Why your Palm Beach County Homestead Exemption is SO important
If you own property in Palm Beach County your 2016 Notice of Proposed Property Tax statements are in the mail and also posted on-line. If yours is not a homesteaded property you are probably in for a pretty significant increase in your tax bill this year. Not understanding the property tax game can end up costing you a ton of money each and every year. If you have purchased a Palm Beach County home in 2016 as your primary residence and need help please feel free to contact Paradise Sharks. As always, we are here to help.
The market value on our little house in Tequesta, according to the Palm Beach County Property Appraiser, has increased by 14% since last year. In 2015 the median single family home in the Village of Tequesta sold for $434,500. So far in 2016 the median single family home price in Tequesta is all the way up to $491,375. That represents an increase of 13% so actually the appraisers number are pretty good.
Luckily we are homesteaded, which means we get a $50,000 exemption to our assessed value. But even more important is the fact that by law under the Save Our Homes Assessment the appraiser has a cap on what they can raise our assessed valuation. So instead of our taxes shooting up 14% this year they are only going to be up fractionally which saves my wife and I a lot of money. Every year. It also allows us to stay in our home without the worry of taxes forcing us to leave.
Paradise Sharks cannot stress this enough, but the first August you own your home is when you have to react to the county’s tax procedure. Failure to act in your own best interest in the coming weeks may cost you more money than you might imagine. As critical is the filing of your homestead exemption immediately after you have lived in your home as your primary residence on a January 1st. We have only been in our home a few years and because of these exemptions and caps our taxable valuation is now only about 58% of market value. If we were not homesteaded our property tax bill this year would be about $4,000 higher. More taxes, less freedom.
If Paradise Sharks can help you sort out how our somewhat complicated property tax system works here in Palm Beach County please feel free to contact us anytime at 561.308.0175 or firstname.lastname@example.org. But do not delay as this year the last day you can protect your valuation is September 16th.