Homeowner's Regret: FORCED TO SELL After One Year

[@OrlandoMiner]

orlandominer.com/Financing I’m a lender specializing in investment financing. Whether you’re purchasing, refinancing, or cashing out on investment properties, I've got you covered. You will deal with me directly.

[@reecetaylor7227]

What is the minimum u do on refinancing? I have an house in MD that's worth about 80-90k I would like to do a refinance on

[@OrlandoMiner]

@@reecetaylor7227 please send me an email to discuss

[@jimflick7564]

How could she buy this house and no one told her what the new tax amount would be? I feel for her but she should have done more homework.

[@captspiff6922]

Here's some numbers to help understand the Truth Bombs @OrlandoMiner is delivering: Family bought house 5 years ago for $200K. Market has increased reasonable 12% a year, so now home is for sale at $352K (compounding). YOU ask to see the last few years of tax bills and see they only went up 3% each year (because the Taxing jurisdiction had that as their limit on assessment increases to protect homeowners). Now the Taxing Jurisdiction uses the new sales price as the new assessed value, and the Tax Bill goes up 52% (or from $2500 annual to $3800). That is an unexpected $100 increase in your monthly mortgage payment to the Bank. Now expect a similar jump in the insurance and your Monthly mortgage payment just jumped another $100. Now imagine you bought a house from a little old lady which hasn't been re-assessed in 20 years in a hot 20% market. Look out!!

[@Truthtella]

Only thing I disagree with is you keep saying she overpaid but there's nothing in that video to suggest that she did overpay. No one reasonable would think their taxes would almost triple in one year. So you are being disingenuous when you said she overpaid.

[@jeffreymassey5541]

People have been "brain wash" to buy a house "by any means necessary". Putting themselves in financial ruins. Most people cannot afford homes today.

[@juniorleslie4804]

No one was brainwashed. This is what they wanted, to own a home. The politicians who need money to pay for all those empty conceited promises. She cannot afford both a new home, and politicians spending.

[@Donkiko-bz1lv]

6 adults need to live in 1 house in order to afford it.

[@CapPointer2.0]

You are right investors need people that think like yourself to pay their investment home mortgages. It’s like the housing circle of life.

[@ToniDuke-s7k]

“You shall own nothing and be happy”. This all is happening by design. Just look back in American 🇺🇸 history and see how much homes cost in the 1950’s and 1960’s. Those same houses today are ridiculous. And the pressure placed on Americans to buy a home is insane. “They call it the American dream because you have to be asleep to believe it” as stated by the late George Carlin.

[@goldenlifelove7251]

BrainwashED

[@_.A..J._0708]

Even if you didn't overpay for your home, you can end up in a similar situation.

[@DIYPrecisionTool]

But by overpaying, you contributed to the property tax and insurance increase by validating the new assessed, and replacement value, by overpaying!!!!

[@Ganadores500]

​@DIYPrecisionTool does that include renovations as well then the city reassess the value of the home???

[@2004mojo]

Don't forget that those forced to sell will be dealing with rents as high or higher than their mortgage payments AND they go up just as often as property taxes or even faster. Which is why people also can't afford rentals. People here in DC are paying 2000 for a 1 bedroom or efficiency. And that for the subpar places that are in bad neighborhoods. High income addresses like near the Capitol or embassies came be $4000=$5,000 again for a 1 bedroom & not including utilities. Fixer Uppers or plain starter homes that have been renovated are now over a million and snapped up before the for sale sign can be stuck in the ground. Even if you go into Md or Va it's the same high prices renting or buying.

[@DeadAir21]

You may not overpay, but many will buy at the top of they qualify for and leave themselves no wiggle room if something were to change.

[@JamesEnriquez-dt5xg]

You never own your home even if it’s paid off in full. Property tax never goes away.

[@JoseRodriguez-ti2ii]

That's something people don't understand about home ownership. It's a banking/government scheme.

[@Luckoftheirish1]

Depends how old you are, how much your home is worth and where you live. For example here in Nashua NH the elderly (65 or older) and disabled have $300,000 of their home excerpted from property taxes. My mother-in-law paid her small split ranch off years ago and only has to pay $150 a month for insurance and gets a discount on her utilities because she’s elderly. Conversely, if she and her husband ( May he Rest In Peace) never bought a home, she would be paying at least $1,700 for a one bedroom apartment in a bad area . Nice 1 bedroom apartments in good areas start at $2,000. Plus you still have to pay for utilities. Rare they are included in the rent. Therefore, I recommend people look into the towns they want to purchase a home in and see if they will get a break on property tax when they retire or if they ever become disabled.

[@Koushi82]

@@Luckoftheirish1 yeah and she could just get tbills for that 300k for 5%-10% or 15000-30000 a year same shit different form

[@seanhopkins6179]

Unless you get 50% plus VA disability in the state of Florida. Get a 5k exemption.

[@JimFriend-iw3ev]

Geesh. Maybe get a dictionary and look up what a "deed" is and try again.

[@blackmantravel6954]

Sounds like she bought a new build. She only got taxed on the land the first year. Second year she got taxed on the current value of the new house build.

[@summertownley4986]

You're right! I bought a new build and I made sure I understood how taxes work, but I see people's posts and comments in my neighborhood group on fb. People's mortgages are going up and they're having to sell. My taxes year one were $1.4k. Now they are $6.5k. Thank God I was prepared for that!!!

[@Tsoprano27]

@@summertownley4986my taxes were $6300 when I bought my house in Dallas… after one year it went up to $7200 😭😭

[@marylott6186]

We bought a home built in 1977 and my taxes went up 126%. The valuation only went up 50,000 from the previous owner! 4,500 for a house valued at 260,000. Sorry FL we are sad to say goodbye but it's necessary!!

[@LazyLovershow]

There’s probably something like that this creator doesn’t go into detail unless it fits his narrative of the situation

[@aquariusguard]

But at this point do they want anyone to afford a house

[@npk200Cola]

My realtor has been trying to sell me TRASH: Ugly houses. I'm backing out of buying altogether, it's insane what they're asking for these homes.

[@Koushi82]

yep and they want top dollar for what is actually work 10% of what they ask

[@vedamichele1295]

Especially if buying Florida. Do your research.

[@kimtruesdale712]

It's happening in North Idaho, too.

[@MTMgrindd]

What metropolitan area are you located in?

[@dolphin19721000]

You must be buying in the wrong market

[@saleens330]

My car insurance went up 60% for no reason at all. So it definitely happens.

[@JV-zt8lc]

What state? So far Michigan car and home changed very little. I’m sure it will tho

[@Carelysjae1]

I thought I was the only one that this happened to. 😮😮😢

[@Carelysjae1]

@@JV-zt8lc Tampa Bay Fl

[@janayjay68]

I'm in GA and mine did too

[@esmooth300]

That's why I don't pay for that shyt.

[@sterlingpaul3004]

The most important thing to understand is that 80 percent of the US housing market is 40 to 50 percent overpriced and things like property tax and homeowners coverage is at a higher rate too. We have to wait for the adjustments to occur and then go from there.

[@yvnerservius1913]

I make sure not to reappraise my house despite having work on it

[@jonbradford441]

Homes may actually be under-priced. Unrestricted immigration will only increase the demand for housing. Supply cannot keep up with all of new demand. At least the mostly young male immigrants can group up more than 10 people to rent these homes. Not going to help American families though.

[@rayhage3971]

I am a realtor, property manager and investor in Florida. There is always a potential increase in insurance (not usually huge amount but it can happen). However, let me tell, property taxes can increase 1000% and here's why in the simplest version. We have what is called a homestead exemption (a couple of other states have this as well) where you property's tax assessment can only go up about 3% per year. Let's say Person A bought and lived in this property 1994 for $100K and you buy this property in 2023 in $500K. The previous person was paying taxes assessed at 100K*1.03^30 = 242K. If you are buying it for more than 242K, the tax base changes and so yes, it will be over 100% increase in taxes. This is an oversimplified explanation. The realtor should have explained this to the lady in the video but most realtors don't care and just looking for the quick dollar. It is a real shame.

[@JoseGarcia-kt3eb]

And that's the problem they get people that don't know how to read these contracts!!! No one resad the small letters I didn't on my phone and now I watch videos like this lol like then because they keep my blood pressure up, and going

[@angelastewart9497]

This is sad..it’s not a laughing matter .this is making people homeless.

[@27TheJose]

She sounds so calm for someone losing a house. I would be pissed

[@droid2645]

Most likely, way past pissed 😤 to very pissed calm

[@bigvalley4987]

@@droid2645, Concisely put. Beyond piss calm.😒

[@BrittJay37]

That's too much money to just be talking I'll sue and want all my money back.... This ain't no apartment or car... They could have at least let that woman had that house for at least 5 years smh... And me with my silly self just was thinking what if I buy a beat up home for cheap fix it up and they find a way to take it back and sell my home while putting me out of it... Wow 😲 God is using us and my thinking be on point... The system is rigged and we as blacks can't have anything to ourselves nowadays... If it looks better taste better or doing better they will destroy it...smh God help us all!

[@desertflowers1]

She sounds defeated. When I take a huge loss, I go numb too.

[@Dannie-h9s]

Being pissed isn't going to get her house or savings back. Being pissed isn't going to do anything.

[@rc123theycallme]

Founding Fathers started a war at 2% tax...

[@FactsOVERfeelings2024]

The realest comment in this section

[@Dohair879]

It’s sad that new home owners don’t have a clue to what home ownership is all about. There should be a class on this.

[@sunshineb-d5006]

There are first time homeowners class it may depends on where you live I'm sure all 50 states have some kind of first time homeowner class to prepare.

[@J_WheelerDoll30]

@@sunshineb-d5006I took the course when we got approved and underwriting. It did. NOT cover anything about home tax increases via economic inflation. They need to include this for the “new world order.” The questions that were on our test were questions about money management, maintenance, savings for emergency/rainy day. Etc

[@rasbot2]

There was a class in 1970s in New York &high school curriculum.

[@Just_Jess262]

It's designed this way on purpose.

[@ytSuns26]

Why? Play dumb games get dumb prizes. It’s up to adults to be responsible and act like grown ups. Tough beans just swim along trusting the main stream media

[@daniellemccune3523]

I see people living in Cook County in Illinois freaking out because their taxes have doubled...even tripled and the middle class is at the last straw. The tax bills coming this Fall will be the last straw. We were looking to buy, but we are taking another break. We cannot afford it🙃

[@victoravila866]

Numb people call it property taxes. Alert people call it rent.

[@JimFriend-iw3ev]

People who call taxes "rent" should learn how to use a dictionary. 🙄

[@metalmike570]

Is this is n Florida? I know their homeowners insurance did the same thing.

[@h00Lia]

🤔Haven't thought of it like that before, thanks

[@JimFriend-iw3ev]

@@h00Lia Does it make you feel better about paying actual rent and owning nothing?

[@Havela-bx3hp]

​@@JimFriend-iw3evif you don't have a mortgage, more power to you; but for those of us being squeezed out of the buyer's market, it's tough so I can understand why it would feel better for him to see property taxes as rent

[@kekef3620]

Sounds like sabotage. They want us to own nothing. I want to buy a home here in FL but I have no desire to buy a house now. I refuse to pay more than the value. So, until I can pay below what they say I qualify for, i will resume living with my folks and saving money and watch this disaster.

[@nodebt6188]

Nevada has a law that property taxes can only go up 3% a year.

[@pinschrunner]

Florida too IF it is your primary residence and it is homesteaded but this woman in video was priced out by INSURANCE

[@nodebt6188]

@pinschrunner My home insurance i

[@nodebt6188]

@@pinschrunner My home insurance in Nevada is $1000 a year.

[@sarikagoode1505]

Laws change all the time.

[@dubonett8239]

Orlando is not making this up! My insurance went up 60% in 2021 I sold my house after that!

[@aracelimalone1167]

It’s not only FL. Here In Michigan ours went up by $500 additional a month

[@kmac2789]

Wait till the HOA decide they want a slice of the pie.

[@tanyaray4846]

I would NEVER buy a home with an HOA. Why buy a house if someone can tell you what you can and cannot put on your porch, what kind of pets you can own etc….?

[@metalmike570]

@@tanyaray4846 Townhouses have HOA's the most. It goes with the house.

[@Tquaxify]

Sadly majority of newly built neighborhoods and communities are predominantly HOAs and it’s taking up most of the housing market

[@aracelimalone1167]

I live in Michigan, We purchased our home right before home prices + interest rates went up. We recvd our new tax notice & ours has INCREASED by $500 additional a MONTH! We have a starter home & needs alot of TLC also not in the best neighborhood WHY IS THIS HAPPENING!!!?

[@gamirae5377]

In Michigan when a property is owned the new valuations on tax are usually assesed the year after you close on the proprety. Until that time the assesment on tax is based on the old owners valuation and dont reflect the increase in the propertys new value. Look up "property caps in Michigan".

[@leoramirez3146]

Do not overpay

[@rhondae8222]

Right!

[@n7y8c7]

How MANY times does he have to say it??? LISTEN 👂

[@purplehayes33]

Too late … they all over paid recently

[@juliuscaver]

​@@purplehayes33😁

[@LazzerTazzer]

I heard someone paid 50k over asking

[@jew-el1]

Anybody who buys her property will have the same issues!

[@rockmyworldmusic]

Except it will be bought by institutional investors who will make more than enough in rent to cover taxes.

[@tbugher62]

​@rockmyworldmusic wrong,renters are only paying the going price for their area.

[@tbugher62]

Tons of unrented investor homes

[@chad9971]

Like a college degree, home ownership for decades was a landmark path to securing you and your family's financial security (for most, not all). However now, as with a college degree, it's overpriced. My one caveat is I still do believe owning a home is important, but if you can't afford to own a home, then it's a stupid idea.

[@ernestoramirez7466]

Happening here too in Texas! I hear people paying $11k property taxes. All happened in 3yrs.

[@michelep9477]

FJB

[@Discovery123.]

If 11K a year is dirt cheap in Texas.

[@beloved-child]

At that rate why bother owning a home then? I own a camper in CALI rent is skyscraper levels here....my camper lot rent is $650 a month

[@hishamha5h1m]

My taxes went up from $18,000k to $21,000k this year despite my homestead exemption. I can still pay it but damn. In my neighborhood houses are still going up and selling because it is more luxury homes. My appraisal went up from 650,000 3 years ago to over 1.1 million as of now.

[@mrbob8618]

The more people that move into your state and city, the higher the taxes go because they are required to build roads and schools.

[@roncrudup2110]

A big issue with taxes is buying from older people. For example, Illinois reduces taxes of seniors citizens so a younger person taxes will increase by alot

[@ronnie1638]

Seniors should pay their own taxes

[@kodo_9729]

Property was most likely reassessed, the mortgage company should have included the estimated tax amount into their payment. They prob wouldn't have afforded it from the get go. Insurance is getting ridiculous

[@gasmice]

Quick web searching finds that while Florida has some caps on property taxes (homestead exemption on first and third 25K of value; Save Our Homes (SOH) limit of 3% annual increase in assessment), the SOH cap does not apply in the year after a change in ownership. So if a Florida listing includes last year's property tax rates, that gives you little indication what you'll pay next year unless you also know what last year's assessment value was.

[@jayesimond9301]

Her selling her house is still a better alternative to foreclosing.

[@gabriellew.4847]

That's if she can sell it. Who's going to buy her house wirh that kind of tax bill???

[@jayesimond9301]

@@gabriellew.4847 An investor. In Cali, big investors buy homes cash only to put them up as rental properties. Single family home rentals in some locations are high enough to create profits to absorb tax costs.

[@ursulabklyn_mia6148]

I've been keeping an eye on a Broward county FL neighborhood I love but got crazy expensive. Well now $600k houses have reduced sale price to $450k within the month of listing. I go into the history wondering whats going on here. When did they buy it and what is the new tax. I find out Seller has owned a year and the property tax shot up from $4k to $10k+ and am not even seeing the insurance. This keeps repeating itself listing after listing. I am seeing in other parts of FL too. You can't reduce the price enough for me to touch that property tax.

[@koolkitties8552]

The property tax will reset if you buy it for less than the last owner bought it for.

[@pmorton7960]

I was thinking about buying an apartment in Norfolk Virginia. After a bit of research I realized the insurance and maintenance fees would have been more than the mortgage, and would never end.

[@Sunlover42]

Many make the mistake of using the property tax paid by previous owner to gauge what their payment will be, which could have been based on a ten year old half their price purchase on a homesteaded property.

[@trina2100]

so is no one gonna tell her to just apply for the homestead exemption as well?

[@trina2100]

also property taxes don't go a whole 10 years without being reassessed so whatever price the previous owners were paying were closer to reality than that.

[@luckyskivvy6077]

You don't OWN anything. You control it as long as you make payments and pay taxes. You will eventually transfer ownership to another party. 😅 My grandfather died and transferred ownership of his house upon his passing.

[@chanecialifecoach3070]

When I found out about imminent domain I was like what is the point exactly??!!!

[@Luckoftheirish1]

@@chanecialifecoach3070, it’s rare. And the government has to provide just compensation to the property owner. Normally the owner gets way more than what the house is appraised for. Moving expenses etc are also normally covered as well.

[@jeanettem.taylor9722]

We never own a house. Taxes and HOA own it. Don't pay and see what happens... they take their homes from you.

[@JimFriend-iw3ev]

​@@jeanettem.taylor9722Does believing this make you feel better about still being a renter ?

[@NeptuneKnives]

Maybe a big RV is then the only truly self owned

[@juliosuave8028]

the problem is that people are buying for a price that matches what the bank qualified them for. Only buy a house priced at 1/2 or 1/3 of what the bank qualified you for.

[@ajcrum3689]

we bought ours last summer i bought under my own budget and half what they approved us for so we would not be financially strapped . i’m so thankful for what we did .

[@kingjustice1831]

Hi Orlando, this is why I don’t want to buy a house…at all. Why? While it is reasonable to say “don’t overpay”; but what happens when the fees associated with the house go up like hers did? There is no way that anyone anywhere could have foreseen the “amount” it would go up. Like the clip Orlando played “THIS is America!”

[@aracelimalone1167]

We have a starter home in Michigan & bought before prices & rates went up but our freakin Tax’s went up an additional $500 a month!

[@Boomer-ce7lj]

@@aracelimalone1167 I had been thinking about Michigan. How’s the winter months overall and the roads?

[@aracelimalone1167]

@@Boomer-ce7lj it’s honestly not bad if you have a AWD vehicle & get some snow tires

[@Boomer-ce7lj]

@@aracelimalone1167 thanks for the reply. I have a 4WD I just don’t want it to rust out so fast but im open to buying a beater just to drive.

[@Luckoftheirish1]

@@aracelimalone1167, yep even though you bought your house at a good price, you still have to pay taxes on the amount your house is appraised at now. We are in the same boat. Our taxes were roughly $200 a month. Now they are at $600 a month. The good news is that we both are paying a lot less for our mortgage than our new neighbors. The couple across the street is paying $1400 more a month than us for exact same size and style home. Plus they put down $90,000 and we only put down $11,000. It’s crazy!

[@ritad7927]

I'm enjoying day 6 of my brand new apartment complex. It just opened the 1st of this month. I'm paying $1405 for a two bedroom two bathroom apartment with a balcony. No stress here. Orlando is the man.

[@yavor19121]

Rent an apartment and save money. Buy gold to preserve your wealth and when we get into a Hyperinflation then sell the gold and buy cash your dream home.

[@koolkitties8552]

​@@yavor19121Gold isn't Going up that much. It's manipulated

[@JimFriend-iw3ev]

17k a year wasted on rent. Congratulations!

[@yavor19121]

@@JimFriend-iw3ev If u buy now u will be under water 💦. The house prices are going down

[@JimFriend-iw3ev]

@yavor19121 Lol no, they aren't. They were up another 4.5: according to a redfin article that came out today. You're definitely underwater paying rent though. From.month #1 and on

[@cranebrain2]

I ruined myself buying a house so let me go buy another house

[@chicfini]

😂😂😂😂, I heard it too, smdh

[@nathanhart3240]

That's wild she said that.

[@rhondae8222]

Right! "Do Not Overpay!"

[@tokay57]

In Florida, If you buy a house that seller has owned for many years, your 1st year taxes will increase drastically to adjust to the sell price, after that it is capped at 3% per year. as a rule is your taxes will be 2% of the purchase price. also, Florida real estate taxes is portable if your house is Homestead exempt, meaning that if you lived in your house for 20 years, your taxes will be similar if move to another house in Florida for the same price of the old house that you sold, so your savings stays with you.

[@albundy7623]

As soon as cities can no longer build out and get fresh low maintenance tax flows, they have to Jack taxes to pay the bills. Builders cover a lot of the costs of new neighbourhoods and cities just raking cash until work needs to be done.

[@aaronmoorman7773]

If you made it to retirement with a mortgage somewhere along the way something went wrong.

[@Acc0rd79]

We are in FL, in the last 4 years alone our home insurance has been dropped and our bill has gone up almost 7 fold. We were dropped and had to go with a new company that was much cheaper thankfully. Now we just got a letter in the mail that they were dropping us as of October.... 1 year with the new company and already dropping us. Never made a claim!! EVER. I told the wife it's probably time to leave Florida for good, we would have so much more money if we go to somewhere like South Carolina than we do here. The positives are far less traffic and less car insurance as well.

[@aviationnerd7806]

In California, your property tax can only legally go up 2% max in a year.

[@vickiewilkins1579]

What people don't understand is that they can appeal their assessment to make sure its correct.

[@patriciamay6396]

Sadly, many buyers do this. Due diligence is a must!

[@eveutube07]

I bought a 74 year old house in Eastern NC. The house is white and has green algae growing on it. I'm afraid if I clean it and make it look nice, my taxes will go up. Same with landscaping. Won't do it because appearance can raise property values. I do get the senior citizen tax discount. I've been here a year and due to insurance increase, the mortgage went up $18. I'll just have to wait and see what happens.

[@noonieb4454]

I work for the appraisal district You wouldnt believe how many calls we get about this daily. The values and the taxes are forcing people out of their home. Unfortunarly the increases are determined by the current market...this is one reason why i wont purchase right now. And i tell people this all the time. The market isnt in your favor right now. A lot of these realtors and title companies dont educate new homeowners. They LITERALLY leave these people in the dark

[@dreamchaser5758]

Financial illiteracy is so prevalent in America but the stakes are so much higher. Closing attorneys should be asked about property taxes in writing. Do they anticipate any changes next year? If your home is escrowed, taxes and insurance paid via the mortgage, don't wait until the mortgage company sends you a notification of the increase. Monitor your county's correspondence. Calculate your interest and pre-pay it. You can allocate funds beyond your standard mortgage payment to either principal or escrow. A month before your renewal verify your new rate with the insurance company. You have time to shop it. As always, have a 3-6 month emergency fund. Furnishing a home beyond necessities should take years. Staying in your home is the priority not impressing people. When you get windfalls (tax refunds, bonuses) pay an extra mortgage to roll your due date forward 1-3 months. Eventually work on your principal. You have to be proactive as a property owner. Never take advice from broke people and whiners.

[@FactsOVERfeelings2024]

Everyone is crying in the comments but where did the problem start. How did we get here? This happening accross the country. WHY are property taxes doubling?

[@puravida5683]

I moved to Central and South America. I bought properties in both countries. The property taxes are about $400 to $500 a year. Because of the excellent weather conditions year round, no need to purchase home insurance.

[@angelastewart9497]

Buying a house is a scam . I learned that after living 3 years in my house .too many bills come with that mortgage.and taxes keep going up till you have to sell.this is why you see so many people living in their car or van.

[@dolaward]

What part of the country do you live?

[@JimFriend-iw3ev]

So buy your landlord's house for him instead. . He doesn't mind.

[@j.l.salayao8055]

Yes, homeownership means you pay the salary and retirement funds for all utility workers in your community and a forever property tax as long as you own the house and pray it will not quadruple when your house value increases.

[@melaniegenuinely]

I’ve been watching Orlando for about 1.5yrs and he’s been saying DO NOT OVERPAY just about EVERY video since I’ve been watching. I think I started watching around the time it was a seller’s market and they had lines of people wanting to buy their homes so the prices were jacked up then. He’s been saying it since then.

[@economicdevelopmentplannin8715]

Living with roommates, I see a nice 3 shower house for under $550k outside of DC. Not a bad neighborhood. Fully renovated. 6 people can easily share this house. $85k each. Then split property taxes utilities groceries and unlimited bus pass yearly per person. 85k today and $8k each yearly. Easy living. At least livable until reaching wealthy class. Can get $85k out of the local job market easily, by getting a couple full-time jobs. Have groceries delivered weekly for all 6 people. Plenty of housing options. But people want to be picky while poor.

[@dianezielinski6664]

Good message and a reminder to wait to buy until things settle down. Going to be so much hurt over the next years. 🙏 for All.

[@1984LHR]

I bought a house in winter haven in 1989, another in Melbourne, Florida. I’m moving to South Carolina because the affordability issue

[@ronblauvelt7457]

That’s what happens when you buy a new home… the first year taxes are based on the land only. This isn’t something new Orlando

[@kidwichita]

A wave of short sales coming.

[@J_WheelerDoll30]

& we won’t buy into it. We’re preparing for when markets corrected.. especially after the election

[@dapartyat]

and foreclosures

[@JimFriend-iw3ev]

Keep renting while you wait for it. 🙄

[@Rhiorrha]

In Florida, the smart move is drop insurance after you pay your mortgage off. It will bleed you to death, and in many cases they will refuse to pay when you file a claim. They've been taking money you needed to pay for repairs and property tax, and will give you NO help.

[@trina2100]

My mom paid off her house and dropped her insurance policies as well (flood and dwelling). I didn't think that was smart but in hindsight maybe it was.

[@jercasgav]

Property taxes shouldn't exist. We should not be paying income tax, then property tax, then capital gains tax, gas tax, payroll taxes, sales tax, blah blah blah. If we get taxed it should be once and done...instead the same income gets taxed multiple times over. We actually get to keep much less than 50% of what we earn, which I think makes us a form livestock animal to the govt...we own less than we earn. Why do we put up with this extortion racket?! It doesn't cost that much for a few roads and simple govt services. 100yrs ago, 50yrs ago, the govt worked fine and we had roads, but we didn't pay nearly as much in taxes. There wasn't an income tax for the middle class until WW2, no income tax for the rich even until 1913.

[@dionne4937]

I so agree with this statement! We are taxed on money that has already been taxed! It is utterly ridiculous!

[@tunisiathompson7677]

I totally agree and they’re trying to say that Social Security won’t be around. What have they been doing with our Social Security withdrawals all these years?! We’re just being taxed they literally are making it so we can’t afford to live.

[@richardlawrence3770]

@@tunisiathompson7677 The billionaires want to reduce world populations by several billion people.Robots will run their industries not people.

[@patricepaines2167]

Ur wrong?? The reason taxes are so high is richest people that accounts for 90% $ of the country used to 70% of their income in taxes tell Reagan!! The dumbest people who believe in his economics is the ones that the taxes burden shift on … meanwhile the goverment is investment and expenditure is the reason the super wealthy exist and the stock markets are well capitalized..

[@panzerknacker1205]

The property value assessment lags behind the market. So it’s like one year the tax assessors are like “Oh look yeah this house is now worth a bunch more.” Then your escrow analysis lags behind that and they are like “Oh yeah your projected tax and projected insurance cost are higher and also great news you are short so now your mortgage is double K thanks.” And that’s how it happens.

[@xavierjones6852]

A fucking crime. Mine went up last year out the friggin blue and I had to pay 3k and it increased my mortgage ! Total scam!

[@zac1375]

👋 Hi! First-time listener! SW Pennsylvania County property taxes increased by 33% this year. 🙀

[@Megan_Mack]

I like your energy and personality! This video was super insightful and very entertaining. Thank you

[@haywood4299]

This isn't just in Florida, I live in the midwest and our property taxes are about to explode next year because it's time for the next tax evaluation and prices have gone up 30%.

[@GamerGee]

I researched this one The vacant land was 2700 before the house was done. ( the neighborhood adds it in the taxes to Polk county). Once the home was built it was about 4500 ish then the city and county utilities.

[@trina2100]

It makes more sense now

[@maximedorion9244]

You called it. It's so sad that so many people aren't listening or just have no knowledge of what you're said, and are still losing their precious life savings in such a bad gamble.

[@7_of_9]

Most countries have no property taxes - you don't have to live miserably 😅😂

[@starrgurl6603]

Which countries? I'll move tomorrow 😂

[@morris246]

What counties so I can research this iam looking at Dominican Republic

[@user-ms3ko5gn8e]

I know that 100% disabled veterans also don't have to pay property taxes.

[@samc9007]

What the news wasn’t saying is it was a new build with that your first year you only pay tax on the land the second year it is for the land and the home they are not allowed to go past a certain percentage a year.

[@wagyu_killer]

if u cannot afford it then do not buy it. know your self and your limit

[@Carelysjae1]

Right ….. but many people didn’t know the house and market would go this high.

[@wagyu_killer]

@@Carelysjae1 my fire insurance went up by 400 dollars in one year and i want to sell my home too in the future. i do not want to give my money to the big company

[@IsmaelbenBenjamin]

Bro you’re a comedian PT😅. But you’re bringing hard truths. For some, this is a tough pill to swallow

[@fldallyb]

In Florida, the taxes are assessed below what you can sell the house for. I don’t see how she could lose any money because the taxes were way more than she was expecting. Then the The house is worth way more. It’s pretty simple if you buy a house for $500,000. The taxes are whatever mill rate the county has for $500,000, that is your true value of your home and if it’s homesteaded, it cannot increase after the first year more than 3% for the life of your ownership per year.

[@sweedee4882]

I live in TX I just attended a tax assessment hearing 2 day ago. It was a joke I work for tge builder of my home and had comps showing depreciation they could care less they were using 1.5 years ago info from outside my subdivision in homes that were all brick and higher end it is ridiculous how TX cheats it's homeowners 😢

[@lindaadams1008]

That's a tax bill that will buckle your knees. The news anchor probably had to stand her up for the interview.😢

[@realestatemindset]

Lets go 🎉🎉🎉

[@leoramirez3146]

Bonkers

[@JimFriend-iw3ev]

Got that place rented out yet ? 🤡

[@christopherheredia4158]

Just happened to me, purchased a year ago with a 6.9% “fixed rate mortgage” Paid the original 3,500 taxes and 3,200 homeowners insurance and just got notice that my homeowners went up to $4445. The escrows assessment raised my mortgage by $111 a month and I STILL don’t know what my taxes will be for the 2024 tax year.

[@christopherheredia4158]

Luckily I didn’t over pay for the actual home and the value of the home here in Florida has gone up about $26k since I purchased but if the taxes raise to a ridiculous 100% increase. I’ll have to figure out what we do because I’m not giving my money away like that

[@JimFriend-iw3ev]

So sell it and pay your landlord's bills for him. Problem solved.

[@marshaanderson7105]

My property tax went up 130%… and what’s worse is the property isn’t worth what it’s assessed at.

[@economicdevelopmentplannin8715]

Living with roommates, I see a nice 3 shower house for under $550k outside of DC. Not a bad neighborhood. Fully renovated. 6 people can easily share this house. $85k each. Then split property taxes utilities groceries and unlimited bus pass yearly per person. 85k today and $8k each yearly. Easy living. At least livable until reaching wealthy class. Can get $85k out of the local job market easily, by getting a couple full-time jobs. Have groceries delivered weekly for all 6 people. Plenty of housing options. But people want to be picky while poor.

[@Yvonneschinzel]

I moved from IL to TN . Same game different decade, I was in this place 2007 when I got my house in Naperville IL . Its a staeling of wealth !

[@ernestoramirez7466]

House in Texas when people bought within a year or 2 were $400k now dropping almost $100k yet still gotta pay that $11k property taxes and high insurance.

[@skyelee9398]

We live here north county San Diego and we were looking for a house to buy but they’re astronomical expensive. So we decided to wait until the bubble burst. It’s already happening so we’re just gonna wait a little longer. Stay Bless. Save your money for the right time. Be Patient.

[@Neelsworld2022]

Same with me . Sold my house

[@fosiko123]

Orlando is crazzzzy !!! Yes I said it BUT still love your channel thou “ DO NOT OVERPAY!!!!!!

[@lordvader3425]

CA has prop 1 which limits property tax increase per year to a small percentage. I am not sure why you think CA has this problem.

[@Koushi82]

until you buy it then you get to pay the prop tax and also its not free income tax payers subsidize landlords and owners to pay almost no property tax.

[@lordvader3425]

@@Koushi82 What are you talking about? I am describing CA property tax law. It seems like you are talking about something else altogether.

[@JimFriend-iw3ev]

It's actually prop 13 and most counties/states have something similar. States like FLand TX have higher property taxes because they don't collect sales tax. This joke of a video does not reflect a national issue. It is cherry picking at its finest.

[@OptLights]

Sad but these buyers don't educate themselves on how to buy before you talk to a salesperson (Realtors). A Realtor is a salesperson don't you get it. Learn something 6 months before you buy. Read books, ebooks on what to do when buying make sure their not written by a Realtor. Always hire a lawyer no matter what state you live in.

[@badgoat6660]

How does this channel not have more subscribers. Love the channel

[@ytSuns26]

In Florida the previous owner enjoyed grandfathered in lower property taxes. When you buy it’s always a big surprise! People never step up and check out important stuff irresponsibility is so common.

[@tanyaray4846]

I live in Hamilton County (Cincinnati) Ohio. My property taxes more than doubled this year. I have asked for a hearing. Investors hoarding and paying more than market values (It’s not their own money so they don’t care.) The WEF is going to get their wish and turn us all into renters if we don’t get it stopped.

[@h00Lia]

New fan as of this evening. 2 videos in, and you're on my 'logical real estate experts' list.

[@aafjeyakubu5124]

The last couple years I had family trying to tell me to sell my home and cash out. It didn't make sense though. Even if I got 100% of the asking price in cash, there was nowhere I could go in the same town. I'd still have to move deep into the middle of the state, or another state altogether. Home values are so far off the charts here, it's crazy.

[@CapPointer2.0]

Just had a coworker sell their home for +90k in one year. The area of purchase is important please don’t let this man stop you from achieving your goals! Telling you the economy is in the tank while selling you his course 🤔

[@KarlaJammin]

You have to be wise when shopping. Can't pay for something if you are not going to have the money to maintain. Unfortunately, this can happen anywhere to anyone if the government target that area.

[@matthewbellomo8423]

Thank you for your hard work and looking out Orlando.

[@michelleroman1102]

Yes. I based my affordibility on my home on what the previous homeowner was paying in taxes which was $800. I did not know that the calculation is based on the new price amount you pay for your home. So if previous owner paid 75,000 for the home and you paid 300,000. Well even with a homestead exemption it doesnt help. So the previous owner was paying 800 yrly mine is almost 4000yrly. Yea divided by 12 and see how much we have to scramble to come up with per month. I feel her pain.

[@samc9007]

I’m in central Florida my taxes are 4800 a year they were 3600 10 years ago gradually increased by 110.00 a year

[@esauevans4875]

In California, FOR NOW, we have proposition 13,which keeps the state from dramatically raising property taxes. This allows seniors on a fixed income to keep their homes.

[@kimberlyhinton6020]

“Sitting on the sideline with a purpose.” I quote Orlando all the time to my financial coaching clients.

[@PassportGeek]

I listened to you. We pushed back looking for a winter home. We are maybe hinting of looking in September.

[@bobg8444]

I live in Beaver County, Western PA. Our county did a reassessment on properties last year. My taxes went up 40%. What a cash cow for the county, have no idea how they are going to waste this money.

[@carloscool4423]

Beyoncé said independent woman I’m a survivor. I could do this by myself. Two brains work better than one and two incomes due to.

[@dii-N-sd]

And affording a home is still a struggle for some couples. The economy is crazy rn!!!

[@trashpageant7861]

If there’s two incomes. And not one income and one playing 2K

[@tashahall1855]

Yeah , well everyone doesn’t have the luxury of a helpful partner, and two incomes can go to 1 or none from a simple lay off.

[@cutime6712]

Go get you a bear 😂​@@tashahall1855

[@roseeze166]

😅😅😅😂Jealous f@ilure

[@nickristick2936]

Remember for those who overpaid for their homes and bought in 2022 at the hype of the bubble if you sell it's good for your property to go up in value if you don't sell all it means is you're going to pay more in property taxes and insurance hello

[@timmatthews5762]

Selling at a loss😢 man that sux bad. And now what, rent? Ouch.

[@Tim85-y2q]

These kinds of increases are more due to insurance than taxes. Taxes generally only skyrocket if your home value also skyrockets.

[@marlon5742]

Prop 13 in California fixes the property tax rate only changes if a change in ownership occurs or new construction.

[@trina2100]

I am 44 years old and have owned real estate since I was 20 years old. I recently sold all my properties and moved myself and son into an apartment. Everyone is telling me that wasn't smart because I am just wasting money now. They don't get it. They don't realize how much money is also "wasted" when you own a home. Insurance, interest, property taxes, fees, etc are monthly expenses that dont go towards home ownership so it's essentially money thrown away just like renting....I had a substantial amount of equity so I cashed out and put that money into a cd paying 5%. The interest on that alone is paying my rent and utilities. When it matures hopefully the market will have corrected and I'll buy again.

[@pinschrunner]

Not all condos are going to collapse. 1+2 story condos are going to skyrocket!!!

[@augustG.I.F]

I have done Real Estate in the past Sales and Title review. A contributing factor is being honest about how much house you actually need?. Also if you buy RAW land anything you build will make your taxes higher. Secondly I don't suggest you buy any home with a HOA. Remember Taxes, fees and inflation go up NOT DOWN. If the budget feels tight or like you're gonna have just enough to get by without any cushion or wiggle room it's probably a HORRIBLE idea. Lastly, don't get caught up in the bells and whistles or keeping up with the Jones, Parker's or Goldbergs.

[@hectorlopez1196]

People are overpaying for houses over a 100 percent . Taxes are based on home purchase price

[@trina2100]

I don't think so. I think they are based on the market value.

[@pinschrunner]

176% property tax increase can only happen under a few scenarios in Florida 1. It was an older home formerly taxed at a low base value and brought up to market price with the sale 2. It was based solely on land value for a new build 3. It isn't her primary residence so she doesn't qualify for homestead exemption which caps increase in base value at 3% But the video complains of INSURANCE NOT PROPERTY TAX.

[@trina2100]

I was wondering how that could happen. I never owned property in her state but I have in other states and in no scenario did my property taxes sky rocket like that even with a dramatic increase in value (almost doubling). BTW the city was reassessing and increasing my properties like every 3 years it seems. It must've been the 2nd option.