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

Mortgage Mike Helps

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.​

For more expert mortgage tips, visit mortgagemikehelps.com Subscribe for the latest videos from Mortgage Mike Helps on Youtube @rileyteammortgageloans

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

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