Photo by PhotoMIX Ltd.
The Palm Beach County Property Appraiser has already sent out the 2019 Notice of Proposed Property Taxes and Assessments for this year. Contact the Property Appraiser's Office at 561.355.3230 for an informal review with an appraiser or exemption specialist if you feel that the market value of your property is inaccurate or does not reflect fair market value. If you do not resolve your concern with the Property Appraiser's Representative, you have 25 days from the time the notice was mailed to file a petition with the Value Adjustment Board. Have you ever wondered how the Property Appraiser values your property? Property data is collected from local and industry sources and field inspections then is compiled so that it can be analyzed. The sales price of similar homes in the local area along with an estimate of replacement cost for your home are additional considerations when determining a property value. If your TRIM notice does not reflect an exemption or classification that you feel you are entitled to, please be mindful of the 25 day petition period. Unfortunately, this year's deadline to file a petition has already passed, however, knowing that you have the right to petition is good information for future reference. This years' deadline to file a petition was September 13, 2019.
The Notice of Proposed Property Taxes and Assessments provides an estimate of your taxes based on the proposed tax rates, your property value and any exemptions that you qualify for. You can also find dates, times and locations of the taxing authorities' budget hearings on the Notice. The hearings are important because the final tax rate is set at these meetings. A new format for the notice was rolled out this year. The changes to the Notices' format make the information more concise and easier to read. Taxing authority information including proposed millage rates and taxes, and public hearing details are grouped together on the front of the Notice and market, assessed, and taxable values of your property plus information about qualified exemptions and assessment caps are grouped together on the back.
Exemptions reduce the assessed value of your property so make sure you receive any and all exemptions that you qualify for. Reducing the assessed value of your property lowers the amount of property tax that you owe.
If your property is your permanent residence you may qualify for the Homestead Exemption. The Homestead Exemption is a $25,000 exemption applied to the first $50,000 of your property's assessed value if it is your permanent residence and you own the property on January 1 of the tax year. This exemption applies to all taxes including school district taxes. An additional exemption will be applied if your property is assessed between at least $50,000 and $75,000. The additional exemption is not applied to school district taxes. Generally, the homestead exemption saves property owners between $750 and $1,000 in property taxes annually. Deadline to apply for the homestead exemption must be submitted by March 1st.
You must have a homestead exemption to qualify for the following additional exemptions:
- If you are an honorably-discharged veteran with a service-related disability and you are a permanent FL resident, you may be entitled to an exemption. If you are a Veteran that is 65 years of age or older with a combat-related disability, you may qualify for additional property tax discounts.
- Additional exemptions such as Limited Income Senior Citizen Exemption, Civilian Disability, Living Quarters of Parents or Grandparents Exemption (AKA Granny Flat), Active Duty Military Exemption, Surviving Spouse of Military Veteran who died in the Line of Duty, Law Enforcement & First Responder Exemption and Institutional Exemptions are available to those who qualify.
Click here to visit Palm Beach County Property Appraiser website for more information or call Exemption Services at 561.355.2866 to speak with a Representative about homestead or additional exemptions that you think you might qualify for.
|GET QUICK RESULTS FOR DELRAY BEACH, FL REAL ESTATE!
Lori Keroack is the Business Office Manager of Mizner Residential Realty. Lori recently moved to Delray Beach from Connecticut. She is enjoying learning about her new home town and the surrounding areas by researching and blogging about various topics that are relevant to the area.
- Lori Keroack, Business Office Manager - Mizner Residential Realty