Investor · West Palm Beach, FL · Member since 2019 · 19 posts · 4 votes
I am looking to buy a property in the West Palm Beach area, and just read this on the Palm Beach County Property Appraiser website:
"*Buyers take note: Taxes will change and often increase substantially when a property sells. The seller’s exemption benefits will GO AWAY the year after they sell and this may result in higher taxes for a buyer. Please use the Property Tax Calculator to get a better annual tax estimate if you are purchasing this property."
As if the taxes were not already sky high. The calculator OVER doubles the taxes on properties I have looked at.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
6y
@Al Banfe Yes. The Save Our Homes law, which caps homestead properties to a 3% increase per year for assessments, keeps taxes restrained on these properties. Note that “market values” are established every year by comps and aren’t affected by a sale.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
6y
@Al Banfe Yes. The Save Our Homes law, which caps homestead properties to a 3% increase per year for assessments, keeps taxes restrained on these properties. Note that “market values” are established every year by comps and aren’t affected by a sale.
@Al Banfe Yes. The Save Our Homes law, which caps homestead properties to a 3% increase per year for assessments, keeps taxes restrained on these properties. Note that “market values” are established every year by comps and aren’t affected by a sale.
Thanks for the reply - Can youi please clarify.
The PBC Property Appraiser site says: Taxes will often increase substantially when property sells
*Buyers take note: Taxes will change and often increase substantially when a property sells. The seller’s exemption benefits will GO AWAY the year after they sell and this may result in higher taxes for a buyer. Please use the Property Tax Calculator to get a better annual tax estimate if you are purchasing this property.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
6y
@Al Banfe Yes, exactly. Property taxes may go up because the Current owner has homestead exemptions and Save Our Hones cap as mentioned above goes away. It is Not due to “market value” being revised/updated upon a sale. This should be obvious when looking at the “assessed” value verses the “market” value when looking at a specific property on PAPA.
@Al Banfe Yes, exactly. Property taxes may go up because the Current owner has homestead exemptions and Save Our Hones cap as mentioned above goes away. It is Not due to “market value” being revised/updated upon a sale. This should be obvious when looking at the “assessed” value verses the “market” value when looking at a specific property on PAPA.
As a green homebuyer this is not at all obvious.
The Calculator does not ask for 'estimated new market value'....it asks for 'purchase price'. And when I add the purchase price....the taxes DOUBLE! Sorry it's not obvious at all.
Do you know how to figure out new market value of a property? Thanks!
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
6y
@Al Banfe I was talking about the Property Appraiser site....it shows the current “assessment” and the current “market value”. There can be a huge difference between the two, that is obvious. I would think the “tax estimator” assumes your purchase price is close to the Property Appraiser value. The “market values” are determined each year using comparable sales from the 4th quarter of the previous year.