Podcast Summary: Property Tax Shock: Why Bills Are Rising & How to Fight Back
Feeling the sting of a higher-than-expected property tax bill? You’re not alone! On this episode (Ep 40) of the 5-Minute PRIME Podcast, host Martin Maxwell tackles the “triple squeeze” driving up property taxes in 2025: inflation, soaring home values, and periodic reassessments. We explore how this impacts housing affordability for homeowners and renters alike, with a spotlight on states like Florida and Texas. Most importantly, learn actionable strategies to potentially lower your bill, including understanding exemptions and a step-by-step guide to appealing your assessment, using Florida as a detailed example.
Tune in to Learn:
- The 3 main reasons your property taxes keep climbing.
- How rising taxes contribute to the affordability crisis.
- Key exemptions you might be missing (like the Homestead!).
- A detailed, step-by-step guide to appealing your property tax assessment (Florida example).
- General tips for challenging your tax bill, no matter where you live.
Stop just paying the bill – learn how to fight for a fair assessment! Subscribe now for practical tips to manage your biggest housing costs.
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Show Notes
Key Takeaways
- Triple Squeeze Behind Higher Bills: Property taxes are rising due to inflation pushing up local government costs, soaring home values raising assessed values, and delayed reassessments catching up to market trends.
- Affordability Hit: Higher property taxes increase monthly costs for homeowners, raise rents for tenants, and reduce cash flow for investors. Everyone feels the pinch.
- Florida’s Tools for Homeowners: Florida homeowners can take advantage of powerful tax-saving tools like the Homestead Exemption and the Save Our Homes cap, which limit taxable value increases.
- Appeal Process Matters: You can challenge your property tax assessment through a formal appeals process. Being prepared, punctual, and backed by solid evidence is crucial.
- Take Action Anywhere: Whether you’re in Florida or another state, the principles are the same – check for errors, compare values, gather comps, and meet deadlines.
Action Step
Pull out your most recent property tax assessment or bill.
- Step 1: Check if all eligible exemptions (like the Homestead) are applied.
- Step 2: Compare your assessed value to recent home sales in your area.
- Step 3: Start preparing to appeal if things don’t add up.
Mentioned in This Episode
Episodes to Revisit:
- Episode 16 – PRIME Research Phase (property tax forecasting)
- Episode 30 – Housing Affordability
- Episode 34 – Real Estate Market Shifts
Challenge for Today
Pick one action based on today’s episode:
- Are you getting all the exemptions you’re entitled to?
- Does your assessed value reflect reality? Taking just 10 minutes today could save you hundreds – or even thousands – over the next year.
