Mortgage Mike Helps | How Property Tax Increases Affect Your Buyer’s Future Mortgage Payments

Link to YouTube Video Episode: https://youtu.be/WFTFESiYUfY

Think your fixed-rate mortgage means fixed payments? Think again. In this eye-opening video, mortgage experts Brendan and Mike Riley delve into the often-overlooked world of property tax reassessments in Florida. Discover how purchasing a home can lead to a significant increase in your property taxes—and consequently, your monthly mortgage payments.​

We'll explore why two similar homes can have vastly different tax bills, the impact of Florida's "Save Our Homes" cap, and how the homestead exemption plays into this complex equation. Learn how to anticipate and plan for these changes to avoid unexpected financial strain.​

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00:00 – Introduction by Brendan and Mike Riley
00:13 – How property taxes vary based on last sale price and date
01:02 – County's reassessment process after a home sale
01:29 – Examples of significant property tax increases
02:04 – Importance of informing buyers about potential tax hikes
02:33 – Impact of tax increases on mortgage payments
03:28 – Escrow shortages and temporary payment spikes
04:17 – Legal limitations on escrow estimations
05:11 – Real-life example: Tax implications on a $400,000 home
05:31 – Clarifying misconceptions about the homestead exemption
06:14 – Final thoughts and advice for buyers

Don't be caught off guard—equip yourself with the knowledge to make informed decisions and protect your financial future.
📧 Email Us: mike.riley@supremelending.com

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