Transcript
Lex Nepomuceno: Good. This is the Tantalk Radio Network.
Lex Nepomuceno: Keys to Tampa Radio with Lex Napomacino. A listing shows you the house. This hour is the life around it. The town, the neighbors, the everyday stuff a photo leaves out.
Lex Nepomuceno: Now, here's your host, Lex Nepomuceno. Thank you, and good morning to the first Keys to Tampa radio show. I'm joined today by DJ Northrup, a top 1 % realtor in the Tampa Bay area with a Homefront Realty, and Pasco County tax collector Mike Fasano. So we've got a great group here, and we're going to be talking about...
Lex Nepomuceno: Pasco and also some of the local real estate markets. So basically, ah let's start with you, DJ. Prices and get the headlines, but taxes, insurance, and rates decide where you can actually afford a house. How's has it been? How's that? aspect of the market. You've been, so you serve Pinellas County, Hillsborough County, pretty much anywhere in greater Tampa, right? So what are you seeing?
Lex Nepomuceno: Well, thank you, Lex. I appreciate it. ah Thanks for having me here. And it's great to be here on the inaugural. the show. um so Yeah, you know, basically all of Tampa, the the Tampa market is, you know, your Hillsborough, Pasco.
Lex Nepomuceno: Pinellas. Um, And then I guess they also um I got Yeah, yeah the the the whole basic area here and as a general Um, as generally speaking. The market is down about 9 .5%. and inventory.
Lex Nepomuceno: and number of sales is down about six percent we have We have a gap. at the moment i call it a gap between What? the seller is willing to sell for right based on you know what they are you know zillow said their house is worth last year or you know their buddy across the street sold last year and i think my house is better than his house right kind of a thing and what and what the market is uh...
Lex Nepomuceno: telling what buyers are willing to pay right now. And a big part of that... is the extra cost, right? So obviously, interest rates. make a big a big part of that.
Lex Nepomuceno: because and then obviously if we're talking about condos now your HOA fees which You know, we talk about taxes, right? So taxes are a big part of condos and HOA fees are also a part of it at the ah at the single family. home, single family residence level as well. So when we get into talking, I'm excited to talk a little bit about and ask some good questions about the upcoming initiatives and how that may or may not affect.
Lex Nepomuceno: um our market because you know. Most people are financing. There's some cash. I'm actually looking at the numbers here for... the fur September and August, about 26 % of the sales are cash. It's actually a fairly good amount in this market. And that's because of all the, you know, condos and snowbirds and what have you. We get a lot more cash deals here than in most places around the country. But, you know, so for the 75 % of people that are that are financing.
Lex Nepomuceno: you have your your principal that's what you paid for the house then you have your interest so if the interest rate's up over seven percent you know that makes a big difference i don't know what the numbers the numbers are or something like Like for every, every. $10 ,000 or ,000 in your price of your house is another $30 a month or something like that. Anyway, but yeah, don't quote me on that. Live radio, math, bad idea, right? But anyway, so so now if you add in taxes.
Lex Nepomuceno: Right. You add in taxes and insurance is another big. big piece right so without the price of the house moving at all just because taxes are going up. and insurance is going up.
Lex Nepomuceno: and your interest rate is going up. your house just became your monthly payment on your house just became so much more than it was. even when the price of the house didn't move at all. Okay, so. Something has to give, and that's that gap, right?
Lex Nepomuceno: prices need to come down overall price let's call it the monthly payment needs to come down for activity to start going again, for people to really start buying, their reports for things to become, and I'm air quoting,
Lex Nepomuceno: affordable, right? And that could be a combination of several things, but you know. If taxes go down, if insurance prices go down, if interest rates go down. Theoretically, if all that happens, prices are going to go up, right? But at the moment, we're right at that moment, we're at the spot where nothing's moving. The only thing that can budge. is prices. The only thing that can budge is the seller willing to sell it for a little less than they expected or thought they were going to be able to.
Lex Nepomuceno: Well, that's ah speaking of sellers, before I moved down here, Mike, I actually lived up in Washington State. I live in the state capital up there in Olympia. And my friend DJ here moved down here. and doing great in real estate said, Lex, you got to come down here to.
Lex Nepomuceno: Florida and and my wife and I and kids came down and we just fell in love with this area. And that's many ways why I'm starting the show is because I think that. we forget about how lucky we are to be here.
Lex Nepomuceno: you know And ah you being part of the community for so long and being such a leadership role, that's an important thing. But you know one of the questions I have, I guess, for, and we'll go more into you know you and Mike, is is is there is there a gap right now with sellers? Because when DJ actually helped me sell the house up in Seattle.
Lex Nepomuceno: And I remember. I had a toughest time. letting go. I said, okay, well, you got to drop the price. You got to drop the price. You got to drop the price to sell. And as a seller, I just didn't want to drop the price because I lived in this house for 20 years. and you know, I overvalue it. And so there's that gap you indicated in the market, DJ, right now that's also affecting the Florida market here. Can you describe that and and what do sellers need to recognize for? for before they um
Lex Nepomuceno: you know well i guess the biggest thing if i go into a to a listing appointment i say hey look you know Value is. Yeah, you have to look at it dispassionately. It's a market. right And the market is goingnna is going to be driven by...
Lex Nepomuceno: by value and value today is valued today. at any certain given time, right? So I hate using words that ah evoke emotions with with a seller, like, you know, say your your house is worth.
Lex Nepomuceno: right like go well no because of everything you just said right i've lived here forever i put my i put that wayne's coding up myself you know or whatever right um um there's a worth of value to that but something's worth what someone is willing to pay for it at any given time Okay, so today, it might be worth more tomorrow.
Lex Nepomuceno: It might be worth less tomorrow. we don't know and that's those others those other factors that we were talking about a few minutes ago um so i think i think you know setting the expectation, and you know and I'm not one to say bad things about real estate agents. I'm one. you know I used to joke when we were up in Seattle selling the selling business opportunities and doing mostly commercial stuff. I used to joke, there's nothing more lazy than a commercial real estate agent. And I can say that because I was one. you know but you know But I think listing agents have to...
Lex Nepomuceno: do a better job of setting expectations with their sellers. Right. It starts there. You know, we're the experts. We're the ones who have all the numbers. We're the ones who have the experience. You know, I've sold over 100 houses since I've been here just since the beginning of 24.
Lex Nepomuceno: um and and I think that gives me a little more insight into what's going on then. the homeowner who's watching hgtv or what have you so you have to build that you know it can't be adversarial you have to build that relationship and say hey look you know you called me because you need an expert to sell your house here's the numbers here's my experience here's what i've seen in the you know i've said 100 plus houses i've sold in the last three years This is what we can expect. and Here's the numbers. And if you can...
Lex Nepomuceno: if you can get the the seller to understand that then you can make up make a plan and everyone's plans a little different Okay, you know. i had a listening appointment a few days ago with some folks who they're sitting on an acre of land in Dunedin.
Lex Nepomuceno: in the city of Dunedin. Okay, that's very uncommon. Right. Okay, and they're in no... they've inherited the land, they've inherited the house, and they're in no hurry to to sell it. So normally I would say to someone, I'd say, hey, look, you know, I'm not a fan of let's put it up on the market for...
Lex Nepomuceno: you know. 50 grand more than we think it's going to sell for and let it sit there all summer. That's not going to, you know, the math shows that that that doesn't work, right? You got to come in at the right price, your right price, or even a touch low. You can't under price, under price, and then you'll sell quick. You'll get multiple offers. And we just did that just two weekends ago. It does happen even in this market, but in their case, they're sitting on something.
Lex Nepomuceno: Unique. Right. So I said, you know what? Here's what I think the house is is going to sell for based on the comps. We could see if there's an outlier out there. We could. put on the market a little higher.
Lex Nepomuceno: And since you're in no hurry to sell, yeah you know, basically other than the taxes, you've got no carrying costs here. um you know We could see, if and wait, maybe someone who's looking for an acre of land isn't looking today, but they might be in December, they might be in January. So in that particular instance, where there's a reason.
Lex Nepomuceno: to do something a little you know, different than what normally sells houses and gets people the best price, at the best you know, as quick as possible kind of a thing. um But it's just having that having that experience and then setting that expectation with the seller.
Lex Nepomuceno: ah Putting your prognostication hat on. What do you see over, and this is before we go on break here, with commercial break. What do you see over the next six to 12 months? uh in the market here i mean you can't roll the dice i can't yeah i can't i can't see the future i don't know it could you know interest rates could uh could could come down and And things could start selling. I mean, there's still quite a bit of inventory out there. So even if rates come down.
Lex Nepomuceno: we have some houses that need to sell before prices can really start going back up. um and then of course if rates don't come down then then you know then who knows All right. Well, we're going to head off for a couple of minutes for a commercial break. And right after that, we will be joined by Mike Fasano, tax assessor for Pasco County. And we're going to talk about. the the wonderful growing community there. so I will see you in a few minutes.
Lex Nepomuceno: This is the Tantalk Radio Network. Got equity sitting in your house and a rate you don't want to lose? Keep the first mortgage. Tap the equity. HelocHouse .com. That's H -E -L -O -C -House .com. A standalone Heloc. First, second, or third lean.
Lex Nepomuceno: Apply 100 % online from the couch. No bank lobby. Lower rates than typical personal loans or credit cards. Up to $400 ,000. in terms of 5, 10, 15, or 30 years.
Lex Nepomuceno: Use it for a renovation. Pay down high interest debt. or put cash to work in your business. Apply in minutes, funding in as few as five business days. HelochHouse .com H -E -L -O -C -House .com
Lex Nepomuceno: Get the cash you need from the comfort of home. NMLS 2812173. Equal housing lender. This is not a promise to lend. Approval depends on credit and program rules. Not everyone will qualify. A HELOC uses your home as collateral. If you do not repay, you could lose your home. Rate comparisons come from Bankrate. Five -day funding assumes an online notary and a home in at least average condition. Some counties still require an in -person closing.
Lex Nepomuceno: Hey Tampa Bay, quick question. Ever fallen for a house online, then driven the street and thought, Wait. This is not the photos. That's the gap. A listing shows the kitchen. It does not show Saturday morning. The coffee spot, the traffic when you leave for work. whether you'd actually want to live there. So here's the show, Keys to Tampa, starting Wednesday, October 14th at 9.
Lex Nepomuceno: Host Lex Nepomuceno. one Tampa Bay town at a time. Dunedin is not Tarpon Springs. Oldsmar is not downtown St. Pete. We talk about what those places feel like. and what they cost. Now the dial. Tantalk Radio Network.
Lex Nepomuceno: WTAN 106 .1 FM and 1340 AM. WCDF 102 .3 FM. and 1350 AM. m WZHR 1400 AM. m Greater Tampa Bay, 16th largest radio market in the country. Hit the site. keys to tamparadio .com. real neighborhoods, honest talk. Life in Tampa Bay. Let's go. This is the Tantalk Radio Network.
Lex Nepomuceno: Welcome back. You're listening to Keys to Tampa. I'm Lex Neposena with DJ Northrup, and we're joined by Pasco County Tax Collector. Mike Fasano. ah Mike Fasano was elected to the Florida legislature in 1994, where he served for 19 years.
Lex Nepomuceno: In 2013, he became the Pasco County's... um tax collector and has served in that position since mike thank you for for being our very first guest. It's an honor. Thank you very much for having me. Yeah, and kind of following up on that, you know, we can...
Lex Nepomuceno: talk about the emissions we'll talk about the uh the um the amendments later, apparently but can you tell us a little bit about what makes Pasco County different? Well, one, I think Pasco County is a great place to live. I've lived there now 55 years, came down here from. ah the youngest of five, 55 years ago with my mom and dad, my four siblings from New York.
Lex Nepomuceno: moved into a brand new community right there in Holiday. And I think you can appreciate this. Holiday Lake Estates it was nothing but senior citizens riding there. Three -wheeled bicycles everywhere. Big sign out front.
Lex Nepomuceno: It said sanitary sewers, and it was like, who cares at 12 years old what sanitary sewers are? But, of course, it was a big deal because up north you had septic tanks. the The developers and the builders and all these little communities they were creating in Holiday and West Pasco.
Lex Nepomuceno: They were building their own sewer systems. Um, But there was an even more interesting sign that was below that. It said homes from $6 ,999.
Lex Nepomuceno: Pasco has grown significantly. We were about 50 ,000 people back then in the in the county. We're now at 650 ,000 people and growing. What's great about Pasco is we're not far away from anything. You know, you can live in a very nice community. with some land, some property.
Lex Nepomuceno: beautiful communities that have been built over the years. plenty of ah shopping areas, especially in the Wesley Chapel area. And there's 75. There's the Suncoast Parkway. You can get to Tampa in 20 minutes.
Lex Nepomuceno: Get to the new ballpark when it's completed in about 20 minutes. get Go and see the lightning in about 20 minutes. So it's a convenient place. and also It's less ah it It costs less to live in Pasco than it does in Pinellas and Hillsboro. Not to do anything about, it not to say badly about Hillsboro or Pinellas, but the fact is it's cheaper to live in Pasco County.
Lex Nepomuceno: especially if you're going to own up, build a home there. Now, you've served in the Florida House and in the Senate before becoming the tax collector. Yes, sir. What drew you to this office? while I was termed out.
Lex Nepomuceno: Okay. So in in Florida, you have term limits, eight years in the Florida legislature. i So I was eight years in the Florida House. I happened to get 10 years in the Florida Senate because I was in ah end during the redistricting time.
Lex Nepomuceno: i termed out uh sir went back to the house for one year i'm a glutton for punishment i don't know why i ever did that But then the tax collector who was with Pasco County tax collector was with.
Lex Nepomuceno: the tax collector's office for 30 plus years he passed away Governor Scott back then appointed me as tax collector. and I've been blessed to be reelected ever since. And I love my job. I learn something new every day at the tax collector's office. We do an array of of of of services.
Lex Nepomuceno: We live on services. I get no money from the county, no money from the state, no money from the federal government. People ah you know say, well, Fasano, how do you survive? And I say, bye. providing services. We get a commission on everything that we do.
Lex Nepomuceno: whether it be on driver licenses. title work. property taxes, concealed weapon permits. uh fishing and hunting licenses birth certificates we're like a one -stop shop And I just love it because. I'm blessed to have 250 employees.
Lex Nepomuceno: We have five offices, believe it or not. but We serve between 50 and 60 ,000 people. each month in our five offices. doing all kinds of services for them.
Lex Nepomuceno: What are the top three? major services that your office provides Wow yeah Even though we lose money. ah but Each year, it's motor vehicle services.
Lex Nepomuceno: collecting property taxes actually is the one that keeps us running. Believe it or not, every tax collector in the state loses money on providing motor vehicle services. Yet 95 % of the people that walk into my five offices.
Lex Nepomuceno: want to do motor vehicle services. property taxes are usually done because of escrow accounts. Or... They're paying by mail or they're paying online. But again.
Lex Nepomuceno: I lose $4 million dollars a year providing motor vehicle services. That's why this Amendment 3 is extremely... ah hard for us tax collectors to to support and swallow.
Lex Nepomuceno: because without collecting property taxes We would like to know who's going to fill that void. of me losing four million dollars a year pinellas loses probably 10 or 12 million hillsborough tax collector uses it loses probably more than that other counties will have and the tax collectors throughout the state will have difficulty surviving.
Lex Nepomuceno: without collecting property taxes. Lex, do you mind if I yeah and just jump in on that with the with the question? So help me to understand. So so I understand completely losing money on providing driver's licenses and taking pictures and all that.
Lex Nepomuceno: Where does the revenue, is it up is it a portion of the amount collected? Yes, sir. So let's say, for instance, you come into my office and you want to renew your driver's license for $54 .25. Right.
Lex Nepomuceno: I get $6 .25. The rest goes to Tallahassee. You come into my office to renew your registration. uh, seventy dollars sixty dollars fifty dollars i get two dollars and fifty cents the rest goes to the trust fund in tallahassee hu okay And the legislature has control of those dollars. so This is by law.
Lex Nepomuceno: that was created years and years ago that tax collectors are by these services. I love providing those services. Every day, again, 95 % of the people that walk in our offices want motor vehicle services.
Lex Nepomuceno: but every tax collector loses money. on providing those services. We... we stay We stay in the black, if you will. by collecting property tax. And do is that a, do you get a.
Lex Nepomuceno: We get a commission on collecting property taxes. So a certain percentage of - That is correct. It's 2%. 2 % of what's collected. So if so just so I understand - Please.
Lex Nepomuceno: property taxes go down with these initiatives. We can talk about the different initiatives. And they will go. and And that's great. We all want property taxes to go down. I own a home. I'd love for my property taxes to go down. I would have liked to have seen the legislature. and They pass this, this, this.
Lex Nepomuceno: kind constitutional amendment in a matter of a few days during a special session. without it without fully realizing the impact.
Lex Nepomuceno: If you look at the the bill that was passed and signed by the governor. There's no fiscal impact in it. I served the legislature for 19 years. I never was even able to. to file a bill unless they had a fiscal impact on it.
Lex Nepomuceno: There's nothing. there's no the bill analysis doesn't talk about any fiscal impact to the cities or the counties and that's very dangerous. They passed it in a couple of days. even the sponsors didn't know really what was in this in in the bill as questions were being asked of them um But it's going to be on the ballot.
Lex Nepomuceno: i would like to have seen the legislature do something that would have taken it over maybe five seven or ten years and in increasing the homestead exemptions so it didn't have such a significant immediate impact on the constitutional officers from Sheriff.
Lex Nepomuceno: property appraiser tax collector clerk of the court Supervisor of Elections. counties and cities in such a significant way in such a short period of time. Wow.
Lex Nepomuceno: um And we'll continue talking about it in three. that ah That has a big impact, obviously, yeah everywhere. so But when we were talking earlier, I made the mistake of mentioning property. appraiser. yeah So I think that's an important distinction to for people. this certainly Can you describe the differences? Yes, sir. Thank you for asking. ah The property appraiser is the...
Lex Nepomuceno: uh assessor and some people in some states their call where they Uh, uh Value your home. and they will have a taxable value. to say this is what your taxable value is.
Lex Nepomuceno: Then they will take all of the millage rates that were passed by the different... taxing districts. School Board. Board of County Commissioners. water districts, mosquito control.
Lex Nepomuceno: bonds that are on the the tax roll. And this is all ad valorem assessments, ad valorem assessments. These are the millage rates that are assessed by the taxing districts within the county.
Lex Nepomuceno: The property appraiser takes those. and uses what they believe the taxable value is. and calculate that what your tax bill is going to be. but there's something else on your tax bill and this is where people i think are going to be quite upset, or concerned.
Lex Nepomuceno: if this amendment passes. There's non -ad valorem assessment. Non -advalorum assessments are the second row, if you will, the second box on your tax bill.
Lex Nepomuceno: Those are. streetlights. Um, resource recovery units sewage. It might be for some garbage pickup. It might be some for...
Lex Nepomuceno: uh community development districts, CDDs. which are very, very popular in Pasco County. Huge and popular county. This is where people buy a home in a community.
Lex Nepomuceno: where bonds were sold by the developer. to put the infrastructure in. Rhodes. sewer systems. streetlights, the whole shmeal. Now those bonds have to be paid off.
Lex Nepomuceno: The community creates a community a CDD. community district that then puts those bonds if you will or an assessment on everybody's tax bill that lives in that community.
Lex Nepomuceno: Yeah. ranges from fifteen hundred dollars a year up to four thousand dollars in community development district fees that are put on a tax bill. Those will have absolutely nothing. Anything that's on a non -advalorum assessment.
Lex Nepomuceno: The homestead exemption does not affect those. right It's important for people to know that. And in fact, uh so our phones will ring off the hook in two years when people get their tax bill and why and ask why. Why is the CDD still the same?
Lex Nepomuceno: Mm hmm. Why are my streetlights still the same? Why is the any other non -advalorum assessment on that tax bill still the same? Because that. the assessment has nothing the the homestead exemp exemption has nothing to do with those assessments so um And so we...
Lex Nepomuceno: our Our responsibility in the Constitution says one thing. to collect property taxes. We don't decide what your property taxes are. We don't decide what your assessed value is.
Lex Nepomuceno: The good thing about homestead exemption, though, is... that You have a taxable value. And then you have. You have a value that's assessed by the the property appraiser, and then you have a taxable value after homestead.
Lex Nepomuceno: So let's say your home is valued at... 200 000 by the property appraiser You get a $50 ,000 homestead exemption. you're now going to pay taxes on $150 ,000.
Lex Nepomuceno: There are so many different types of exemptions in Florida. You can have, you'll get all home. If you live in your home and as a permanent resident. you're going to get the fifty thousand $25 ,000 exemption on for schools.
Lex Nepomuceno: and then you can if you are a veteran you're disabled you can also apply for a veteran's disability you can apply for a widow or widow's just an exemption as well. There's a few others that that that you can apply for and hopefully get for, you know, get them and reduce your taxes. Great.
Lex Nepomuceno: uh a lot of information yeah no that's uh and that's a great uh clarification um on that topic well yeah and and and as far as you know when i'm out showing houses and talking with buyers about homestead um That's exactly what I talk about. is iss it's not it's It's the property taxes. It's $50 ,000 now, $25 ,000 on the schools. And then there's some additional ones. and And I always tell people, hey, look, the big deal is, in my opinion, is it caps.
Lex Nepomuceno: the increase that's perfect perfect the three percent of many many years ago back in the 80s uh the florida uh passed a constitutional amendment called save our homes Yes. regardless of the the value of your home going up. I don't care if you own a home that's worth $500 ,000.
Lex Nepomuceno: But if you've lived in it for 10 or 20 years, it's going to be a lot less. because the assessed value by the property appraiser cannot go any higher than three percent each year All right, with that, we're going to take a commercial break. And we'll be back in a few minutes.
Lex Nepomuceno: This is the Tantalk Radio Network. Got equity sitting in your house and a rate you don't want to lose? Keep the first mortgage. Tap the equity. HelocHouse .com. That's H -E -L -O -C -House .com. A standalone Heloc. First, second, or third lean.
Lex Nepomuceno: Apply 100 % online from the couch. No bank lobby. Lower rates than typical personal loans or credit cards. Up to $400 ,000. in terms of 5, 10, 15, or 30 years.
Lex Nepomuceno: Use it for a renovation. Pay down high interest debt. or put cash to work in your business. Apply in minutes, funding in as few as five business days. Heloch House dot com. H -E -L -O -C House dot com.
Lex Nepomuceno: Get the cash you need from the comfort of home. NMLS 2812173. Equal housing lender. This is not a promise to lend. Approval depends on credit and program rules. Not everyone will qualify. A HELOC uses your home as collateral. If you do not repay, you could lose your home. Rate comparisons come from Bankrate. Five -day funding assumes an online notary and a home in at least average condition. Some counties still require an in -person closing.
Lex Nepomuceno: Self -employed, tired of lenders asking for a W -2 you don't have? lexforloans .com helps Tampa Bay business owners get home loans using your income statement and bank deposits. No W -2 required.
Lex Nepomuceno: Book your free appointment now at LexForLoans .com. or call 727 - 349. 5788. NMLS 2812173. Equal housing lender. not a commitment to lend. Subject to credit approval and program guidelines. Not all applicants will qualify.
Lex Nepomuceno: Welcome back. This is Lex Nepucena with... Tantalk Radio Network and Keys to Tampa Radio Show, with joined by DJ Northrup. and Mike Fasano. And we just had a great segment I wish was captured on the radio. Mike, you've... chaired a committee yeah on the homestead. exemption before can you can you talk about that sure and some of the goals of under under governor charlie chris A real good fellow, a dear friend of mine, he...
Lex Nepomuceno: came up with an idea to put a constitutional amendment before the people that would have increased the homestead exemption. And it passed. But there was a little provision in there that really...
Lex Nepomuceno: was ignored because... prices were but they weren't selling homes back then which is called portability And I'm sure as you as a realtor know this very well.
Lex Nepomuceno: it's It's the best thing that I think next to the Save Our Homes Act that ever passed. And what it does is it allows people. who may have this home. That they've lived in for 10 15 20 years And they want to downsize.
Lex Nepomuceno: But they're afraid to downsize because what they're paying in taxes, they're going to go and buy another home and their taxes are going to go back up based on. what they purchase. But now all that save there save our homes. credits.
Lex Nepomuceno: that three percent give or take uh has been built up over these years under portability you can take that with you to the next home. which could which not only could, but can and will. reduce the taxable value significantly.
Lex Nepomuceno: And it all depends on... how much portability you have. built up in the home that you're owning now. And who can help you find that out? is the property appraiser they can anybody can go to a property appraiser's office and sit down and Give them their address. Tell them what they're gonna they think they're going to sell their home for.
Lex Nepomuceno: and what they're going to purchase and they'll be able to assist them in giving them an estimate of how much portability they'll bring. So not only will they get the homestead exemption, they'll get a large amount of portability. I sold my townhome.
Lex Nepomuceno: And, and, and. bought a villa. I was in there just a few years, but prices went up significantly. And I was able to take a significant amount of portability. with me. which du brought down the taxable value on my home. even before homestead reduced it even further.
Lex Nepomuceno: it's it's a It's, I think, one of the best selling tools for for for realtors. who are trying to not convince but encourage somebody who before this wouldn't sell their home because they would have to buy something.
Lex Nepomuceno: and not so and it would have to see a significant raise in taxes and I find that people don't understand the portability right this is very true even yeah and and obviously it only ah pertains to people who live here already and have lived in the home you know it's it interesting you got good results out of two years.
Lex Nepomuceno: So I guess that's a good lesson. It doesn't matter how how long obviously the longer you've lived in the house. the greater your benefit is going to be but yeah that's something that uh realtors need to educate sellers and buyers on. for sure And the legislature.
Lex Nepomuceno: uh it used to be only you could have that available to you for two years The legislature expanded that now to three years. So. Let's say you sell your home. but you're not ready to buy something?
Lex Nepomuceno: That portability will stay in place for you for up to three years until you buy another home. Really? Yeah. See, I didn't know that. Oh, yeah. I'm educating a realtor. Yeah, no. He's going to sell another 100 homes now. That's right. That's right. No, that's great to know. So yeah I sell now and I can pocket my - You can pocket your portability for up to three years. That's correct. Three years before I go buy another one. Yes. That's great to know. yeah Thank you. I want to bring something else up if I, and I think you probably.
Lex Nepomuceno: you you do a great job. One of the things that we need to impress the people who may be coming down here for the first time. And that is if they're buying a set a home that's already been lived in.
Lex Nepomuceno: don't take any notice of what the prior owner is paying and property taxes. Right. Because that property pay that property owner is paying property taxes based on... a much lower amount.
Lex Nepomuceno: of taxable value because of the save our homes they've gotten over the years. But now... That home is being sold to someone else. 400, 500 ,000. They only pay 200.
Lex Nepomuceno: Now they're selling for four or five hundred thousand. I don't want the new owner to think they're going to be paying property taxes based on what the prior owner is in Florida. the property appraiser by law.
Lex Nepomuceno: has to reassess the home. based on Market value. And or. the sale price and usually they will do it. do 85 of the sale price and that'll be your new taxes That'll be your new tax at your new value before Homestead comes in.
Lex Nepomuceno: and we'll get calls i'll be sending out tax notices 300 000 tax notices in a couple of weeks The calls will come in from people. who bought a home recently and want to know why their taxes went up.
Lex Nepomuceno: three four five thousand dollars it's because you bought a home That was... being taxed taxed on. for a lot more than what the prior owner is being. tax Right, and that's something that we have to, I mean.
Lex Nepomuceno: Every realtor needs to explain that. you know and we get we get trained all the time, you know, you're not a tax, you know, don't give tax advice. Don't get checked in this. So I don't, but I say, Hey, look, you know, in Pinellas County, for instance, you go to the tax appraisers website and they have a calculator calculator. Exactly. It's excellent. Yeah. You put in. put in the address of the house you're going to buy, what you think you're going to buy for. You put in yours, and it brings over the portability. That's correct. it it gives It gives you the whole thing. But that's that's important to know because I've i've been with...
Lex Nepomuceno: clients before. So let's say we're on a, we're searching for a house, three bedroom, two bath house in Dunedin with a pool. Okay, that's going to have a range, you know, it's gonna be, you know, 650 to 850, right? You know, 1500 square feet or better, what have you, right? Okay, so every house I'm sending them is in that range.
Lex Nepomuceno: And then they'll say, oh, well, let's go see the one. This one here, the taxes are only $2 ,500 a year. The other one's $8 ,500. Let's go see this one. And I'll say, no, no, no, no, no. You're never going to pay that. yeah yeah That's a very good point. and And I appreciate you doing that because that helps us when we start getting those calls, you know.
Lex Nepomuceno: uh people and i feel badly for them there's just nothing we can do and now i will call them personally and explain how it all works, you know, and the property appraiser must, must by law. reassess the home based on the sale price.
Lex Nepomuceno: or the market value in that community. And it's going to be a lot higher than what the prior owner bought 20 years ago. That's why your taxes are going to go up. Wow. Well, first... Just hearing this discussion, it's so refreshing because I come from Washington State. Yes. Where I remembered my property tax bill would just... increase and increase with just no no um No explanation and no justification.
Lex Nepomuceno: But you both talking about this and, you know. Oh. there seems like it's a homeowner's first priority it seems like the legislature tax collector's office.
Lex Nepomuceno: really puts the needs of the homeowner. from the forefront. Can you describe that culture? It seems like it probably started in the legislature and the state government. It seems like it's gone down to the local. Well, I will tell you, the state legislature over the years and our prior governors have done a wonderful job.
Lex Nepomuceno: And. I believe. uh making florida much more affordable than many other states and a perfect example of washington state Um, you know It has gotten more expensive over time, but remember.
Lex Nepomuceno: When I came down here and in 1971, population was 5 million. It's $25 million. You know? And when you have 25 million, guess what? Services need to increase.
Lex Nepomuceno: You got to have more. deputies on the road. police officers in the cities you have to have more parks and recs and libraries and i mean the services ah road services building roads widening them renovating the road system the systems that we have And that's why you see increases. Now, people will say, well, you know. but But people, when they move down here, they're buying a home and they're paying more they're paying taxes. Yes, they are.
Lex Nepomuceno: What? In Pasco County in 1971, a deputy was making $15 ,000 a year. Now they're starting out at $60 ,000 a year. and And that's the reason why we've seen. our budgets increase our county and city budgets increase over time because the people want services and that's what it's going to cost.
Lex Nepomuceno: But I believe, though, Florida still has. is still one of the most REASONABLE and low -cost state to live in. property taxes have gone up. but they're not anywhere near that you see in the state of Washington, in New York, in New Jersey, and other places where these people are moving down.
Lex Nepomuceno: um And. And you know what? You don't get that snow? that frost that freeze and that's why the roads are so nice in florida you know you go up to new york you pothole everywhere every step of the way so i just think i think it's a it's a great place and it must be a great place because we're we're growing uh pasco is one of the fastest growing state counties in the state wesley chapel is one of them fastest growing communities in the state.
Lex Nepomuceno: people are coming down and They're coming down for good reasons. Now, along those lines, the growth in Pasco County, yes can you describe that and kind of what's been the emphasis? Because it's grown faster than other counties. sure uh The growth used to be in West Pasco along US 19, the little communities that were built, Hololick Estates, Aloha Gardens, Crestridge Gardens, Beacon Woods, you go all the way up 19, both sides.
Lex Nepomuceno: Those communities are very, very old now. They're 40, 50, 55, 60 years old. And many of the people who live there have passed on. ah The homes are like 900 ,000 square foot homes.
Lex Nepomuceno: And many investors have come in and purchased those homes. but as pasco has grown to the east into Land O' Lakes, Wesley Chapel, a brand new community called Angeline.
Lex Nepomuceno: over into even to the Dade City, Zephyr Hills area, all that that beautiful land. is now being developed. and What I think the reason why people are moving in that community.
Lex Nepomuceno: because you've got two wonderful places to to drive on. 75. and the Suncoast Parkway. And it's not nearly the traffic that you see in Pinellas or Hillsborough.
Lex Nepomuceno: And we used to be known as the bedroom community way back where people would buy in Pasco, but work in Hillsborough. I'll listen. We're not looked at like that anymore. you're having tremendous industry moving into Pasco. and creating a very good.
Lex Nepomuceno: high -paying highpaying jobs. uh people are moving there because it's just a nice place to where we got great schools parks, libraries. um recreation facilities um and you we're seeing more and more younger families i'll tell you what's interesting though is They've built.
Lex Nepomuceno: just about every other block. It's not really, but... a lot of what they call these luxury apartment complexes. And they have they have grown significantly in past school. And I always wonder.
Lex Nepomuceno: will they Will they fill these places up? I'm telling you, go to any one of those. There's not a parking spot in them. These are young families. who can't afford to buy a home. That's the killer.
Lex Nepomuceno: And they probably work in Pasco or maybe drive down to Pinellas or Hillsborough or maybe over to Polk County. but they they would probably love to buy a helm when you have interest rates at 7 .5%.
Lex Nepomuceno: And homes that are starting at $400 ,000, there's no way they can afford a home. And and it's really sad. that's That's where we need to... put our put some emphasis on and our energy on in helping these young families.
Lex Nepomuceno: DJ, you're familiar with a lot of first -time homebuyer programs. i mean What are some of the programs? and things out there that maybe that your average homeowner first especially a first -time homeowner Isn't that... preview too.
Lex Nepomuceno: Oh, well, i would I would have them, you know, speak to their lender. I know a good one that I that i could recommend because there's tons of programs for first -time homebuyers. And, you know, there's...
Lex Nepomuceno: um obviously the the Hometown Heroes is a big one. that for and That gives them some down payment assistance money. A lot of these programs, there's even some grants. There's a Native American grant that goes it's forgiven after a few years. I know that.
Lex Nepomuceno: ah Pinellas County has several programs that are forgiven over time. So if you stay in the house for, say so let's say you were able to get $50 ,000, it's on the house as a...
Lex Nepomuceno: as a second mortgage on the house. but no interest is accruing and it they forgive you know 25 or 20 of it a year until it's all gone after five years so there's a lot of different programs that that that can help out but Um,
Lex Nepomuceno: You know, this is kind of exactly what we were talking about earlier, though, right, where something has to give. because If what gives is prices, the actual price of the house, well, now you have the flip. the flip side. right You have the folks who bought at the height of the market, June of 2022, with a zero to down, zero closing VA a loan.
Lex Nepomuceno: and and they've got no equity in the house and they're writing a check. they they haven't They have a – they're – they're they're they're in reverse yeah they're yeah going down exactly we've we've seen that many people now those who stuck around and stayed in that home are doing very well now because they got through that that tough time.
Lex Nepomuceno: Um, i know that some of the developers some of the builders in pasco I'm not going to name them. but they have uh They have a program where. uh you they they'll buy down your interest rate somewhere in the fives there was one one builder who was they've they've they've stopped it that we're giving out three and a half percent mortgages but they ballooned in five years which means that in five years you had to now refinance it
Lex Nepomuceno: They'll find some other loan. At the then current rate. Yes. And you pray by then that interest rates have dropped. Exactly. It's kind of like a getting an arm. Right. But they're ah they are giving out some of these builders have their own mortgage companies that they are giving out mortgages at 5 .5%.
Lex Nepomuceno: and some of them are up ah giving you like ten thousand dollars towards your closing costs And so i I would suggest to anyone that's looking to buy a home. maybe the for the first time.
Lex Nepomuceno: uh you know. go to these builders, go to these developers, go to look around Pasco and check to see what deal they got going, you know? They want to sell a home. And I think they'll come up with all kinds of of deals. to get you to buy that home. And it is true that that the...
Lex Nepomuceno: New home prices. have dropped yes below for the first time and and in history. If you can afford it, the best time to buy a home is right now. because prices are down.
Lex Nepomuceno: if you if you can pay cash for it you're really in good shape yeah Well, the thing is is, again, they can just refinance. that people forget. Yes. My concern for those who refinance in five years or whatever, you've got to hope that interest rates are down by then. Yeah. and And hopefully they will. But as long as... As long as inflation is high. they're not going to be dropping interest rates anytime soon. Because right now it's definitely a buyer's market. Oh.
Lex Nepomuceno: I mean without question. yeah oh Yeah, no, I say it's kind of a funny market. yeah Yes, I say the buyer has the advantage, but it's not the typical buyer's market because you do have this gap and sellers just aren't bringing the price down.
Lex Nepomuceno: and But you do have a lot more. options out there. especially in Pasco as far as buying. I remember the days. It wasn't but a few years ago, you know. You had communities where... Just the rumor.
Lex Nepomuceno: of this house going to go on for sale you didn't have to put a for sale sign out Boom, it was solved, right? right it's great it was crazy yeah One of the things that and you alluded to it a little bit earlier, the business community in. in pasco and school so those are the two things i want to want to go into as we go to the last segment Describe the balance of the business community and how it's helping Pasco grow in a responsible way. Yeah, boy, i thank you. Great question.
Lex Nepomuceno: Came down here in 71. There were no businesses. I mean, there were small business, the mom and pops, a lawyers, doctors. hospitals, but nothing. Now we've got Amazon.
Lex Nepomuceno: They've got, you know, two huge facilities. you know yeah employing thousands of people with. great you know good jobs good salaries you've got other corporations that have come in uh we have a uh an edc that does a wonderful job in bringing companies in here. They help the tax base immensely.
Lex Nepomuceno: businesses because they don't get homestead. And by the way, for any any non -homestead out there, whether it be a business or a rental. You're not getting any of this homestead. And you're not going to get any of the increase if if it passes. Right. And in fact, in my opinion. It'll be the renters.
Lex Nepomuceno: And the. and the small businesses that are going to pay the price. If this amendment passes because somewhere the counties and the cities have to find these dollars that they're going to lose hundreds of millions of dollars.
Lex Nepomuceno: and i think they're going to find a way to put it back on the tax roll in some raising the military or whatever. and it's going to affect landlords. And as you know, landlords are going to swallow that. They're going to bring it back down to the renters. And not to be political, but wouldn't the people who...
Lex Nepomuceno: Because I'm a real estate agent, not a politician. but But, you know, you're from the legislature. Wouldn't the people who passed these and excuse me initiatives, wouldn't they argue that? Um, the cities and just need to spend less money. All right.
Lex Nepomuceno: And they will. Okay. And... And if they can spend less money, go for it. And I will tell you this is my opinion. We have a sheriff's department in Pasco County that continues to grow because Pasco County grows.
Lex Nepomuceno: We have a firefighter. We have a fire rescue department that continues to grow because pasco grows Amen. you're still going to have to have money.
Lex Nepomuceno: to hire deputies, hire firefighters. to build fire stations. You're still going to have to have money do that. Now. I will tell you this. There's gonna be cuts.
Lex Nepomuceno: And they're going to be significant. and they're not going to be over time it's going to be immediate in my opinion because they're going to want to get it over with. You're gonna see it affect our parks?
Lex Nepomuceno: our libraries. our recreation facilities. Now, the amendment might say that. <unk> They're supposed to prioritize law enforcement and a couple of other things. Well, you can prioritize anything you want, but if if you have less money.
Lex Nepomuceno: you have less money they're not gonna be able to get funded. adequately like they need to each year. I also believe that it's going to affect our uh our renters as i said they're going to pay the brunt of it.
Lex Nepomuceno: And there's going to be a tax shift. If people believe that... the Counties and the cities are not going to find a different way. of taxing you. Maybe pulling some things that are on the ad valorem down to the non -ad valorem.
Lex Nepomuceno: where homestead is not affected there Also, every cow... I want to see it here. Pasco County, I don't know if Pinellas or Hillsboro, but Pasco County has... bonds. That was so. Right. bonds that were sold Right, CDD.
Lex Nepomuceno: now No, no. No. Oh, bonds by the county itself, not CDD. Bonds. County bonds. Okay. To build gym. to build a jail. to build parks and wrecks. The list goes on.
Lex Nepomuceno: We've got to make sure those bonds get paid. Now. All of a sudden, Pasco County is... is loses three to four million 300 300 to 400 million dollars over the next three or four years The millage rate on those bonds are going to have to increase.
Lex Nepomuceno: Because you can't let those bonds default. No one's taken this into a consideration or account as they pass that bill up there. These are bonds and if you If anyone defaults on a bond, Forget about ever getting another one.
Lex Nepomuceno: And in fact, there was a big story about this in the Bond. buyer. and out of Wall Street of the investors having great concerns about these bonds. and will the counties and or the cities.
Lex Nepomuceno: have enough money to pay these bonds that's why i believe And the bonds on the on the ad valorem. are assessed by a millage rate. So you're going to see the counties increase the millage rate on those bonds.
Lex Nepomuceno: and make sure they get paid. So it's so putting all the Political advertising aside and all that and the side that says, hey, every city is going to have more money next year than they did last year. Just.
Lex Nepomuceno: not as much more money. Yes, it's it's not. this and And it's all alarmism, this. The fire department's not going to come if you pass this. It's all alarmism. They're going to come. Classic alarmism.
Lex Nepomuceno: You see the numbers. Yeah. you're that's that's your job right so we're gonna take you as the the expert. Because you are, right? well Right? So... so where there's There's that many? people.
Lex Nepomuceno: In. Pasco County. yes Who's? house let's say the value of the home first off to to to take advantage of the whole 250 you have to be Um, assessed over 250 right correct to have you know well no no you don't have to be assessed over 250.
Lex Nepomuceno: You could be at 150, you're going to get... That's what I mean. yeah That's what I'm saying. You're going to have people paying no ad valorem taxes. Exactly. But still want the services that the county provides.
Lex Nepomuceno: They still want a deputy to go to their home. They still want... via rescue to go to their home. They still want to go to the parks and rec centers. They still want to go to the library. Oh, well, but you're not sure. but i But they're not paying a dime in property taxes. Yes, but I think but that's a but yet yes american yeah that's an Half of Americans don't pay income tax. But you're going to have people that will still be paying property taxes.
Lex Nepomuceno: Right. Because you have homes that are half million, million dollars. Of course. You're going to have people that will be paying property taxes. But yet, no. so Some people have been paying no property taxes but still want the services.
Lex Nepomuceno: Yes, and that's not my question because I'm not trying to be political. I'm not trying to debate. No, I understand. What I'm trying to ask is numbers because, yes, I mean, like like I said, I mean, like half of Americans don't pay income tax. Yes, yes they get to. drive on the same roads they get to all this so that's okay so that's neither here nor there from my my question is In Pasco County is a man who sees the numbers.
Lex Nepomuceno: There are enough homes. that that this... This additional homestead exemption dropping that value, or I guess...
Lex Nepomuceno: That much worth of tax is going to be how much money. Do you have that? i believe i believe here Let me see if I have it here. pasco county let's look at pasco pasco county will be in the year 2028.
Lex Nepomuceno: will be approximately 300 million dollars less in revenue $300 million dollars less in revenue. revenue Yes. Is that? Is that calculating any, is that just calculating the loss itself? That's calculating the loss, yes. The calculating loss. So any other additional revenue? If you have additional revenue, of course, that'll be have adjusted, of course. Yes, sir. Yeah. yeah Yeah.
Lex Nepomuceno: So you're still going to have losses. Look. as I said earlier on. You want property taxes to drop. You want property taxes, and so do I. Did it have to happen in two years?
Lex Nepomuceno: Couldn't have been done over five or 10 years. Couldn't have been done in such a way that the counties could have adjusted themselves over a longer period of time. You're asking them to cut budgets significantly.
Lex Nepomuceno: in two years. That's a tough thing to do. That's tough. And I think you're going to see counties. Soon, if this passes, which I believe it will. um You're going to see counties.
Lex Nepomuceno: start cutting immediately, and it's going to be significant. and But they're also going to have to move. They're going to have to do something to to fill that void. Let me give you an example of how our office. works.
Lex Nepomuceno: How do I continue to stay open? Well, earlier you said it was because of the property taxes. Exactly. yeah How do I stay open? If there's less property taxes? Yes. How do I stay open? I have a $4 million deficit. I'm in the black. I'm required by law.
Lex Nepomuceno: to provide motor vehicle services in my five offices. I have a four and a half. million dollar loss. providing those services. 95 % of the people that walk in my office.
Lex Nepomuceno: want motor vehicle services. The amendment passes. Guess what? Those people still walk in my office wanting motor vehicle services. How do I pay the salaries?
Lex Nepomuceno: Well, you have to charge more for... No, I can't. You can't by law. I can't. you can't so i can't By law. Uh -huh. By law, I get $2 .50. for every registration renewal.
Lex Nepomuceno: By law, I get $6 .25 for every driver's license. By law, I get $4 .25 for a title transfer. Okay. The rest of it goes to Tallahassee. That's why every tax collector is in the red on motor vehicle services.
Lex Nepomuceno: My question to the legislature. I do away with property taxes. But who's going to fill that void? So I can continue to do what I'm supposed to do by law. And do they have an answer? No. All right. Well, that lead i mean this was a great show. It leads us to the close of the show. Mike Fasano, thank you so much. Bless you. Thank you. Great great job. Yeah, you too. And thank you, DJ. DJ, thank you very much. And until next time, we'll see you all back on.
Lex Nepomuceno: on Town Talk Radio Network on Keys to Tampa Radio Show next Wednesday at 9 a .m.
