[Music] Property taxes are absolutely exploding Bankrupting America and sending Inventory skyrocketing above prepandemic Levels in States like Texas and Florida And the thing is guys is things are only Going to get worse as we move on through The year and so the question that I want You guys to be able to answer at the end Of this video is as a homeowner how do You reduce your property tax liability Now there 's a massive real problem Going on around America right now as These property tax increases are over Many are over the actual market value of Houses so in other words a lot of these Counties are actually in my opinion at Least robbing the homeowners because the Homeowners are paying taxes on value That's not real and so today you guys I'm going to show you all of those Things but don't forget again like I'm Saying things are only getting worse not Better and we see that all over the Nation all over the Internet Everett Approves measures for property tax Increases to save off deficit Summit County considers property sales tax Increases to balance operating expenses Personal property taxes in Al Boral County really hard to pronounce that College Park could see the first Property tax increases in more than a Decade so it's happening Across the
Nation and a lot of it is because these States and these counties cannot spend Money properly and so they take it out Again on the homeowners you guys that is Absolutely crippling crippling to people On fixed income now before I really dig Into the video and we were going to Watch a video I first want to show you How property assessed value and tax Liability works it's very simple math Take a look now I need you guys to Understand this because like I said I Want you to be able to fight your Assessed value now remember the county Comes out to your property and they Assess it the assessment is different Than the appraisal to sell it so for Example say the county comes out and Assesses your property for $300,000 now you're in Texas so you're Similar to me and your property tax rate Is 3% okay so you have two things that you Always want to pay attention to with Property taxes number one is the Assessed value and number two is the Property tax rate now two ways to combat Those things if you want a lower Assessed value you must Protest okay if you want a less tax Percentage you have to file generally Homestead okay not all counties so it's Very very County specific oh cut off Homestead sorry about that let me lower
My picture you guys can see boom Homestead now the way that it works guys Is basically you multiply 300,000 by 3% and so you get a total of $99,000 in annual property tax liability And again what I'm specifically saying To you is generally the biggest way you Can save money as a homeowner is after You file your homestead so after you File your homestead every single year You need to protest the assessed value And I'm going to show you guys what it Looks like when you don't by showing you Multiple houses on MLS that are for sale For much less than what the county is Assessing the properties for so please Listen to me what we're going to do now Is we're going to go in and listen to a Video from El Paso Texas on how a Resident and appears he's on a fixed Income is getting absolutely crushed you Guys because of unrealistic property Taxes it's similar to theft how is it Different if you're being taxed on Something that the government saying It's worth this much but you can't even Sell it for 10% less how's that even Legal how do they have a right to do That to us well they don't as long as You protest the value and sometimes you Guys that doesn't even help but let's Start by listening to this videoing to The chief Appraiser for El Paso County While the market is healthy it could
Mean more for taxpayers as it shows no Signs are slowing down anytime Soon it's ludicrous yes market value is Fluctuate this is way out of hands El Paso homeowners stunned this tax season After seeing their property's appraisal Value Spike once again there is no Precedent in my mind for raising a Residential lot an unimproved lot 50% in One year Chief appraiser with El Paso Central Appraisal District says the hot Market is to blame with homes and Properties still in high demand if the Area is showing an increase in the Market we have those sales we've done That research then we have to by law Increase those a lot of people say well But I haven't done anything to it and I Understand that but it's the market Homes are selling and we have to look at That Dawson saying the appraisal for his Lot makes no sense considering he cannot Develop on the land it's a backhanded Way to get to the maximum 10% total Valuation increase that they're Allowed By law Kilgore says their department is Following protocol call and only issues Appraisals she says people's elected Officials are the taxing entities that Set the tax rate in other words the County doesn't care about you you have To care about you and if you don't it May be too late for you to do something About it I mean seriously please and if
You don't already own a home at least You know now right file your homestead Protest your property taxes and I'll Show you how that works in my County but Now what I want to show you is what's Going on in my own local housing market And I want to show you and I really want You to think about this these are the People that did not listen to me these Are the people I'm going to show you People that are trying to sell their House for a certain amount a lot of These people have price cut the houses And I want you to pay attention to the Listing price versus the assessment Value from the county the amount that They're paying taxes on it is broken it Is highr robbery what is going on right Now let me show you so all I'm going to Do you guys I access MLS here and I'm Only going to look at this general area That I'm circling right here which is a Taca North there's no need to go further Than that let me show you what I find When I click on the active listings and Then compare that to the Harris County Appraisal district for assessed value so Starting with the first property right Here you guys can see it is listed for $299,900 it has been active for nine Days okay so this has been active for 9 Days so remember about 300,000 let me Show you the tax liability you guys can See right here that their tax assessment
Value is not 300,000 the tax assessment Value is $357,000 even though they can't even Sell their house for $ 300,000 again they're paying taxes on $357,000 the difference in those two What they're trying to sell it for from Assessment value is a difference of 19% the county has overvalued their House by 19% which totals $58,000 they are paying over $1,500 extra per year that they could Avoid if they would just protest here's Another property right here listed for Sale for $217,000 that has been on the market for 22 days let me show you the assessment Value so again for sale for 217,000 okay so as you guys can see here The assessment value is not 217 it's 2 And $38,000 you guys that is a $21,000 Difference the county is overcharging Them by approximately 10% those Homeowners are paying almost $600 extra A year on a value that's fake an Imaginary that's a lot of money to me Let me show you more y'all this one is Crazy because this has been on the Market For6 days the price point is low the box Is huge look at it's only I can't even Believe how can even sell for this low But it's for sale for
$159,900 there was a price cut about 4 Days ago for $20,000 they reduced this By 11% you guys they can't even sell it For 159,000 let me show you the assessed Value the assessed value is a whopping $186,000 they are being overvalued by 16% their home again is being over Assessed by 16 % the difference is $26,000 the yearly expense that they're Wasting is over $700 and just property Taxes per year they're getting robbed Let me show you one more y'all this one Is just as crazy as the other comp this Has been actively listed okay for 158 Days the price point is under 200,000 Sitting at $199,900 there was a recent price cut About a month ago at 9% or $20,000 price Cut so again they can't even sell this House for 200,000 it's been on the Market for a half a year almost let's See what the assessed value is the Assess value 199 or what what do you Think comment below y'all the assessment Value for that house that can't sell Okay is 19% higher at $238,000 they are being overcharged by The appraisal district by 19% they have inflated that property you Saw it it can't even sell for 200 doing Price Cuts it's been on the market for Almost half a year and yet the county is Still saying it doesn't matter because
Our records indicate blah blah blah blah Blah and your home is worth 238,000 that Is again that's 19% that is an extra $38,000 in assessment value those person Whose house is only2 200,000 is wasting Over A, do per year on fake and in my opinion Fraudulent over assessed value and I Know I keep preaching this and some People don't own right now but if you do Plan on owning or if you do own first of All understand that especially if you're In Texas our deadline to protest is 10 Days away the deadline to protest in Texas is May 15 please listen to me okay Or if you're not a homeowner just in the Back of your mind remember to do this I'm going to show you essentially Exactly what to do it all right and I'm Going to use Harris County as an example Okay so this is Harris County you guys This is kind of the area that I live in Harris County of pisal District so you See here you know there's a lot of stuff Property searches online services you Can iFile you have forms you can print Out but the first thing is is you got to Come here you got to go to your county Whatever County you live in go to their Appraisal district now after that I go To forms I hit all forms and then I go To residential homestead exemption I Fill this form out this is very easy Generally all you need to do this in
Texas is your updated driver's license And a utility bill as well as the you Know the deed that you purchase but That's it so remember you're going to Want to file this the day that you own But in order to do so generally you need An updated driver's license with the new Property address but this is very very Important you guys because this lowers Your tax percentages okay it puts a cap On the actual tax rates so this is one Thing this is what you do essentially Day one however every single year I Don't care if you think your value is Low enough I don't care you have to Fight for yourself you have to fight for Your rights okay and all you have to do This is Harris County again is you just Click file the protest and then if Possible you provide them comparable Sales of houses that have sold for Less Not more for less than what your Assessed value is that's it you guys This whole process of filing a protest Will take me less than 20 minutes you Guys listen what I'm really trying to Say is things are way harder than most People realize a lot of people realize It like myself I'm already in a Recession I'm in real estate I'm Suffering I'm losing income things are Very hard every and any opportunity that We have to save money that's legal to Save money we need to take it there's
Really never been more important time to Save as much money as possible I mean We're in the front end of a recession You guys this is a real problem I showed You four listings in the same Subdivision not even in City it was the Same subdivision that were overvalued Anywhere from 10 to 19% if you don't fight for your rights Nobody will and the system is designed To take advantage of naive and even lazy Consumers so don't be one of them that's All I'm saying okay now other than that Guys I will let you go everything will Be linked in my description and I really Hope today you guys got some new Insights value and perspective and if You're out there investing in in real Estate you guys already know I wish you Luck and I hope you win
