Valuetainment - Ron DeSantis' $61B Problem： Will Florida be the First Property and Income Tax-Free State？

00:00:00.000 So Governor DeSantis from Florida is proposing something that no other state in America is

00:00:04.460 doing today. No state income taxes, no property taxes. Complete opposite of what Mamdani is

00:00:10.940 proposing in New York City. Free buses, free government rent, groceries, all these free

00:00:16.020 things that he wants on tax to rich. He's doing the opposite. Mamdani's listening to his younger

00:00:20.360 voters. DeSantis maybe is listening to his older voters, Florida boomers. There's a big debate on

00:00:25.720 Twitter with DeSantis. You just want to protect your boomer billionaires and millionaires and 0.99

00:00:29.460 no, that's not true. Back and forth. Is it a good idea to get rid of $61 billion revenue you're

00:00:36.120 getting from property taxes? Is this even possible? Who's it going to hurt? Who does the benefit?

00:00:41.960 We're going to talk about that today. Okay. So if you're wondering why is this guy hanging on to all

00:00:54.500 these notes, if you want, this is all the research from what we're going to cover today. If you want

00:00:57.540 this hang around, I think I'm going to tell you how to get all these notes. Okay. So let's go through

00:01:01.000 it. Roughly $61 billion, 2024 revenue came from property taxes. Of that $61 billion, 18 to 20 billion

00:01:10.300 was homestead. People who live here, non-homestead was $40 billion to $43 billion. 64% of people who

00:01:18.480 don't live here. These are people that own a vacation home. It's Florida. It's a beautiful place.

00:01:23.100 They want to come here during the winter, all of that. Right now, look, look at this year,

00:01:27.120 the $61 billion. We wanted to find out where that money is spent. 50 to 60% of it funds school

00:01:34.600 district funding. 18 to 19% is county revenue. 17% is municipal. And the last 10% is special district

00:01:41.940 water management, different projects that they work on. So now what is the biggest concern with this?

00:01:48.540 If he decides to eliminate property taxes, one, raising taxes in other places. You know what?

00:01:56.100 If you take the money, 61 billion from this place, you're going to have to get that money from another

00:02:01.240 place. How are you going to fund all these different things that you have? And he said multiple times,

00:02:05.800 DeSantis himself has said, he does not want to raise taxes, raise sales taxes, which you'll see what

00:02:12.040 sales taxes will look like if he has to do that. Because sales taxes right now in Florida is 6% plus

00:02:18.540 some local surtaxes. If they eliminate this, some are saying sales taxes may have to go all the way

00:02:25.780 up to 11 to 12%. We'll be the highest in America. He says, nope, we're not going to be touching that.

00:02:30.840 Okay. So then what are we going to do? State transfers. Is the federal government going to step

00:02:35.320 in and wanting to help out Florida? Is Florida going to go to other states for help? Who knows?

00:02:39.480 Number three, spending cuts. You're going to have to cut different places, other fundings that you

00:02:43.420 have. Number four, people are saying this mainly benefits boomers and the rich. Like for instance,

00:02:48.380 Tampa Bay. If in Tampa, you own a family home, your annual tax is roughly property taxes, $67.50.

00:02:55.740 In Miami Beach Condo, $93.75. But in Naples Luxury Home, you're spending $18,750 on property tax. If we

00:03:03.760 eliminate this, who's it really helping? And the challenge we have right now in America with

00:03:07.920 affordability. Is it for the people that are the boomers and the rich, or is it the younger families

00:03:12.580 just got married 30 years old, husband and wife want to have kids, want to buy a house. They can't

00:03:16.760 afford to do so. Do you want to tailor to them? So they show up to you, or do you want to tailor

00:03:21.740 to the rich? That's the criticism and the back and forth that they're doing right now with the debate,

00:03:26.040 which is totally fine. But again, keep in mind, if they do this, this will be the only state that's no

00:03:31.760 income taxes, as well as no property taxes. Let me continue. So now on this side, if we go through

00:03:37.900 in regards to the concern, watch this possible benefits, possible benefits, number one. So his

00:03:44.560 idea, if they do this, who do you attract? You increase migration from other high states,

00:03:52.120 such as who? New York is possibly about to have a massive amount of people that are going to leave

00:03:57.820 New York. They could be coming here. This is good. We want people to want to come here and not want

00:04:01.740 to pay property taxes. Number two, encourage capital, inflows, and new development. People

00:04:06.900 are saying, wait a minute. You're not going to be saying, come to Florida. You're not going to pay

00:04:10.520 property taxes. Let's go build. Let's go to Florida and build. This is a good place to invest

00:04:15.700 inflow of capital and development. Make Florida an attractive place for remote workers, retirees, 0.98

00:04:22.340 and businesses relocating their staff, kind of like King Griffin is doing and some of the other guys are

00:04:26.560 doing. We're going to get businesses that are going to put their folks to be in Florida. And that's

00:04:31.220 exciting if they do that, right? That's kind of what we're thinking about it. Now, a few things to be

00:04:35.300 thinking about when it comes down to Florida. How will it be funded? He's saying, instead of us raising

00:04:42.200 the sales taxes, couple ideas. One, let's just increase tourism tax. Guess what? If you're coming in,

00:04:50.480 I'm just spitballing. If you're coming in, instead of paying this much for a hotel, we're adding a tax on

00:04:55.980 hotel for people that are coming as tourists. You're going to come and get a cab. You're going

00:04:59.480 to come and get whatever, maybe rental cars. You're going to have a certain fee that's going

00:05:03.340 to go up. Now, keep in mind, Florida, 10% of the state revenue comes from tourism. So you have to

00:05:08.840 realize Disney World, Universal, Miami, Florida, Palm Beach. There's so many reasons to want to come

00:05:15.720 down to Florida. Number two, hire on commercial non-homestead. So you're elsewhere. You want to build

00:05:21.820 down here, residential or commercial rates. Let's raise the taxes on those guys and an entry fee, 0.97

00:05:28.140 which is absolutely insane. In Canada, a lot of people here you meet from Canada, they left.

00:05:33.300 They'll tell you, I had to pay an exit fee, leaving Canada. What do you mean? Well, if I'm leaving

00:05:38.560 Canada, if I want to take my money out of Canada, I got to pay an exit fee. A couple of years ago,

00:05:42.840 California noticed how many people were leaving. And so they said, we got to figure out a way that if

00:05:47.160 you leave California, you go to Nevada, you sell your business for $100 million. Two years later,

00:05:53.440 they said to come back to California, wait a minute, you got to pay that 13.3% that you saved

00:05:58.100 on $100 million. You owe that 13.3 million back to us. Something like that, except here is an entry

00:06:04.840 fee. You want to leave New York to come here? You got to pay us. He's going to have a lot of issues

00:06:08.700 there legally to get that passed. He's a lawyer himself. He knows this one's going to be tricky,

00:06:12.860 but again, he's going to be pushing the envelope for that. So let's stay on this because there's

00:06:17.940 something that we're thinking about here. I love the fact that he is constantly thinking about

00:06:24.480 innovative ways of making a state better. Okay. Constantly pushing the envelope. What if we do

00:06:29.760 this? What if we do that? I like staying there. I'd like to propose something. If we're thinking about

00:06:34.860 Florida, this is the issue. These two charts tell a story. And this is a concern in America today.

00:06:41.900 People over 70 years old have steadily increased their gap on wealth. So if you think about from

00:06:48.860 1989 till today, corporate equities and mutual fund shares, it was at 20%. Now they're at 38%.

00:06:55.280 Assets, roughly 20%. Now they're up 35%. Real estate, 18%. They're at 28%, give or take.

00:07:03.300 And then home mortgages, you see what that's looking like. Now look at the people under the age of 40.

00:07:07.200 They've lost ground in housing and financial assets. Look at mutual funds and equities. It's

00:07:13.460 gone down. Look at assets. It's gone down. Look at real estate. It's gone down. Look at home

00:07:18.000 mortgages. It's gone down. So the youth where you're hearing the main issue right now being

00:07:22.880 affordability, they're saying, Hey man, can we, can you make it a way where I can afford to live in

00:07:27.480 your state? We got to be thinking about affordability. This chart shows how buying a home in 1985 versus

00:07:35.700 2025, roughly same age at the time. You're making the same life-changing decisions. Let's get married.

00:07:41.640 Let's have a kid. Let's buy a house, right? When boomers had to make that decision back then, 0.97

00:07:46.200 the average household income was 23,620. The median household income was 23,620, but the median home

00:07:56.440 price was $83,200, which this right here, the math on this, if you think about the math on this,

00:08:05.000 this is three and a half X, your income to the house you were buying. Now millennials, median income,

00:08:12.600 74,000 median house, 468,000. Do you know for them, this is six X of what they got to pay for their

00:08:22.560 income? They're making, they're sitting there saying, I can't afford to do this.

00:08:26.900 Man, it's too much money for me. By the way, property tax, full disclosure. We were just on

00:08:30.980 right now. I called my wife. What are we paying this year in property tax in a home we live?

00:08:35.000 You know what our property tax is? $350,000 is what we have to pay for 2025 property tax.

00:08:41.120 I don't think we shouldn't pay right now because if they cut this, it benefits a guy like me.

00:08:48.400 We need that $61 billion revenue for the state. Can you imagine I'm telling you that I don't want

00:08:54.480 to cut that? Why? This is how I would think about it. If I'm looking at the state, here's where I

00:09:00.180 would go. Stay with me. So this kind of makes sense to you. I will look at it from two places.

00:09:04.700 Okay. Possible solution. Of course, I understand the governor is talking about more homestead

00:09:10.100 people, not paying property taxes. Those are people that live here, not people that are not living here.

00:09:15.960 We know the difference. $18 to $20 million on the other side is $40 to $43 billion of tax revenue

00:09:21.900 that's coming in. Let's take the homestead and make this possible to do so. What if the governor

00:09:27.400 did the following? What if it became no taxes on homes under a million dollars to help younger

00:09:35.620 families? Let's just say husband and wife want to get married. They're 32 years old. They want to have

00:09:40.040 two kids. They buy a $700,000 house. They don't pay any taxes. Their first time buyers give them

00:09:46.980 10 years of not having to pay property taxes. I just became a homeowner. I just bought my first

00:09:52.040 house. Give me a run rate. First 10 years, no property taxes, right? First loan, first 10 years,

00:09:57.760 something like that. Or number two, the other option would be folks that are 65 plus retired,

00:10:04.260 collecting social security. If they live in a home, zero to $4 million, guess what? No property taxes.

00:10:10.620 Why? Because his argument is actually a very logical argument. How is it that you live in a house?

00:10:17.400 They claim you own it, but you have to pay me taxes. I thought you owned the house. Why are you

00:10:23.220 paying me taxes on something you own? It's kind of like you bought a car. It's paid off. It's yours.

00:10:29.100 $60,000 car. Do you pay taxes on that car every year? Then why are you paying

00:10:34.000 taxes every year on that? There is a very, very good argument on paid off homes for people not

00:10:39.780 to pay taxes. I fully understand the concept of paid off. If it's paid off, you bought the property

00:10:45.040 cash. There's nothing else going on. Yes, we can have that argument of not paying taxes,

00:10:49.480 but it's not paid off. Different story. You have to pay property taxes. In this instance,

00:10:54.260 for people that are 65 and up, zero to $4 million, you can change that base. I just don't think you need

00:11:01.140 to go to a $60 million homeowner person. Hey, we feel bad for you. You don't have to pay property.

00:11:06.240 And there's plenty of them here in Manalapan and Palm Beach and certain areas of Miami and Naples.

00:11:10.800 This place has a lot of beautiful homes, right? This prevents them from losing their home because

00:11:16.160 property taxes are due and it increases roughly every year. So all of a sudden, this 72-year-old

00:11:22.120 husband and wife, they've lived in this property for 32 years. Their kids and grandkids love this place.

00:11:28.520 It's on the water. It's on the bay, whatever it is. We now can't pay the property tax. We are forced

00:11:34.960 to sell or we don't make the payment. And the next thing you know, I am forced to sell via

00:11:39.040 a deed sale. I don't think that's cool. I don't want them to pay the price and I want them to be

00:11:44.260 able to be excited about moving to a great state like this. So these are my ideas. Again, I love,

00:11:49.240 absolutely love the fact that he's proposing ideas like this. It's always good when you have a governor

00:11:54.080 who's the head of your state that's proposing new ideas. You want that. You want new, fresh ideas

00:11:59.420 to have a lot of debate. And then at the end of the day, through the debate, boom, we have a great

00:12:03.420 idea that we can do something with. So I love it. I'm excited about it. Some of the details are

00:12:08.100 complicated, but if you want to get all the notes that we did earlier that I showed you,

00:12:12.280 if you want to get access to all these notes for free, go to PBD Entrepreneur Circle. Click on the link

00:12:18.400 below. Take the notes. There's a bunch of research that's not even on the video here. And you can find

00:12:23.280 out exactly how we're seeing this for ourselves. Give us your thoughts. You can manect me directly.

00:12:27.660 My QR code is right here. Manect me. You may say, good idea, bad idea. Here's what else I would want

00:12:32.080 to do. I want to hear from you. And last but not least, if you enjoyed this video, we did a video

00:12:37.660 many years ago, four or five years ago, titled 10 Reasons Why I Moved to Florida. If you've never seen a

00:12:42.280 click here to watch it, if you got value out of this video, give it a thumbs up and subscribe to the

00:12:45.540 channel. Take care, everybody. Bye-bye, bye-bye.

00:12:48.400 Bye-bye.

Valuetainment - November 29, 2025

Ron DeSantis' $61B Problem： Will Florida be the First Property and Income Tax-Free State？

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