June 23, 2025 • 17 mins
Mortgage interest rates hit a 30-day low, dropping 25 basis points today amid international tensions, while Florida's Governor DeSantis proposes eliminating property taxes on primary residences, which would impact billions in state revenue.
• Interest rates for 30-year fixed mortgages falling to around 6.5%, with volatility expected in coming weeks
• Recommendation to contact clients in purchase agreements about locking in rates during market fluctuations
• DeSantis proposing zero property tax for primary residences in Florida, challenging the concept of true home ownership
• Property tax rate comparison across states: New Jersey highest (1.89%), Hawaii lowest (0.27%)
• Florida collects $50.54 billion annually in property taxes compared to Minnesota's $12.3 billion and Arizona's $8.51 billion
• Significant variations in property taxes between counties affect buyer decisions and monthly payments
And More!!
TIP - If you have buyers currently under contract or considering offers, call them about their rate lock strategy with the expected market volatility this week. Make sure they speak with their lender immediately to determine whether locking in now is their best option.
Nothing Changes if Nothing Changes - Awaken your Awareness today!!
Grab my eBook in my Stan.Store/AngieGerber
Now's The Time - no matter where you are, where you have been, or your current results - By becoming more aware and following a process, you can have whatever it is you truly desire!
Schedule a free discovery call with me.
I would love to learn more about your goals, dreams, and desires!!
https://calendly.com/angiegerber/zoom-call-15-minutes
Check out my YouTube Channel - So many ways to stay connected and plugged in!
AGCoaching@agcoaching684
With Gratitude -
Angie Gerber
https://stan.store/AngieGerber
angiegerber@gmail.com
⬜ JOIN MY TIKTOK : https://www.tiktok.com/@agcoaching4life
🟧 FOLLOW AND LIKE MY FACEBOOK ACCT : https://www.facebook.com/angie.gerber.5/
🟫 FOLLOW ME ON MY INSTAGRAM : https://www.instagram.com/angie.gerber.5/
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Right, everyone, welcome to the Money Market
Update.
Nikki gave me a littleprecursor.
It's going to be a great call,so grab pen, grab paper.
Speaker 2 (00:11):
Yes, lots of info.
Speaker 1 (00:13):
Let's go.
Speaker 2 (00:14):
All right.
So welcome, welcome, welcome.
So, interestingly enough, weare seeing a great and awesome
boost to mortgage interest ratestoday as a result of the
conflict overseas and thebombing that happened.
Not as a direct result of that,but the lack of response from
Iran right now is actuallyhelping the markets and
everybody's kind of just takinga calm measure on it.
(00:34):
We expect to see a lot ofvolatility this week, but
experts are telling us that it'sgoing to start to push down
more and more on those mortgageinterest rates.
So if you take a look at ittoday, push down more and more
on those mortgage interest rates.
So if you take a look at ittoday, we are up by 25 basis
points, which means at thislevel right here you can see
mortgage interest rates are thelowest they've been in at least
the last 30 days and you cankind of see this downward trend
(00:57):
of interest rates Right hereindicates about six and a
half-ish as far as interestrates go.
So we're starting to see thatreally good push.
To have 25 basis points thismorning in improvement from when
the market opened to now ispretty sizable when you consider
some of these smalleradjustments that have happened
on the daily.
So things are looking reallygood right now 30-year fixed
(01:19):
mortgage interest rates six anda half 6.625 if you want to buy
a point down.
So things are looking reallygood from that standpoint.
As we see Iran respond to thebombings that the US did on the
nuclear facilities, that's whenwe'll start to see this
volatility in the market andwe're talking probably a lot of
volatility on the daily basis.
So, if you are currently in,have clients who are currently
(01:42):
in a purchase agreement orwaiting to close or doing
whatever, talk to them today.
Say, hey, where are you at?
Have you locked your interestrate in?
Have you talked to your lenderabout the volatility that's
coming in the market in the nextweek, week and a half?
Make sure you're on top of it,make sure you're watching and
make sure that you havesomething that is, you know that
you're locked in at an interestrate that you're happy with or
that you are completelycomfortable floating through the
(02:04):
volatility in the market.
So, just as a reminder, it's agood service.
Call to any clients that youhave currently in purchase
agreements with closing dateswithin the next 30 to 60 days.
That would be my recommendationtoday.
All right, so let's talk abouton the flip side.
Let's talk about property taxes.
So DeSantis is really who isthe governor in Florida is
really starting to push for noproperty tax in the state of
(02:26):
Florida.
His argument is that youpurchase a home, you pay for it
for 30 years and, no matter what, you're still paying property
taxes.
You don't ever really own thathome and the land under it,
you're basically just renting itfrom the government and he
really wants to get rid of thoseproperty taxes.
So what does that mean forFlorida?
But what does that mean incomparison to the rest of the
nation as far as property taxes,how much is collected and what
(02:49):
that looks like?
So I did a little research onproperty taxes and which states
have the highest percentage ofcollected property tax, which
states have the lowestpercentage of collected property
taxes.
And then I also am going totalk about Minnesota, arizona
and Florida in comparison to howmuch actual revenue is
generated on the state level andthen on the local level.
(03:12):
That's very important becauseif you think about DeSantis and
the governor, you know, havingruling the governor in Florida,
is he talking about the stateproperty taxes or is he talking
about the local property taxesthat he wants to get rid of and
there's a distinct differencebetween the two as far as how
much revenue is generated forthose.
Now he's talking aboutresidential single family
(03:35):
primary residences.
That's what he wants to get ridof property tax for.
I'm going to be talking aboutproperty taxes as a whole, for
residential property taxes, notcorporations, not businesses,
not Disney World, not things ofthat nature that bring in a lot
of tax revenue for the state ofFlorida.
But just kind of, how does thatcompare to everything else?
So it's just kind of someinteresting information as we
(03:57):
kind of follow that decisionthat he's trying to make and get
pushed through the state.
So right now, the top threestates with the highest property
tax rates and when I say thisthis is percentage in comparison
to home values so number one isNew Jersey 1.89% per year of
(04:18):
the home's value of the assessedvalue is given to property
taxes.
New Hampshire comes in atnumber two at 1.86.
Value is given to propertytaxes.
New Hampshire comes in atnumber two at 1.86.
And, believe it or not, texascomes in at number three at 1.81
.
Now, interestingly enough, inTexas, historically, the actual
cost of your home is lower butyour property taxes are much
higher.
So, for example, just as acomparison, a home that's in
(04:41):
Texas that's $400,000, wouldprobably be about $650,000 to
$700,000 in the state ofMinnesota.
So the actual cost of that homeis a lot cheaper.
But in comparison your propertytaxes are pretty high.
Higher rankings just in theMidwest area are going to be
Nebraska, wisconsin, illinoisand Connecticut all around 1.7%.
(05:02):
So definitely some Midweststates.
They're coming in as far ashigher property taxes.
On average in the state ofMinnesota it's 1.25.
In the state of Arizona it'sabout 0.85.
And in Florida it's usuallyabout one-ish right around that
amount.
Florida is very, very, verydiverse from a property tax
(05:24):
standpoint because depending onwhere you are in Florida that
you could have a tax rate that'shigher or extremely low.
So, for example, in and aroundDisney World in that area, in
the Orlando area, those propertytaxes are actually higher than
other parts of the state becausethey are.
Also, even though DisneyWorld's supporting a lot of
consumerism around there, theystill collect a lot of property
(05:45):
taxes for being in that area.
States with the lowest propertytaxes rates per year Hawaii,
believe it or not, 0.27.
So expensive homes in Hawaiibut you're not paying that much
for property taxes.
Number two Alabama, 0.39.
And then Colorado 0.49 to 0.52,which is also surprising
because Colorado, just likeHawaii higher property cost,
(06:08):
lower property tax Also comingin at Nevada, louisiana, south
Carolina, utah, delaware, westVirginia and Arizona rank among
the lowest.
So those are all under 0.1 orall under 0.85 as far as
property tax rates.
So when I talk about propertytax rates I'm talking about what
(06:29):
is collected from a localstandpoint, either city or
county, and also a state level.
So those are all combined andthen giving you the average
percentages of what that is.
As far as nationwide goes, theresearch is a little bit tough
to get behind as far as likewhat the average property tax
rate is for a single family home.
But they're averaging somewherearound $28.69 per year.
(06:52):
So you can kind of see, youknow and that has to do with you
know what is the average costof a home, what is it, you know,
and there's a lot of data thatgoes into it.
So the accuracy of that $2,700number, $2,689 number is
relatively okay number, a 2689number is relatively okay.
I mean, it's the best guess wecan get.
But there isn't really a way tocalculate averages just because
(07:13):
it is so different.
Also, so if we talk about totaltax collected.
So in the state of Minnesota,for example, across the state
collected in 2024 was $12.3billion in taxes.
That was the local level at$11.58 billion and the state
level at $0.718 billion.
(07:34):
So those two together make upthat $12.3 billion.
That's what's collected in thestate of Minnesota on property
tax on a yearly basis and thenis divvied out depending on
where the assessments are schoollevies, you know, things of
that nature where those thingsare appropriated.
So it's really interesting tothink about.
So if you think about Minnesotaat 12.3, you look at let's see
(07:54):
here I want to find it hereArizona, in comparison from 12.3
, arizona's 8.51 billion.
So drastically lower by about$4 billion, only 716 million
going to the state.
Otherwise, the 7.8 billion goesto local jurisdictions,
(08:15):
counties, cities, schools,things of that nature.
So the state does collect acertain portion of that.
And as far as Florida goes,florida is going to come in at,
believe it or not.
So remember, $12 billion forMinnesota, $8.5 billion for
Arizona.
$50.54 billion is collectedevery year in the state of
(08:42):
Florida for property taxes andthis includes the state level
getting only $452 million ofthat.
The rest is set out to cities,local jurisdictions, things of
that nature.
So if you think about theeconomic impact if DeSantis is
able to get this law passed orthis through $50 billion in a
hit to their funds, in a hit totheir local government or to
(09:03):
their like funds.
So what the question thenbecomes is is DeSantis saying
there's no state property tax?
Or is he saying, hey, you can'trely on local property tax
either?
So if you think about just thestate, that's $452 million.
Okay, great, you know, youspread that out, that's a break
in your property taxes.
But is he going to be able toalso say you can't charge from a
(09:24):
local level as well, and isthat up to him?
So that's kind of what we stillhave to figure out is if that
part is actually up to him or ifit's going to have to go
through each city, each county,each local jurisdiction to say
no property tax.
So it's really interesting andyou sit there and you say, okay.
So some of the questions thathave been raised how are you
going to make up for a $50billion spend in the state of
(09:48):
Florida?
And DeSantis is saying thatthey have a surplus and they can
rely on tourism, they can relyon the second homes, they can
rely on things of that nature.
So that of that $50 billionit's only a certain portion that
is for primary residences.
They can still rely on peoplewho have investment properties,
people who have second homes isthey can still rely on people
who have investment properties,people who have second homes,
and he thinks it's really goingto even out and be able to still
(10:09):
give them a big surplus intheir budget for the year.
So it's really interesting tothink about when you compare
property taxes from state tostate and even city to city.
In Minnesota, particularly inthe Minneapolis and surrounding
areas, there is a huge variationbetween different counties and
what they tax and how they tax.
So a good example of this ismortgage registration tax.
(10:32):
So Minnesota has mortgageregistration tax, which is a
collection of tax on anymortgage that is produced in the
state.
So in other words, if you'rebuying in Hennepin County and
Ramsey County, that mortgageregistration tax is actually
more expensive than if you buyoutside those two counties.
So that's just one variationthat you can find when we talk
(10:52):
about property tax andregistration tax and things of
those things that come into themortgage and the property
purchase.
So things to think about whenyou're talking to your buyers is
not only, hey, what is thismortgage going to cost me?
But if I buy in, you know, xcounty up here versus X county
over here, what's the differencein my monthly payment per month
?
What am I seeing on average forproperty taxes over here?
(11:13):
What am I seeing here?
Another good thing to do wouldbe to look up and you can use
this, you can do this by usingchat, tpt or any of your other
AI bots is to say, okay, whathave been the average property
tax increase percentages yearover year for the last five
years?
That's important, especiallyfor a first-time home buyer
where, although their mortgagepayment, their principal and
(11:35):
interest is going to stay steadythroughout the whole time.
It'd be important for them toknow how have taxes gone up in
the last three to five years sothat they can understand what's
going to affect their mortgagepayment in the future.
So just some things to thinkabout.
Not only is it interesting totalk about which places have
lower property tax what's goingto be happening in Florida but
how does that affect your buyersin the competition and in
(11:58):
choosing which home they want tobuy and where they want to buy?
Speaker 1 (12:03):
Oh my gosh.
Yes, so so much goodinformation and I love it
because, again, it's thisholistic view.
And so now when you're talkingwith your buyers and Nikki can
help you with this, like I'm inMinnesota, I know the difference
between Hennepin and Wright andRamsey and all of it, but do I
(12:32):
have that conversation at a highlevel, even though I know they
only want to be five minutesfrom work and it's right there.
Maybe in Hennepin County it'sgoing to be higher.
Peel back the blinders and atleast let them know that it'll
put you as the expert.
Maybe not many agents arecoming to them, are talking
about that.
These are great talking pointsfor social media.
I mean all of it.
So really, really think aboutthat is just providing and
adding extra value.
And, nikki, this was, yeah,just like you said, jam packed,
(13:01):
amazing.
Yeah.
When you said the 50.5 for abillion, I was like Whoa, but
think about it.
So if you were to like take thepiece of the pie of what's
actual primary residentialversus everything else, that
makes a little bit more sense.
Speaker 2 (13:12):
But it does.
Yeah, it does, but if you thinkabout it, I mean, that amount
of tax collection is drasticallymore than Minnesota and Arizona
even combined, and so if youthink about that, that's a huge
budget.
So it'll be interesting to seehow that kind of unfolds in
Florida and to see, like, let'ssay it works in Florida, let's
say they do it and it works andeverything's great.
Will there be other states thatwill tend to follow after that?
Speaker 1 (13:47):
Right in the middle.
So we'll just watch and seewhat happens.
But that's why anyone watchingthis on YouTube, listening on
the podcast on workplace, yougot to get here, because Nikki
will keep us up to date ofeverything that's happening with
with Iran and with Florida andwith this stuff.
So you bring stuff that youknow I'm not always seeing in
the media or the way that youcome about it.
It's just so important foragents to be in the know,
(14:09):
especially now more than everwith so much uncertainty and
just not knowing what you don'tknow.
I love your peace of mind, Ilove your consistency and how
you show up and bring us so whatnow?
What?
What can we do?
What is coming?
This happened now that soappreciate you so so much,
(14:29):
absolutely.
Speaker 2 (14:30):
And just a reminder call your buyers.
If you have buyers that arecurrently under contract or
coming in under contract, callthem and talk to them about have
you locked in.
Talk to your lender.
There's going to be a lot ofvolatility this week.
Lock in if you can Do what youfeel comfortable.
Have the conversation.
Lock in if you can do what youfeel comfortable.
Have the conversation.
Those are important valuepieces for anyone that's in the
(14:50):
market right now that isfloating an interest rate or is
looking at purchasing or evenhas an offer out there.
Hey, when we get this offersigned, make sure you check with
your lender right away to seeif it's a good idea to lock in.
Speaker 1 (14:59):
Yeah, what would you say about buyers that are on the
fence, that now are like no?
Speaker 2 (15:06):
It depends on their reasoning for being on the fence
.
I mean, I've said this time andtime again no matter what
market we're in, people need totransact.
So we're focusing on those thatneed to, not necessarily those
that want to, and so people thatneed to transact, they're going
to transact.
The people that are on thefence and are saying maybe now
is not the right time, they'regoing to hold off for another
six months, off, for another sixmonths, I would imagine.
(15:27):
Okay, say, until they find theright one, or they're going to
slow roll it and then, once theyfind the right property, then
they're going to be more apt totransact in that capacity.
I do have people that have beenon the fence for about a little
over a year now, I think I've.
You know, in the last week it'sbeen really weird because I've
gotten contacted by four to fivepeople that were on the fence
for quite some time and then arecoming around and saying, hey,
I just found this property.
Hey, I just found this property, and kind of wanting to to put
(15:48):
together some options and evenmake offers, which is different
from what I've been seeing inthe past two to three months.
Speaker 1 (15:55):
Makes sense.
Yeah, and, like you said, pullup your phone.
I love when you pull up yourphone and you show.
You show the little check marks.
Yeah, it's, it's, takeadvantage of it, let's get this
done.
So, no, thank you so much.
Appreciate it, absolutely Good,all right.
Well, next week it'll be youand Carrie.
I will not be on the call, butwe will still be having it and
(16:16):
I'll be watching.
Or, if I can't get it livebecause I'll be on a plane, I
will definitely watch the replay.
Thank you so much.
I'll drop Nikki's informationin the comments.
Reach out to her or I.
If you need help at all, we'rehere and happy to help.
And yeah, till next time.
Have a great one Great, you too.
Bye-bye.
Right, everyone, welcome to the Money Market
Update.
Nikki gave me a littleprecursor.
It's going to be a great call,so grab pen, grab paper.
Speaker 2 (00:11):
Yes, lots of info.
Speaker 1 (00:13):
Let's go.
Speaker 2 (00:14):
All right.
So welcome, welcome, welcome.
So, interestingly enough, weare seeing a great and awesome
boost to mortgage interest ratestoday as a result of the
conflict overseas and thebombing that happened.
Not as a direct result of that,but the lack of response from
Iran right now is actuallyhelping the markets and
everybody's kind of just takinga calm measure on it.
(00:34):
We expect to see a lot ofvolatility this week, but
experts are telling us that it'sgoing to start to push down
more and more on those mortgageinterest rates.
So if you take a look at ittoday, push down more and more
on those mortgage interest rates.
So if you take a look at ittoday, we are up by 25 basis
points, which means at thislevel right here you can see
mortgage interest rates are thelowest they've been in at least
the last 30 days and you cankind of see this downward trend
(00:57):
of interest rates Right hereindicates about six and a
half-ish as far as interestrates go.
So we're starting to see thatreally good push.
To have 25 basis points thismorning in improvement from when
the market opened to now ispretty sizable when you consider
some of these smalleradjustments that have happened
on the daily.
So things are looking reallygood right now 30-year fixed
(01:19):
mortgage interest rates six anda half 6.625 if you want to buy
a point down.
So things are looking reallygood from that standpoint.
As we see Iran respond to thebombings that the US did on the
nuclear facilities, that's whenwe'll start to see this
volatility in the market andwe're talking probably a lot of
volatility on the daily basis.
So, if you are currently in,have clients who are currently
(01:42):
in a purchase agreement orwaiting to close or doing
whatever, talk to them today.
Say, hey, where are you at?
Have you locked your interestrate in?
Have you talked to your lenderabout the volatility that's
coming in the market in the nextweek, week and a half?
Make sure you're on top of it,make sure you're watching and
make sure that you havesomething that is, you know that
you're locked in at an interestrate that you're happy with or
that you are completelycomfortable floating through the
(02:04):
volatility in the market.
So, just as a reminder, it's agood service.
Call to any clients that youhave currently in purchase
agreements with closing dateswithin the next 30 to 60 days.
That would be my recommendationtoday.
All right, so let's talk abouton the flip side.
Let's talk about property taxes.
So DeSantis is really who isthe governor in Florida is
really starting to push for noproperty tax in the state of
(02:26):
Florida.
His argument is that youpurchase a home, you pay for it
for 30 years and, no matter what, you're still paying property
taxes.
You don't ever really own thathome and the land under it,
you're basically just renting itfrom the government and he
really wants to get rid of thoseproperty taxes.
So what does that mean forFlorida?
But what does that mean incomparison to the rest of the
nation as far as property taxes,how much is collected and what
(02:49):
that looks like?
So I did a little research onproperty taxes and which states
have the highest percentage ofcollected property tax, which
states have the lowestpercentage of collected property
taxes.
And then I also am going totalk about Minnesota, arizona
and Florida in comparison to howmuch actual revenue is
generated on the state level andthen on the local level.
(03:12):
That's very important becauseif you think about DeSantis and
the governor, you know, havingruling the governor in Florida,
is he talking about the stateproperty taxes or is he talking
about the local property taxesthat he wants to get rid of and
there's a distinct differencebetween the two as far as how
much revenue is generated forthose.
Now he's talking aboutresidential single family
(03:35):
primary residences.
That's what he wants to get ridof property tax for.
I'm going to be talking aboutproperty taxes as a whole, for
residential property taxes, notcorporations, not businesses,
not Disney World, not things ofthat nature that bring in a lot
of tax revenue for the state ofFlorida.
But just kind of, how does thatcompare to everything else?
So it's just kind of someinteresting information as we
(03:57):
kind of follow that decisionthat he's trying to make and get
pushed through the state.
So right now, the top threestates with the highest property
tax rates and when I say thisthis is percentage in comparison
to home values so number one isNew Jersey 1.89% per year of
(04:18):
the home's value of the assessedvalue is given to property
taxes.
New Hampshire comes in atnumber two at 1.86.
Value is given to propertytaxes.
New Hampshire comes in atnumber two at 1.86.
And, believe it or not, texascomes in at number three at 1.81
.
Now, interestingly enough, inTexas, historically, the actual
cost of your home is lower butyour property taxes are much
higher.
So, for example, just as acomparison, a home that's in
(04:41):
Texas that's $400,000, wouldprobably be about $650,000 to
$700,000 in the state ofMinnesota.
So the actual cost of that homeis a lot cheaper.
But in comparison your propertytaxes are pretty high.
Higher rankings just in theMidwest area are going to be
Nebraska, wisconsin, illinoisand Connecticut all around 1.7%.
(05:02):
So definitely some Midweststates.
They're coming in as far ashigher property taxes.
On average in the state ofMinnesota it's 1.25.
In the state of Arizona it'sabout 0.85.
And in Florida it's usuallyabout one-ish right around that
amount.
Florida is very, very, verydiverse from a property tax
(05:24):
standpoint because depending onwhere you are in Florida that
you could have a tax rate that'shigher or extremely low.
So, for example, in and aroundDisney World in that area, in
the Orlando area, those propertytaxes are actually higher than
other parts of the state becausethey are.
Also, even though DisneyWorld's supporting a lot of
consumerism around there, theystill collect a lot of property
(05:45):
taxes for being in that area.
States with the lowest propertytaxes rates per year Hawaii,
believe it or not, 0.27.
So expensive homes in Hawaiibut you're not paying that much
for property taxes.
Number two Alabama, 0.39.
And then Colorado 0.49 to 0.52,which is also surprising
because Colorado, just likeHawaii higher property cost,
(06:08):
lower property tax Also comingin at Nevada, louisiana, south
Carolina, utah, delaware, westVirginia and Arizona rank among
the lowest.
So those are all under 0.1 orall under 0.85 as far as
property tax rates.
So when I talk about propertytax rates I'm talking about what
(06:29):
is collected from a localstandpoint, either city or
county, and also a state level.
So those are all combined andthen giving you the average
percentages of what that is.
As far as nationwide goes, theresearch is a little bit tough
to get behind as far as likewhat the average property tax
rate is for a single family home.
But they're averaging somewherearound $28.69 per year.
(06:52):
So you can kind of see, youknow and that has to do with you
know what is the average costof a home, what is it, you know,
and there's a lot of data thatgoes into it.
So the accuracy of that $2,700number, $2,689 number is
relatively okay number, a 2689number is relatively okay.
I mean, it's the best guess wecan get.
But there isn't really a way tocalculate averages just because
(07:13):
it is so different.
Also, so if we talk about totaltax collected.
So in the state of Minnesota,for example, across the state
collected in 2024 was $12.3billion in taxes.
That was the local level at$11.58 billion and the state
level at $0.718 billion.
(07:34):
So those two together make upthat $12.3 billion.
That's what's collected in thestate of Minnesota on property
tax on a yearly basis and thenis divvied out depending on
where the assessments are schoollevies, you know, things of
that nature where those thingsare appropriated.
So it's really interesting tothink about.
So if you think about Minnesotaat 12.3, you look at let's see
(07:54):
here I want to find it hereArizona, in comparison from 12.3
, arizona's 8.51 billion.
So drastically lower by about$4 billion, only 716 million
going to the state.
Otherwise, the 7.8 billion goesto local jurisdictions,
(08:15):
counties, cities, schools,things of that nature.
So the state does collect acertain portion of that.
And as far as Florida goes,florida is going to come in at,
believe it or not.
So remember, $12 billion forMinnesota, $8.5 billion for
Arizona.
$50.54 billion is collectedevery year in the state of
(08:42):
Florida for property taxes andthis includes the state level
getting only $452 million ofthat.
The rest is set out to cities,local jurisdictions, things of
that nature.
So if you think about theeconomic impact if DeSantis is
able to get this law passed orthis through $50 billion in a
hit to their funds, in a hit totheir local government or to
(09:03):
their like funds.
So what the question thenbecomes is is DeSantis saying
there's no state property tax?
Or is he saying, hey, you can'trely on local property tax
either?
So if you think about just thestate, that's $452 million.
Okay, great, you know, youspread that out, that's a break
in your property taxes.
But is he going to be able toalso say you can't charge from a
(09:24):
local level as well, and isthat up to him?
So that's kind of what we stillhave to figure out is if that
part is actually up to him or ifit's going to have to go
through each city, each county,each local jurisdiction to say
no property tax.
So it's really interesting andyou sit there and you say, okay.
So some of the questions thathave been raised how are you
going to make up for a $50billion spend in the state of
(09:48):
Florida?
And DeSantis is saying thatthey have a surplus and they can
rely on tourism, they can relyon the second homes, they can
rely on things of that nature.
So that of that $50 billionit's only a certain portion that
is for primary residences.
They can still rely on peoplewho have investment properties,
people who have second homes isthey can still rely on people
who have investment properties,people who have second homes,
and he thinks it's really goingto even out and be able to still
(10:09):
give them a big surplus intheir budget for the year.
So it's really interesting tothink about when you compare
property taxes from state tostate and even city to city.
In Minnesota, particularly inthe Minneapolis and surrounding
areas, there is a huge variationbetween different counties and
what they tax and how they tax.
So a good example of this ismortgage registration tax.
(10:32):
So Minnesota has mortgageregistration tax, which is a
collection of tax on anymortgage that is produced in the
state.
So in other words, if you'rebuying in Hennepin County and
Ramsey County, that mortgageregistration tax is actually
more expensive than if you buyoutside those two counties.
So that's just one variationthat you can find when we talk
(10:52):
about property tax andregistration tax and things of
those things that come into themortgage and the property
purchase.
So things to think about whenyou're talking to your buyers is
not only, hey, what is thismortgage going to cost me?
But if I buy in, you know, xcounty up here versus X county
over here, what's the differencein my monthly payment per month
?
What am I seeing on average forproperty taxes over here?
(11:13):
What am I seeing here?
Another good thing to do wouldbe to look up and you can use
this, you can do this by usingchat, tpt or any of your other
AI bots is to say, okay, whathave been the average property
tax increase percentages yearover year for the last five
years?
That's important, especiallyfor a first-time home buyer
where, although their mortgagepayment, their principal and
(11:35):
interest is going to stay steadythroughout the whole time.
It'd be important for them toknow how have taxes gone up in
the last three to five years sothat they can understand what's
going to affect their mortgagepayment in the future.
So just some things to thinkabout.
Not only is it interesting totalk about which places have
lower property tax what's goingto be happening in Florida but
how does that affect your buyersin the competition and in
(11:58):
choosing which home they want tobuy and where they want to buy?
Speaker 1 (12:03):
Oh my gosh.
Yes, so so much goodinformation and I love it
because, again, it's thisholistic view.
And so now when you're talkingwith your buyers and Nikki can
help you with this, like I'm inMinnesota, I know the difference
between Hennepin and Wright andRamsey and all of it, but do I
(12:32):
have that conversation at a highlevel, even though I know they
only want to be five minutesfrom work and it's right there.
Maybe in Hennepin County it'sgoing to be higher.
Peel back the blinders and atleast let them know that it'll
put you as the expert.
Maybe not many agents arecoming to them, are talking
about that.
These are great talking pointsfor social media.
I mean all of it.
So really, really think aboutthat is just providing and
adding extra value.
And, nikki, this was, yeah,just like you said, jam packed,
(13:01):
amazing.
Yeah.
When you said the 50.5 for abillion, I was like Whoa, but
think about it.
So if you were to like take thepiece of the pie of what's
actual primary residentialversus everything else, that
makes a little bit more sense.
Speaker 2 (13:12):
But it does.
Yeah, it does, but if you thinkabout it, I mean, that amount
of tax collection is drasticallymore than Minnesota and Arizona
even combined, and so if youthink about that, that's a huge
budget.
So it'll be interesting to seehow that kind of unfolds in
Florida and to see, like, let'ssay it works in Florida, let's
say they do it and it works andeverything's great.
Will there be other states thatwill tend to follow after that?
Speaker 1 (13:47):
Right in the middle.
So we'll just watch and seewhat happens.
But that's why anyone watchingthis on YouTube, listening on
the podcast on workplace, yougot to get here, because Nikki
will keep us up to date ofeverything that's happening with
with Iran and with Florida andwith this stuff.
So you bring stuff that youknow I'm not always seeing in
the media or the way that youcome about it.
It's just so important foragents to be in the know,
(14:09):
especially now more than everwith so much uncertainty and
just not knowing what you don'tknow.
I love your peace of mind, Ilove your consistency and how
you show up and bring us so whatnow?
What?
What can we do?
What is coming?
This happened now that soappreciate you so so much,
(14:29):
absolutely.
Speaker 2 (14:30):
And just a reminder call your buyers.
If you have buyers that arecurrently under contract or
coming in under contract, callthem and talk to them about have
you locked in.
Talk to your lender.
There's going to be a lot ofvolatility this week.
Lock in if you can Do what youfeel comfortable.
Have the conversation.
Lock in if you can do what youfeel comfortable.
Have the conversation.
Those are important valuepieces for anyone that's in the
(14:50):
market right now that isfloating an interest rate or is
looking at purchasing or evenhas an offer out there.
Hey, when we get this offersigned, make sure you check with
your lender right away to seeif it's a good idea to lock in.
Speaker 1 (14:59):
Yeah, what would you say about buyers that are on the
fence, that now are like no?
Speaker 2 (15:06):
It depends on their reasoning for being on the fence
.
I mean, I've said this time andtime again no matter what
market we're in, people need totransact.
So we're focusing on those thatneed to, not necessarily those
that want to, and so people thatneed to transact, they're going
to transact.
The people that are on thefence and are saying maybe now
is not the right time, they'regoing to hold off for another
six months, off, for another sixmonths, I would imagine.
(15:27):
Okay, say, until they find theright one, or they're going to
slow roll it and then, once theyfind the right property, then
they're going to be more apt totransact in that capacity.
I do have people that have beenon the fence for about a little
over a year now, I think I've.
You know, in the last week it'sbeen really weird because I've
gotten contacted by four to fivepeople that were on the fence
for quite some time and then arecoming around and saying, hey,
I just found this property.
Hey, I just found this property, and kind of wanting to to put
(15:48):
together some options and evenmake offers, which is different
from what I've been seeing inthe past two to three months.
Speaker 1 (15:55):
Makes sense.
Yeah, and, like you said, pullup your phone.
I love when you pull up yourphone and you show.
You show the little check marks.
Yeah, it's, it's, takeadvantage of it, let's get this
done.
So, no, thank you so much.
Appreciate it, absolutely Good,all right.
Well, next week it'll be youand Carrie.
I will not be on the call, butwe will still be having it and
(16:16):
I'll be watching.
Or, if I can't get it livebecause I'll be on a plane, I
will definitely watch the replay.
Thank you so much.
I'll drop Nikki's informationin the comments.
Reach out to her or I.
If you need help at all, we'rehere and happy to help.
And yeah, till next time.
Have a great one Great, you too.
Bye-bye.
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.