Caption transcript. This text is pulled from YouTube captions and may contain minor wording errors.
[00:00] I wanted to talk about the whole property tax elimination in Florida. If that happens, that would set the Florida market on fire again. And uh I mean, people would want to move down here. uh they would likely in more investments would happen down here. But I think there's some things that we should
[00:18] clarify because I from the investors and some other people I've talked to locally here, I don't know if like I think people are going to have a big let down when they realize um that what they think is going to happen isn't likely to happen. Now, I think there actually is a really good shot that taxes get
[00:36] eliminated. uh property taxes and sales taxes even are are trying they're trying to reduce them from an already low 6% to I think five and a quarter. So if that hasn't gone through already, I think it's potentially in the works. Um back to the property taxes though, I think one of the big things is that people
[00:56] seem to think that it's going to affect rental properties and investment properties. And I think even Ronda Santis himself in some news coverage said the purpose of eliminating property taxes is to ease the burden on residents here, not for investors, not for tourists, not for uh out of state, out
[01:15] of country investors. So even local investors, second homes, you know, Airbnbs, like I don't think that's what would happen. And then people say, well, you know, residents already have the homestead exemption. Well, homestead exemption doesn't really do anything once you have no property taxes.
[01:33] Um, so what I think is likely to happen is um either they somehow set the homestead exemption to like 100% instead of 25. Um, or they just kind of like do away with the homestead exemption and somehow replace it with, you know, residents get no no property taxes. I I
[01:54] just do not see a world in which uh unfortunately in which rental properties do not pay any property taxes. Um that would and don't get me wrong like that would help investments that that would help investors coming into into Florida. Um because right now one of the main issues
[02:14] with investing in Florida is the property taxes and the insurance um make cash flow not impossible. So, I think, you know, I I get the argument and maybe maybe things will change. Like, if I if they say anything new, then that will change my opinion, but as of what I've heard right now, um
[02:34] I just don't see a world in which they they're going to do that um for for the investors and the the non-residents. Um especially not commercial. I don't I don't really see them doing that for commercial properties. Um, so anyway, I think I think, you know, uh, we'll see what
[02:51] happens, but I think I wanted to kind of get that out there. Like I think there is a really good shot of them actually like eliminating property taxes. Um, and maybe they only just do a rebate for this upcoming year and then they get everything written. But this isn't just like a grassroots movement. Like, you
[03:09] know, I'm sending a letter to my governor that I don't want to pay these extremely high taxes. cuz I bought my property 30 years ago and taxes were $200 and now they're now they're $5,000 a year and I can't afford it cuz I'm going to fix it. It's really the governor himself is is uh is leading the
[03:24] charge. Um which is a great is a great sign and and who I think that we could easily get 60% approval throughout Florida to eliminate property tax. I think that'd be a pretty popular uh constitutional amendment to sign. So anyway, I think that's a and that's what would be required um because taxes are
[03:44] mostly local, not you know from the state itself. So anyway, I think there is a good chance that we get property taxes eliminated entirely within one to two years. Um but I don't think it's really going to affect the average rental property. uh nor but I it would still help
[04:05] property prices to rise because you're going to have more people moving down here so there would be more demand. So it's not really going to affect your cash flow in that sense but it'll it'll help appreciation. Um and you know so anyway there's there's a lot to lot more to think
[04:20] about. There's a lot of variables variables at play but that's uh that's my opinion.
