change? Why? The owner paid $50I and now you buy it at $200I taxes will change.
Not 2 years ago hundreds of millions of dollars in Florida state tax cuts for corporations/the rich were approved by Florida state leadership... these property tax hikes are part of how Florida leadership is paying for those tax cuts. The working class is footing the bill while the rich who don't need it get massive breaks. Breaks that have been proven to not get reinvested in a way that benefits the working class. People believe that Florida has low taxes because it doesn't have a state income tax but income taxes are not the only way a state generates revenue and Florida has proven to have one of the top 2 most regressive tax systems in the country. Meaning the working class foots more of the bill while the rich are afforded one tax cut after another and even handed state tax dollars for businesses that would already be profitable without corporate socialism.
Also, people who pay insurance for homes not on or blocks away from the water also subsidize the insurance market for homes on the water. These homes on the water/barrier islands should require extremely exorbitant insurance rates far beyond what they're paying, but don't face that burden... through basically being subsidized by people that live inland paying higher insurance rates to ease/offset the pain(much higher risk of damage and more costly payouts) that beachhouses are vulnerable to and should pay for.
People need to open their eyes and realize how backwards and unsustainable this is.
In Palm Beach County FL your primary residence can be Homesteaded, which puts a cap on how much your taxes can be raised annually, as well as cuts the first $50k of your assessed value in half. However, when a sale takes place, the Homestead exemption is removed and the property is then taxed at the current market value for the following year. That's what a lot of new/out of state home-buyers are getting hit with. It's SO much more glaring now, because of how significant the market inflation has been. Everything gets out of control, when extreme inflation enters the picture.
I bought a trailer house for $14,500. My assessor says it's worth $93,000. In Idaho.
So, apparently Florida isn't the only place this happens. I sure hope they don't start that garbage in Ohio. Here they come and take your house if you don't pay taxes.
another lie from your government
@@sharoncrawford7192 welcome to red state
Does Stellantis run your town? Sure sounds like it.
when did you buy it?
This is standard unfortunately new home buyers don’t under that their tax bill will be higher than the previous owner because they are paying more for the house. Buyers agents AND the bank should be forced to disclose this. Also people that are current homeowners don’t even know about the portability law in Florida. Not just homestead exemption but that you can take your savings by applying for it separately to take those assed value savings to a new house. It’s called Save our Homes.
Disclose? It's not a secret.
Property tax should be illegal
Agreed!
Florida has no income tax or personal property tax. They make it up with high real estate taxes and insurance taxes. Her overall tax burden still isn’t that much. If that small increase in absolute terms made the home unaffordable she couldn’t afford it anyway.
Then you would just be paying some other tax to make up for it.
@@rogersmith7808 They’d make it up with a local income tax. I’d rather just pay taxes on the house than income on my entire portfolio outside of retirement accounts.
@@user-tb7rn1il3q Right, that was my point. It takes X amount of money to provide essential services to the populace and that money has to come from somewhere.
It truly is a bait and switch, especially on a new build home. Because at the time of purchase your paying the accessed value of the land. After a year, they then access the value of the structure + land, and then on top of property tax hikes. And it's not just Florida, it's happening all over the US.
Everyone wants their home to increase in value...until their property tax bill doubles...
This is why the voters in California passed prop.13 back in 1980. Prior to 1980 the number one reason for home foreclosure was property tax default.
I have no clue why Floridians are so slow on this and just take it up the ass.
Prop 13 only protects current homeowners. It doesn't apply when there's a change of ownership, in which case your property taxes are reassessed at the home's purchase price.
I didn't watch the whole vid but that's what probably happened here. She didn't do her due diligence.
They sd that the following yr her taxes went up 170%! And that would cause most ppl to reconsider. But she should put up a fight first imo!
It's 1.5% i n florida. There are also exemption you may qualify for. Someone wasn't informed.
The California legislature puts it back on the ballot every year desperate to repeal it lol. You think ANY state legislature is going to allow a prop like this to pass??? 😂 they’ve all got their hands in our pockets, and they’re not going to give that up.
WFLA. Please do a story on how taxes are computed and show people how to easily estimate taxes on homes they are considering based on purchase price. It won’t get as many clicks but it would be a ton useful
Yes. The info is out there and is on the county website with a calculator. Instead they would rather show ignorance and a scam which it isnt. Plenty of ignorant comments here as well.
This is America no one wants to learn we just want to whine blame and beg.
@@joesmith3590Totally !!! It’s the blame game. I knew this at 23, when I, purchased my first home in Ruskin Florida.
In places like California your property taxes remain the same based on what prices the house was purchased at. Other places like Texas, property taxes change based on that year’s property value. In Cali, if you can afford it at the start you can afford it 10 years later. However, in Texas if you can afford it now doesn’t not mean you can afford it later if your property value increases.
Fact: having your real estate value skyrocket is terrible. Just raises your taxes. Plus everyone else is getting same bogus home value increase, so you ain't getting ahead
I’ve seen many videos about property taxes this year in many states/areas where the assessments have hyper inflated. Is not over taxing what caused the revolution?
cure for property taxes: REDUCE THE COST OF GOV'T !!!!!
Dude are you crazy? How will Israel and Ukraine fight their wars?
I thought DeSantis did that already? Life is free in Florida!
@@73ajd1 nonsense ! Keep drinking the Kool Aid
This is becoming a HUGE problem, nationwide. How is this legal? People fight over a few percent income tax increase, but they can just raise your property tax, on a home you own free and clear, 140%? How? How is this legal? It's extortionate.
New home builders are likely not educating buyers that the first year tax assessment was based off the land value only. And in year 2 of ownership it’s properly assessed with the more realistic home value included.
People don't do homework. You are assessed on your purchase . It isn't new or a secret. You don't pay what the previous owner paid. They may also have discounta..
In all fairness, it’s not like Zillow or any realtor is going to give them an honest PITI assessment for their budget. This happened to me as well when I bought my first house. It’s almost always a surprise after year 1.
so if by rare chance I got the house cheaper than the current owners 'assessed value' then my taxes will be lower than his, I doubt it...
I wonder how many times people are going to have to hear stories like the state of California can't figure out where 27 billion dollars went for the homeless, and clearly understand not only do they need to stop this shit they need to make these corrupt politicians roll back their corrupt taxation practices.
Hmmm This happened in Florida
This is in Florida so stop whining about Cali.
As soon as I can sell, i definitely will. Property taxes are out pf control and we are not getting anything for them.
Our founding fathers started a wa7 and founded the country over a 3% tax, we as citizens are at about 60% now if not more. Our govt is out of control and needs to be placed in check by we the people. The overspending and bloat has gone to crazy proportions.
If this person was a first time home buyer, she may not know exactly how taxes work on a home. Yes, everyone should educate themselves, but this should be required to be on the disclosures of estimated expenses before signing a contract. Realtors want to make a sale, period. That’s a big part of the issue here. Realtors should be duty bound to fully disclose real costs for a buyer and they don’t.
Be honest, how many of you really knew all the ins and outs of your first home purchase?
What’s different today is that prices go up so quickly that something like this would not have been an issue 30 years ago when prices climbed slowly and we didn’t have private equity and investors driving up prices nor did we have housing stock shortages.
She relied on old tax information from the prior owner, who probably had homestead exemption. Homestead exemption under Save our Homes law, keeps your property assessment from rising more than 3% a year, so if there has been a big market jump in homes values and you buy a house that hasn't been adjusted close to the current value for tax purposes, you will see a big increase like this young lady. Sadly she didn't have anyone like her bank advising her of this during the buying process. I feel bad for her as this was an expensive learning process. Sad.
Absolutely true, she didn't look into that at all. Now to sell the house so quickly and with high tax she'll probably have to take a loss on the price to find a buyer.
I bought a house a year and a half ago, in FL. I was relocating from another state to FL for a new job. We decided that it was time to get the house we'd really like, as we stayed very conservative during our "family" years, and got by with just what we had to. Well, looked over all the financial info, tax history, utilities, etc. Set our budget (we do not escrow taxes or insurance). Got our first property tax bill and it was about a 75% increase from the previous owner's tax bill. I was shocked and immediately started looking into an explanation. In all honesty, it was my fault for not reading all the fine print and doing my complete due diligence. We paid our bill and adjusted our budget (we always maintain a "buffer" or emergency account). I hear of many people who put their savings into a home. I understand that that is a major event in life, but always plan below your means, never at it. Have a buffer saved away to at least buy you some time. If I were to point a finger at the cause of this issue is the realtor's selling the house. They list the taxes that were paid in the past, which tends to be mis-leading to taxes that will be owed. Like buying a car, sales looks "perty". Most important thing I can stress before buying a house is build a buffer account prior to purchase. There are always "the unexpected".
100%
people can say what they want about California 🌴 we will never leave ❤️ I know people that moved to Florida and most of them came back because they could not afford the PROPERTY TAXES and HOME INS
Too hot in Florida 🥵
I put off doing renovations on my home because I know as soon as I do, my property taxes will go up.
So foreign investors and Blackrock can come in and buy up the properties
No bearing on this issue. Taxes are based on your purchase price. Nothing new.
@@lovly2cu725 Yeah. What's really going on is money printing causing everything to skyrocket in value.
I think that's dwindling now, doesn't make financial sense for them
My old neighbors taxes where 300 a year, new neighbors taxes 8k. WTF!
If they lived there 30 plus years this can happen, they only went up a little every year. The new buyer only pays what the house is worth.
@@sundancer3700 old neighbor bought in 2013, sold in 2022.
Neighbors house built in 1930's
Yes bc of the purchase price difference. Not new
Grandfathered in
How about insurance rises? Just received my bill and had a 30% increase from last year. Have owned the house for 52 years and NEVER had a claim in all that time.
There's a price to pay to live in a state with no income tax.
It's not that simple. We pay about $2800 (unincorporated county) for a $365k house in FL bought 2 years ago (moved here). We paid about $3k in our old state for a $600k value home. State taxes are now about 4% there. Family back in the Cleveland area pay about $2700 for a $200k value (suburb) and the other about $4600 for a $430k value (unincorporated county). I think OH tax rate is about 3%. FL is an odd system since recent buyers pay an amount based on current market value. I admit I had a hard time understanding FL taxes. The previous owners of our house paid about $1500 less since they had been in the house about 20 years and the value was lower due to the limited annual increase. Unlike this lady we bothered to verify costs before we bought.
What about the “Save Our Homes” clause??? This clause is in place to ensure that we don’t get priced out in Florida. I don’t understand.
That’s their agents fault. I’m a real estate agent and you have to tell your client that certain municipalities reassess property taxes after a sale. Low income buyers and first time home buyers are always the victims. The government is making it impossible for people who are not rich, to get ahead.
Love how they consider it a "challenge". Such corporate pr nonsense.
Wait, they don’t explain this too well. The buyer was relying on the tax assessment the previous owner had and then was surprised when she saw her tax bill? The report says the tax bill was for the first year she was living there. Apps like Zillow and Redfin tell you what your tax bill would be, accounting for the new price. If you buy from an owner who’s been sitting on that property for years you shouldn’t expect to pay the same amount of taxes as they were paying
Property taxes for stolen land. 😮
Every land is stolen, settled, etc. the dif is some ppl work for it.
Sold a d conquer
Taxes are always based on what your purchase price is. That house must have sold for a lot more than the last time it was sold. That always happens and why they say sometimes if people want to downsize from existing bigger homes it might be cheaper to stay where you are because taxes on a new smaller house purchase might be considerably more even if home is smaller.
Property tax is based on the annual county property assessment. If they asses the value of a given property has increased, the amount of tax will increase.
100%
I bought my house in 2002 and taxes have always been less than $700 because of what I paid for it in 2002. My neighbor across the street built a brand new house for around $250K to $300K and the taxes are considerably higher than what I pay. Goes for anyone that paid whatever market rate was at time of purchase new or old structure. Did she get her Homestead in for that year? Can't recall I'd that was mentioned. I live in Hills County directly in Tampa city limits.
Everyone complains about California (and I do too!) but the people of California were smart enough to amend their state constitution (with prop 13) to restrict the maximum amount the property tax can be increased to 2%. The properties tax can/will be raised when the property is sold. This creates huge variations in property tax.
I know of two properties, both are valued at 900k. Same size homes, lot size, baths etc. even in same development (actually the homes are 300 yds apart) One home, the owner bought new in 1971 and pays $675/ year property tax. The other home recently sold for 900k and their tax is $10900/year.
This may sound unfair if you’re paying the 11k but the guy paying $675 from his social security check can now live out his days in his home. I personally think it’s criminal to tax people out of their homes.
If you’re a retired home owner living anywhere other than California your days are numbered being able to stay in your home. They will eventually tax you out!!
I live in Olympia Washington and my taxes have went from 3,500 in 2017 to close to 5,000 last year, it’s up 1,500 but that’s over 7 years on appreciation of house value
All these crazy prices, for home owners insurance, property taxes, flood insurance, let alone buying a house that is highly over priced with 6% interest. The collapse will be coming soon, it will be 2008 all over again, even worse this time. Not sure where everyone is getting their money, I forgot about cars that are not affordable along with high car insurance. Florida is highly over priced and storm season is coming June 1st.
If her property taxes increased, then her homes value clearly increased by the same 170%. Taxes can only increase if your property gained value.
Exactly I was confused as to why she has no equity
I thought she was a new buyer, the previous owners property tax bill was much lower, it got reassessed at the new purchase price, shed only lived there a year, she didn't realize it would increase.
Not if it was a new build.
That's everywhere in America.
When tax office see how much u paid compared to what they think is value, they will raise taxes next yr.
That's why u can't go by what realtor is posting, next yr the bank will send u a notice of increase taxes and insurance. Pay the difference and here's your new house payment. Oh and every yr it will go up
$3200 per year sounds about average across most of the country.I spotted her bill and saw $3200.00
I did the math. Her mortgage went up $414. This is what people are talking about when they say, "you bought too much house for your income."