Property Taxes BANKRUPTING Homeowners and Their Equity
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- เผยแพร่เมื่อ 6 ธ.ค. 2022
- Between 2014 and 2021 over 7900 homeowners have lost their homes in foreclosure due to not paying their property taxes. However, this story becomes much more sinister when you look at how many states and counties are able STEAL the remaining equity from your home, even after the foreclosure has taken place and the property tax bill has been satisfied.
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MASSIVE Insurance Rate Hikes! People Can’t Afford It th-cam.com/video/rZErX_v1Rmg/w-d-xo.html
nice if tell how much highet
Move out ..... problem solved !
@ciclurieconomice8494 like your video.
Really evil to take the home of a 93 years old. No words for this wickedness. There's no compassion for anyone 😔
EQUALITY BEFORE THE LAW IS A FUNDAMENTAL CONSTITUTIONAL PRINCIPLE!
I thought our leaders' jobs are to keep Americans safe - and our economy strong. I was wrong.
What do you expect from a Democratic run administration
Their job is to herd the sheep while making a profit. Yay but I’m sure voting will change it hahaha!
I agree
I’ve been saying for a while that this is how they’ll get people with no mortgage or low interest rates. We never truly own anything due to taxes
Very true @Dave Blackman. Alas, as a home owner or condo owner - sadly - taxes are a given - after all - who's gonna pay: Street lighting, garbage collection, sewer, law enforcement, fire, EMS (Fire Department Ambulance), road pavement/improvements, etc and MUST be a part of your budget. For me, my taxes are literally a drop in a bucket and yet, its a part of my budget cuz you don't wanna be caught off guard. One other thing: I feel very sad for those who just moved in and receive their first "Property tax collector" bill and are paying even a thousand dollars (on up) in taxes. My old property - with homestead - is now 2800...(I was payin' 800) and I can only imagine the look on their face when they opened up that bill. I know in Palm Beach County and Broward County you can place yourself on a schedule for quarterly deductions for the NEXT year.
@@PaulaPatioOfficial We might not mind so much if there was far less corruption, waste and theft. Texas is the ONLY state where you can actually see where your money is being spent, everywhere else appears neglected and disintergrating. 3yrs ago, my NW town purchased many $40K EACH solar trash bins, and they cannot even fill potholes or snow plow inbetween streets. Where is the money going ???
@@kookietherapy9398 The Texas power grid disagrees...
@@PaulaPatioOfficial , Here in NH since we don’t have a state income tax or sales tax, our property taxes are high. We live in a modest 3 bedroom, 2.5 bath house and our new yearly tax bill is $7,200! But if we moved to any of the states next to us we would paying that in just state income and sales tax. (Probably more.) Then gets $4,500 or more property tax bill for the same size house on top of it. So we will stay put here.
@@Irishluck97 Live Free or Just Die
I 💗 NH ! Used to live there. Would like to go back there, been looking at Maine, but you just changed my mind. However, back to the point, if you live on $10K soc sec p/yr, even if you own your home free hold, you're screwed. Couldn't even afford to paint it...as you can See driving NH streets...it got painted a long time ago. People in NH would sell their dog to survive the winters. You maybe more prosperous, but people around you are dying. L👀K !
I’m in Utah and my old neighbor died and nobody paid taxes on her property. The mortgage was paid off. It went up on a Tax Sale auction with the county. The new owner bought it for only taxes, interest, penalties, and administrative costs: About $10,000! The home is now worth about $300,000! This was in the 2000s when a lot of people weren’t aware of these auctions. Probably impossible to get a deal like that today.
They made a movie on this theme- House of Sand and Fog. Goof flic.
Wow, that is a steal
Tax sales in some cities may depend on "having the right sources of informantion", and presto chango and voila, with a wink and a nod the house can be yours for a song.
One of the best lines from the "Rich Dad, Poor Dad" books: "The government owns all the land. Stop paying your property taxes and you will quickly realize that."
Your property taxes are Are services rendered in the county you live in, Police sheriff Fire department library jail Road maintained ect.
@@johnjaco5544 n public schools... He can defund them n see how he loves his neighborhood. Invest in guns.
@@johnjaco5544 here’s a man that doesn’t get it.
@clot shots so what... HC is a larger problem. All I am commenting on is property taxes pay for public schooling. It would cost u a lot more for private school or lost income for home schooling
@clot shots I think u need to move to Mexico
Shame on MN, disgusting how seniors are treated in their final years
Yep…
I heard the story with a lady lost her property over $3 that she didn't realize she owed.... I believe it was also in that state. There's a racket with the officials and their cronies when people cannot pay their taxes...😕
Happen to a lady in Detroit
I bet the officials or their family members are the ones at the auctions buying them all up for a penny on the dollar. Corruption.
A clerk of court is the biggest thief in Any county
So sad…
That is true she lived in Florida. I heard story in my real estate class many years ago.
Absolutely scary that your home WILL be taken if you don’t pay your property tax in the states you listed. Thanks for the work, Michael.
Yes, it is!
Your home will be taken any place in the USA if the taxes are not paid. They don't care whether or not you get out of work or got sick. You will still be kicked out.
Honestly, I’m exhausted now. Super tired!! All this economy stuff drained the life and energy out of my living soul. I have no energy to earn more money.
I'm the same way. It's such BS
@@chusinavan4131 I don’t even have the energy anymore to even do overtime at my full time job. I just to my regular hours now 8am-4:30pm. I’m super physically (and mentally) drained😞
The truth is, if you pay taxes on it, you don't own it. I've been telling people for decades, don't pay their taxes and just see who the real owner is.
That's what the second amendment is for I guess.
Can't remember specifics, but I remember hearing a story of a 80 something year old man who had lost his wife not too long ago (when this story took place) and she did all the book keeping for their bills ect). There was an accounting error and a property tax bill went unpaid and for less than 2 grand, the county sold the house he'd built himself and lived in for more than 60 years and he had no idea until a Sheriff deputy showed up to evict him from a property he owned free and clear over a 2 grand tax bill. This is called "tax forfeiture" and it's a complete abuse of power. The county can sell your property for pennies on the dollar just to settle a petty debt and then throw you out on the street. In these states, there's little if anything you can do
How are the people of that county not outraged by such abuse and ban together to remove those county officials!?
It is just completely criminal to hear things like this. At the very least if the county can completely seize and sell your property, you should be able to collect the difference after the bill is paid.
You kind of wonder WHO buys these houses for pennies on the dollar. Friends or relatives of the country officials making the decision to do this? Because it IS a decision. It's not automatically triggered or anything. They should not be able to blame some algorithm.
I think that in all these states that allow this, extra requirements should be put in place, such as a signed registered letter to the owner, followed by a face to face meeting with the owner to gather information about the situation, and ensure that next steps are clearly understood by the owner. And there should be a year's grace after the City has fulfilled the requirement of meeting with the owner.
Heck, if they give RENTERS months and months of court dates and letters and all before eviction is possible, how much more difficult should it be to essentially steal the homes of owners and put THEM out on the street? THIS IS ABSOLUTELY OUTRAGEOUS.
@char west it's damned near criminal that the government has the right to seize your property and then sell it to satisfy a petty tax debt. In some cases, the owners OWNED the property with the deed secured and still lost the property to tax forfeiture. Proof that you NEVER "own" anything if the government can find any reason to tax and then take away your property to satisfy that tax
We bought property through a tax auction. The owner has the right of redemption. You can't do anything for 366 days, to give the owner time to redeem their property. After a year and a day, you have to foreclose on it. In the past, the person who bought it at auction would immediately start improving the property and put a lien on it for the improvements, which made it harder to redeem. But now, you cannot touch it until the 366 days passes.
Amen. I've ALWAYS said you don't own your home (even if you do not have a mortgage)....stop paying your property taxes and you'll find out who REALLY owns the house. I know people don't like to hear that, but it's just the simple truth.
Im in Texas. I bought 5 acres next door to my house for $1,120 in a tax foreclosure. Multiple notices are sent to the parties who owe the taxes. It took over a year to go through the full process and the sheriff had a literal sale on the courthouse steps. I bid on it and was the only bidder. So, it isn’t a “come snatch your stuff in the middle of the night”. Also, the owners can have up to two years to remedy the back taxes if it is a homestead or 6 months if it isn’t. I’m sure states differ, but here in Texas it’s a process that is usually pretty fair to the property owner with many opportunities to settle before the sale.
Same here in Florida. My neighbor found out the Saudi Arabian guy who owned the empty lot next to him hadn’t paid property taxes in years, so he offered the county to pay the taxes. They contacted the Saudi and he paid within a week.
Notice how Texas was not one of the states on the list that performs this criminal act. you’re right it does sound fair in Texas but it’s obviously not in these other places.
Michael, I really appreciate all the information you give us daily. It helps with current and future decision-making. Thank you!!
It's extremely depressing to listen to these videos - sad, simply sad, sad situation
You’re very welcome Emzy that’s exactly what I’m hoping people get out of these videos
I predicted this back in 2012 and have fought the criminal property tax.I have been trying to educate people about this injustice for a long time. Texas is one of the worse.
You are so spot on regarding many of these important issues and mine fields one can get themselves into. I served on an HOA board for over 10 years during the past housing crisis. I remember so many elderly people who lost homes here in Florida due to non-payment of taxes, mortgages. When some of them died their heirs got nothing because of no wills or trusts, probate ate up much of the equity.
Yep I saw a lot of that too since I entered the real estate profession, during the last housing crash
I appreciate your reflection on what positive things we can still appreciate amidst the clear obstacles ahead. Thanks for your time working to positively impact those willing to listen.
I'm impressed how a real estate agent can break down the economy into every day terms. Most real estate agents will just feed you a line of bull to get the commission. Michael is giving us the straight poop.
My mom lives in nowhere craptown Kansas and they just raised her property taxes to $5,600 a year.. she’s 80 and her home is nothing special..
I agree about seeing what is in actual reality and appreciating the beauty of this creation. What attracted me to your channel is that you are out walking showing us the beauty of Florida. Thank you
Yep and I love being out here showing everybody the natural beauty while talking about these important topics
Hola from Central America. I'm fortunate, I only pay approximately $430.00 each, annually for my beachfront property taxes. I'm seeing more and more U.S. expats with yachts. The two main reasons, no property taxes, and tax write-off as a residential home. They travel the Atlantic and Pacific, wherever they drop anchor or dock is home.
That’s great, am glad for you. But central and South America have big problems of their own. That’s why the US has had approx. 5 million coming in from our southern border here. The majority being from Central and South America. So something is up if they are all coming here. 🤷♀️
@@FloridaGirl- That's because they still believe in the fantasy of The American Dream! U.S. expats like myself, and U.S. corporations, realize that you can accumulate wealth in Central and South America!
They are forcing people in prisons in Brazil for going against government. And being forced vaccinated
People over 65 shouldn't have to pay property taxes.
Of course the Court will find in favor of the State. Those Property Taxes pay the Judges salary and pension.
They have people losing their homes over HOA fees here in Colorado. It's very unfortunate for these homeowners caught in this predicament!
In Florida also.
Oh yeah, that happens a lot here in Florida during the last housing crash
Spot on as usual. I agree 100%
Thank you, John!
Wow! I was unaware about the property tax situation. Thank you Michael!
Glad to make you aware of it Jill!
Yes. Here in Arizona you can lose your home if you don’t pay your property taxes. Also if you don’t pay your HOA fees the HOA can sell your house as well. I want to move to a state where they can’t take everything from you.
It happened to my brother here in Kennebec County In Maine two years ago. The county took him away in handcuffs, and I saved him because I was driving by . I’d been checking on him, but he was homeless for the rest of his life which was two years ago he was 78 years old and the town took his acreage and sold it for their profit. I don’t know whether the county took the profit from his house or not. I think that was the bank, Wells Fargo, the bank, that Wells Fargo sold the property to because that was the case with that however, the acreage that have been in our family for 70 years was sold to the profit of the town. Heartbreaking. He died.
I have a video of the three burly officers, handcuffing him.
What a nightmarish thing to put anyone through, especially a senior! Absolutely vile and nasty. It doesn't get any worse than this. Kennebec County in Maine should be ASHAMED of themselves. I'd get names of everyone involved in this horrendous robbery and PUBLISH THEM. How dare they?
I live in Kennebec County and had NO idea that such action was even legal, much less happening in this state. How horrible that such a scenario is even allowed to happen..
gail it was the Litchfield Road, Farmingdale, Kennebec County, Farmingdale, Maine - my brother, William S. Caldwell, Ii.
The Wells Fargo part was the evil corporation scenario where he took a reverse mortgage and in small print. It said he had to pay the taxes and he did not do that and then he resisted when he was told that he should. But the 40 or 50 acres of family land that went down to our wild pond, Hutchinson pond, was involved with just the town. Those three selectmen held his life in their hands, and they twisted his life and threw his life away. Two of his friends - one was his sister-in-law one was his lifetime buddy - went to the town with cash in their pockets to pay all his taxes and we went and begged as his relatives, and they said even though we were nice people they did not ever want to do business with a Caldwel again and they would not take the money.
Control freak evil people;
My kids, who of course are all grown because I am 82 (I was 80 at the time) told me that I had to take it =bury it =forget it mom it can’t be helped so I did
Wow…
Another good video buddy😁,thanks.
Appreciate it John. Thanks for being here!
This is called county tax deed sales. Whenever someone goes 3 years without paying property taxes their home gets put up for auction at their county courthouse. Some properties go to otc (over the counter) when no one bids on them and they can sell for as low as $100
In Colorado it's not 3 years. If you do not pay your tax bill by day it is due your property will be listed on an auction site within one week
@@analoglime wow
@@powerpunches9500 it's absolutely crazy. Mailed a check for my taxes this year instead of paying online. The check never arrived and I was sent a certified letter three days before the deadline to pay, well that fell on a three day weekend so I literally got the taxes paid the very last day it was due. I nearly had a heart attack my anxiety was so high.
Wow. That's messed up. Good information to have. Thanks.
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This may sound silly, the property tax started only 120 years ago, hopefully it won’t last forever. Looking into the daily life, lot of things, we are paying more taxes than we supposed to.
Now that they got everybody on the hook I doubt it’s gonna go away anytime soon
Dream on. How else is the interest on all that national debt going to get paid to the central banks if "governments" don't rob the citizenry blind for the next few hundred generations?
8 miles south of Boston - paid off my home but the property taxes cost me over $1,000/month. The roads are potholed, the schools suck & I paid $15,000/year to educate (not indoctrinate) my kids at the local parochial schools. I can't wait to get the heck out of here in 18 months.
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Another excellent video Michael.. you make a lot of great points. Looks like everything is tanking, including job loss, interest rate hikes, debt, inflation at 4-5% YoY, home insurance and taxes increasing. Seems every crash is worse than the previous. On the flip side will be bargains if you're patient!
That’s right there are positives to this. I plan to make a video on that real soon.
Thank you Michael 😊
You’re welcome, Jennifer!
I was on a cruise and didn’t buy Wi-Fi so I missed your videos. I love this one. Your analysis is spot on. We lived in grandeur. Everyone has a cell phone, access to internet, own a designer item - bag or shoes or clothes. Homeless people can afford to buy drugs and alcohol.
The feds have kept the interest rate to zero for so long that the economy is in this big trouble. Time yo pay the pauper.
Thanks Mich
You're so right we should be grateful for all we have 🙏🙏
Every day, my friend
I am always amazed at the way this guy speaks, not only am learning market but also English 😅
Thank you so much Michael
So glad to hear that you’re welcome!
In Georgia I saw a lot of company buying up properties by properties taxes.
Michael, I was a homeowner for 28 years up until July 2022. In the state of Florida I was homesteaded back in 1990s which means that they cannot raise my property taxes more than 3% per year for any reason whatsoever because of that homestead exemption. That you are right people that buy houses today in Florida they can't get that homestead exemption where they get locked into being only raised three percent a year or less they can't go above 3% a year by state law if you grandfathered in. Idea response from you if I'm correct on that I've owned a house of 28 years like I told you 1994 to 2022 and that's my understanding of the law I'm not no realtor thank goodness I sold my house before hurricane Ian hit I'm happily renting right now, no worries 😁
You can still get that homestead exemption today and the 3% per year maximum cap on increases. The biggest difference is when you buy today. Your property taxes will already be extremely high when it gets reassessed.
Thanks Michael!👍
Appreciate your work I totally agree with you and the funny think is that someone out there just like me 😎
Thanks Beata! Always glad to hear from you!
Michael , this is not new it was in the news some while ago that some old man lost his house for only 98.00$ owning property taxes ! This is a cruel and unusual punishment and needs to stop ! Specially for elderly‼️
Yes, I know it’s not new but it’s good to bring it up for people who don’t know
@@MichaelBordenaro keep up the good job Michael! 👍
Thanks for using your platform for real realstate news !🤓
thanks Michael
Love your videos. Thank you from Serbian fan.
Absolutely agree.
Thank you for the truth
property taxs is rent
How did you people not know this? It’s in almost every state
Minnesota has some of the worst tax laws in the country. It is also listed as one of the most tax hostile places for retirees.
It sure seems like it! i’ve never been to Minnesota, and I always imagined it to be a nice and peaceful, mid western state, but it sounds terrible on the law side of things
The same thing also happended when a property owner are late on their Home Owner Association payments, Your HOA can file your home or apartment in forclosure for late, due owned fees as little as $100 late
The way I’ve seen them do it here in Florida is they’ll place a lien on your property and they’ll get the money when it sells. they will also turn off your ability to use any HOA amenities.
I was so happy to have sold my home on property in 2021. The property taxes kept going up, felt like a chain and ball.
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Syosset NY.25k s year property tax for a ranch house! How about 40 thousand a year in Scarsdsle NY.for medium size house ,,OUTRAGES!!!
They are trying to get BLOOD FROM A STONE!!! TIME TO BUY A TENT!!!
Thank you for the video and I do appreciate it. And you are my favorite voice really doesn't matter what you're talking about but I do agree what you're saying . 🌻😊
Thank you Aneta!
Thanks!
Thank you very much!!
Michael, you've probably heard of the world economic forum and Klaus Schwab it's founder and chairman since 1971. I don't think he's over concerned the about the world economy teetering on the precipice of collapse.
I'm 62 and always amazed when I see younger people walking around with an premium cup of coffee from an expensive coffee retailer. I can buy a 3lb container of good coffee for under $ 9.50 (on sale) and will last me at least a month. I don't know about these younger people, but I want to retire someday! Keep up the good work!
I don’t get the coffee thing either! It’s also a lot of effort to go out. Wait in line just to get a coffee and then pay five times more for it.🤷♂️
They have been doing that up in NJ for years. Pretty messed up stuff.
I will gladly overpay for my property taxes if it means I get early releases of Michael's videos.
😄
They the Government will not let you pay your property taxes ahead ! Why ????
Man....I called this one too. One thing I was(still am) afraid of is when people bought BEFORE (or just as) the housing market got STUPID, what's going to happen after their property taxes are reassessed. Property taxes are always assessed in arrears, so for example my home was just over 200k when I purchased it in spring 2019 and it shot up to over 360k before it leveled off and is starting to drop. Problem is, the property taxes were assessed in 2019 and are usually done every 4 years unless you have a major exterior renovation. In some areas and states (like Texas) there is no legal limit on how much property tax rates can increase per cycle and in some areas, they could see a 50% increase in property taxes. Even if you escrow that into your mortgage, some owners might not be able to handle it and for those who DONT escrow it in, they might be in serious trouble. You might start seeing tax forfeitures increase on too of foreclosures ON TOP of this wiping out any equity that the property might have. The only real way out would be to refinance if you do have equity to escrow in the taxes but then you'll likely have a much higher rate.
In Texas assessment values have no bearing on true mkt value. It's backed out from the county budgets. There is a process u can go thru to appeal... Texas also don't have cap of tax growth or any discount for homestead
EXCELLENT POINT: Escrow your taxes into the mortgage (if you have one)!
That’s exactly right. It happened to me. I made a video about that on the channel a few months ago my property taxes basically doubled and that’s gonna happen to a lot of people who bought. Hope they can afford it.
@@MichaelBordenaro watch Felix zaulauf on weathion ...his opinion on interest rates
Not only is it going to be near impossible to sell your home and make a profit, or buy one with a reasonable mortgage rate... then you have to contend with incredibly high property taxes, home insurance, and utility costs. And here's another thing few are talking about: the cost of home maintenance and repair. Even if you lower the price of your house to offset increased mortgage rates, potential buyers no longer want to invest a dollar into roofs, furnaces, windows, flooring, landscaping, etc. It's not longer economically feasible to do so. Inflation has systematically destroyed every single aspect of this housing market, and we're still in the early stages.
That’s so true even if everything else goes back to normal with the housing market repair cost will remain elevated due to inflation
In California this is the case, however, it take years upon years for the Tax Collector to auction your home. The Tax Collector would try all other means first before auction such as penalties, liens, wage garnishment, tax return garnishments, credit reporting etc. So by the time it’s in the auction stage they would have gone through all those other means. When your property is up for auction they have to publish it in the newspaper or maybe now the county website. It’s open for the public to bid/buy . I believe if you do have a mortgage your lender may have first dibs prior to the auction stage. If somehow you buy an auction home under fair market you will still be taxed at fair market value.
I live in MA, and my town reduced the property tax rate so they only take what they need in a dollar amount. They have done it before when assessed home values were up. In the end, we only get a tax increase that matches inflation.
Never understood why people in USA say, its my house! Even paid off, it is not yours! You do not pay taxes, u can kiss that house good bye!
It’s true
thank you friend
You’re welcome
I am SO glad we used our Covid stimulus checks to pay off the majority of our debt! I might not be able to buy a house but at least I can save what I used to spend on car and credit card payments.
Smart😊
Good for you that was smart
Unfortunately, property Tax is one of the costs to own a home. Make sure to purchase a home that you can afford (plan to stay in a home at least 10 years, at least 20% down for financial responsibility and avoid PMI, and steady income). Be happy with what you have, live within your means, keep your investment portfolio simple and build your wealth slowly. Don't fall for get-rich-quick scheme. Educate yourself (learn simple investment rules and some basic tax policies) instead paying a large amount of money for financial advisor.
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My plan exactly and I have money nice home in a decent area surrounded by the ghetto but live-able because criminals in Chicago now targeting the wealthy white areas. Ironically true. I’m working until age 72 and saving my salary. Living above your means is a lifestyle and retirement killer.
6:00 Yea I concur with that assessment. Interest rate hikes up to 14%-20% until inflation is steady at 3-5% +/-. Then gradually bringing interest rates down overtime. 1970s and 1980s all over again.
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It happens here in Australia too. If people can't pay their local council rates over a two year period, the council will auction the property off. Prospective buyers are unable to view these properties before auction so they are purchasing a property sight unseen but at a bargain price.
There shouldn’t be a tax on the residential properties.
Ummmm…so who would pay for waste disposal, raod repairs, etc.?
@@Theguys1 home is a necessity.
We pay for many other taxes and insurance. For example if some one was 80 and their income cant afford taxes bc of inflation and many other factors. Yes we are young we can afford taxes but the elders cant. They shouldn’t pay taxes on their homes. They income when they retired was less than minimum wage now.
In Italy there no property tax on your primary residence
That's real freedom
I just automatically assumed that if the county foreclosed on you for property tax, they would find some way to spend any equity and you would lose it and be tossed out, getting nothing.
Great video
Thanks!
My friends dad owned an old small home on two lots in Corona Del Mar, CA since probably the 1950's. It was paid off but the real estate in that area kept on going up which caused his property tax bill to raise as well. He lost his home due to non payment and got nothing because of it. It was worth millions about 4m for the house and the lot next door where he had a nice garden was worth at least 1m. I'm not sure why he didn't just sell it or just sell one of the lots. The government took 100% of everything and gave him nothing in return is the way I understand it. Just makes me so mad hearing about stories like this especially when you know someone that it's happened to.
It's frustrating because any improvement you make on your home or property, your property taxes go up but you don't get any improvement on city services. I pay about 5k yearly but my neighbor on the same size 40' wide lot pays 11k simply because his house was rebuilt into a 5 bedroom house. He's moving out into a nearby suburb that's more affordable. It's a very nice house but good lord how can anyone afford living in the inner city? What also drives me crazy is the condition of our alley, I've complained many times that our alley needs repair and resurfacing, that's the cities job.
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It has been that way for awhile. The laws are different everywhere. It can even be on a county by county basis.
Hi. I went to the broward county tax deed sale before..I knew of an investor that he made a living investing in these tax certificate sales. He sometimes ended up owning the property and having to evict the original owner.
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Glad I have no interest in none of the named states. Thank you so much for this eye opening information. I also just will not purchase any home with a bank.
Yes, I really wanted to mention all the states where this can happen because it’s a big deal
The law should be Foreclosing for taxes... Yes. Selling to an investor...Yes. Taxes/fees paid in full to the Government entity from the proceeds. Left over equity should go to the Original owner. That is Government Criminality.
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It feels lime the summer never left this year,scorching temperatures in the 85 during months November and December. Never been like this in Florida in over 20 years
I know! I’ve been here 15 years now, and cannot remember a winter this warm
I live in SD. When I bought my property in 2011 property taxes where $2700. Now my taxes are $7100. It more than doubled in 10 yrs. At this rate when I retire in 20 yrs my property taxes will be $20k plus per year.
Omg that’s awful and you live in below zero state
Tax liens is possibly the worst claim you can have on a title. The mobsters will take your property because you didn't pay protection payments.
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In some states HOAs can foreclose on your home if you owe them dues
WOW! didn't know that this tax thing could happen in NY. It could creep up fast too for the fact taxes are high....some areas it averages 15K a year.
Yep that’s why I want to make everybody who watches aware of this
And you can possibly buy this government lien, and get a 5% to 36% apr on your money, depending on the state.
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Hi Michael 😊❗️Thank you for another great video 👏👏👏
I’m really amazed that some States can actually sell your house from under you. That sounds very scary. I feel for the elderly who might lose their homes because of other corrupt people who will take advantage of them.
I’m watching the Sun ☀️ starting to set here in Central California and I’ve got the heater on outside trying to stay warm,So once again I’m JEALOUS ❗️
I really need to come check out your part of the Country. I’ve always loved the hot weather and I feel like I’m missing out.
Anyways,,,,
Thank you and God Bless,Carlos
Thank you Carlos it is scary that this is happening to people especially the elderly. Sounds like you would love Miami. It’s basically hot all year around.
Got my property tax bill today. We were paying about $3600 5 years ago. Now we're up to $4600.
Edit: I know my taxes aren't high in comparison to most people. Just wanted to mention what I've seen in terms of tax increase where I live
Wow
Cry me a river
@@analoglime My house is worth about 300k for reference
Very cheap
20 yrs+ ago I paid 14k property tax for my long island south shore waterfront 1400 sf 85 ft water frontage. Your taxes r ntg..very affordable
Prop 13 is the one good thing about CA. Passed when CA was sane.
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As a millennial, it feels like I won't ever be able to own a home unless I inherit from my family. If my parents weren't financially secure and owned homes and assets, I don't know how I would personally ever be able to retire and have peace of mind one day.
As a millennial I am happy I bought a new home for $151K. My mother felt the same as you back in 1980. Things change.
If you're still living at home the best advice I can give you is: SAVE YOUR MONEY and stay there. And as someone else mentioned, go back to school (tech school) and learn something that pays well. Dental Assistant, Dental Tech (learn to make teeth), A/C repair, Auto Repair, Plumbing, etc. The world will always need those trades. Best of luck MG....you're gonna be fine. :)
Learn to invest, take risk, take care of your health, be happy with things that don’t cause money. Learn to live within your means and you will be fine.
@MG -- no one really ever owns anything outright, taxes, insurance, liens, lawsuits... all will snap your home out from under you... don't forget Mother Nature, she can storm-in and sweep your home away, shred it into rubbish in one day...
The thing a lot of people overlook is the cost of inheriting property. When you reach retirement age, if you have been smart enough to spend a lifetime contributing to a well managed private or corporate pension (forget government pensions which are basically bankrupt and have been for a long time) you will still find yourself on a fixed income. As property taxes are invariably calculated on a property's "market value" and are regularly revised this means that over the course of 10-30 years the financial demands become ever greater. Older people on fixed incomes can only absorb so much and usually don't have the option to just "go out and earn more money".
In my country, many pensioners who rely on nothing but the state pension now live well below the poverty line - that's the reward for all their hard work. They might well have bought their own home with a 25-30 year mortgage and managed to pay it off and keep up with the property taxes for all those years but their properties are now assessed to be worth possibly 100X or more than they were when they bought them and the taxes rise in alignment with that value. Consequently you have people living in houses deemed to be worth, let's say, a £1M - an amount of money they've never seen in their lives and the property taxes on a £1M home, well, they're not anything like the taxes on a £2000 home. Many are conned into "releasing equity" in those homes or have little choice but to do so in order to survive, saddling them with more debt and giving just another claim on their property as a result.
Now, many will say, well, they can sell up and take the profit and sure, some can but that still leaves many of them needing to buy another home or perhaps pay off that second or third mortgage (equity release) on their existing one and as home prices rise pretty much in unison, what they are likely to be able to afford is going to be less than what they worked all their lives to pay for and thought they "owned".
If you're pretty much broke yourself and living pay check to pay check like so many, you can sit back and rub your hands thinking about inheriting your parents' accumulated wealth but you're very unlikely to be able to maintain it. I understand that this is all relative and if you're inheriting serious wealth it's going to be far less of a worry. But let's just say you inherit an average family home which is mortgage free and little else - are you really going to be able to afford to hold onto it and live in it? Add in the effects of inflation, even if you're working and bringing in the average US income which is currently about $63K can you afford the property taxes on an average priced single family home which is currently around £380K? If that's a stretch, how are you going to afford the utilities, the maintenance and upkeep and other ongoing associated costs?
I appreciate that I am talking about a huge number of variables here but this just proves that there are invariably a lot of complications surrounding inheritance. You may not want or be able to live in an inherited property because of its location - perhaps because you are still working and can't relocate. Maybe you'll be on a pension yourself by the time it happens and just can't afford the costs associated with the house - in which case you'll probably want to sell and realize its dollar value and then pay cash for a home you can afford, maybe with a view to having some left over to save and invest - and that would be a smart move. However, the cost of living continues to rise, as inflation bites and your income doesn't keep pace with that increase and the value of the money in your pocket continues to decline. How long will your savings last? How much more costly is that home you could afford at the time going to become and how is your ability to go on paying hold up? As I've already said, this becomes even more crucial once you yourself are retired and on a fixed income.
I'm not trying to piss on your rhubarb here, I'm just trying to highlight the reality of the way these things work. There are many, many people in your position. You've already said that your only realistic hope of buying your own home will be as a result of inheriting from your parents, so presumably you're not raking in the money and everyone in a similar position should bear in mind, you may inherit their assets but you'll also inherit all the costs long term and you need to be prudent and financially responsible. Those costs always rise, they never go the other way. Don't believe that life just becomes easy post retirement - at least not unless you're wealthy and genuinely financially secure already. The bills and taxes don't stop until you're in the ground.
The only sound and simple advice I feel I could give anyone is to live within your means. Before the times of cheap and easy credit, most people didn't have a choice to do otherwise. If you couldn't afford something you went without it - yes, even things like new shoes and clothes - there were no credit cards, store cards or buy now pay later debt traps as there are today. That all started with things like hire purchase (HP) or the "never never" as it was commonly referred to. Prior to this, people paid cash for most things and no cash meant no purchase. If living within your means sounds terrible and that you have to do without the latest consumer goodies, the holidays, the entertainment, the new cars, the ever bigger or more impressive house that you neither need or can realistically afford, well, you're probably going to ignore that suggestion anyway, but if you're smart, you won't. Do everything you can to avoid debt and you will be much happier in the long run - that I guarantee. It's hard to resist temptation in the 21st century consumerist societies we live in, I know but fiscal common sense should tell you that debt is bad and being debt free is a far better situation to be in.
Long Island Property taxes are ridiculously High. .
I pay School tax, Village tax as well as General tax. Retired 11 years ago with a decent pension BUT my taxes continue to go up up up. Which is why many Long Islanders Leave🙁
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The Fed would not lie to us. Haha. Nice haircut! Mullet do is so out. Rock on real estate warrior 😎
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I'm not really surprised. I thought that once your home goes into foreclosure, you get nothing, even if you have tons of equity. Sounds like the same concept applies to property taxes. If people got their equity back after foreclosure, then there is no incentive for people to be responsible and list their house before foreclosure. So many people had a chance to list their house to keep from getting poor credit but lots of people procrastinate and don't worry about it until it's too late. If you get behind on your property tax, I thought the city charged interest. So people could still pay a little and pay interest and not lose their homes. These people probably made no effort to pay and probably let it go for a long time for this to happen? It's sad because they are elderly but just saying that usually, if you are making some kind of payments, then they wouldnt take it from you. They could probably have also did one of those reverse mortgages to keep pay taxes and keep from losing the house. so sad.
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Missouri 3 years behind on your property it's going on the courthouse steps.
Hello again Michael, Randall here, I'm enjoying the videos still. I can't always comment with the things I have going on. I been with you almost from the beginning. I remember the Miami dating video you did. LOL My Mom almost went through this very thing with her house. I have a friend that inherited a house that did lose his house this way. Yes, it is common here in DC and also in MD, that you did not include, for people to get their house equity stolen from them. I think it is criminal. I believe some owners, especially the elderly, fall into this because they don't see their property taxes being paid because it is paid in their mortgage. When they get the property tax bill they must ignore it or something because they never had to pay it I suspect. Here in DC and MD they sell your lien to the highest bidder. It is a racket. What these companies do, they buy the lien, tack on all these legal fees and other fees hoping the owner can't pay. Then they get to foreclose on you and take every freaking dime you owed in taxes and your equity when they sell the property. This should be illegal anywhere in this country. I think these methods are also a tool used to gentrify and enrich these companies and change neighborhoods. It is not DC or MD doing this. These companies that buy these liens are allowed to do this. DC and MD get their money when the company buys the lien. In my mom's case, she just happens to read the papers and checks these notices regularly, she saw her house advertised as up for bid. It turns out my mom paid her property tax, but dumb old DC applied her payments to the wrong property somehow. It was easily resolved with her check records. Crisis averted. My friend was not so lucky. He just could not afford to pay and was ignorant. He could have sold the place himself, but he let it go too far and ended up losing an 800K+ house that he inherited free and clear!!! Can you imagine!!! 800K+ just gone from stupidity and a whack system designed to yank property and money from people. Luckily, he didn't lose the apartment buildings he also inherited and did well selling those. He moved to Europe and got employed fortunately.
Wow, your mom did get lucky! Your friend not so much though. I appreciate you being with me for a long time Randall!
Even if you get 4 percent interest on your savings, you’re losing every year. That’s why elderly people have a hard time, their money devalued as the years went by.
Michael, here in FL, counties issue tax deed if property owners don’t pay property tax, then tax deed will be auctioned, the winner of the auction buys certificate, pays property tax, wait for three years, and if the owner of the property doesn’t pay the tax within those three years, the deed to the property will be given to the owner of the certificate. Property owners still have opportunities to pay missed taxes for three years, so it is much better than the story you mentioned in your video, but once tax deed owner received the deed to the property, the property owner who missed to pay the taxes looses everything.
That’s exactly my point it is a lot more fair in places like Florida. Giving the person plenty of time to catch up before anything. Major happens is fair. also, from what I’ve seen people who go that long without paying their property taxes usually don’t have any equity Anyhow, probably have already sucked it out through home, equity loans etc..
just a heads up... in PBC you have two years to pay your taxes but, in the meantime, someone can "pay" your due taxes and have "claim" to your property IF you don't pay by the due date. IF you pay your taxes prior to the due date, PBC returns the "stranger who paid your tax" money. I know this because it happened to a family member. Broward county I don't what their limit is BUT, what I do know about BC is: 66 years old and within a certain income, BC will give you a property tax reduction. How I know about this is: A family member will be calling them Jan 4 to put that reduction into play for next year. IMO, Florida is still the best place to be and Michael: Keep on doing these educational videos. You cover info that many people either don't think about or need to be aware of. :) Happy Holidays Roomies! :)
Thank you for mentioning that Paula. It’s definitely good for people to understand how it works in different areas. And I will absolutely keep the videos coming. Thank you for being here.👌
I live on a acre in York S.C. my house is 3200 square ft my taxes are $856.00 a year . Homesteading tax . I’m 68
Man, you sure make Miami look good with your walks. Beautiful backdrop
It was a beautiful day
we are always in the crosshairs of the property tax. this technique makes sure you truly dont own home
I heard about people who are getting houseboats to live out on the ocean and avoid the high cost of living on land. My next house will be a houseboat.
Hawaii is expensive but it treats old people well. As you age from 60 on, property taxes go down. And I believe that you can’t kick someone out of their home after 65 if something like the stories you mentioned happened. Not certain on the though. But I do enjoy lower property taxes then when I lived in Oregon and the house here is valued more.
They should definitely has protections in place for senior citizens, especially if the house is already paid in full. Not just in Hawaii but everywhere.
In TX property taxes are 5K on a 200K house. 🤦🏻♀️
I think Texas has some of the highest property taxes in the whole country