You must analyze your real estate tax bill this year.

The last 2 years have been strange ones for Real Estate taxes with as much appreciation as we’ve had. On the good side, there was a property tax cut in the rate for the first time in a dozen years. If you are homesteaded (homestead, taxes, portability explained), you will be safe as your taxes can only go up 3% a year. Great reason to be a full-time resident of Florida (6 months and 1 day)! If you are not homesteaded, you want to keep an eye on this year’s number.

While you can expect a significant rise in your taxes (10% max for non-residents), the cumulative effect year after year can add up although higher inflation is making it more palatable.

Individual situations might also arise that don’t make any sense where you may end up overpaying. Prices can be so all over the place that it’s important to know your details. As a recent example, one sale can throw everything out of whack. We just had a resale of $1.75m for a 3-bedroom home where there wasn’t anything like it. The home showed perfectly and was remodeled to just what the end buyers wanted. Unique lot situation, over the top pool added, and sold furnished. We also sold it at the tip top of the market so it doesn’t make a ton of sense on paper as a comparable. Being able to dive into the details of these 1-off sales to the adjustment board might reverse that. Years ago I helped an individual who got taken advantage of and overpaid to the tune of $500,000 on a home. The board adjusted it and $10,000 a year was saved.

If you’d like some analysis on your recent property Tax Trim Notice (2022 Notice of Proposed Property Taxes), please Email me HERE. We would be glad to provide a determination of value for you. Also, we can help explain how to calculate portability, which offers tax savings when you sell your home and move to another one.

*Note that any tax appeal to be heard by the value adjustment board value adjustment board needs to be filed by 9/12/2022. It only takes a few minutes to fill out the petition. Please Email me HERE and provide me with your phone number and property street address, or simply fill out the form below. It would be my pleasure to give you a rough determination. There is no charge for this service – it’s just part of what we do.

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Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over 1,000 transactions, and manages over 70 agents in a non-traditional model of real estate that mimics a traditional business model. Some publications he has been quoted in.

Feel free to ask him a question directly at [email protected] including a complimentary real valuation of your home.

Posted in Finance, Jeff's Journal, Laws and Contracts, Real Estate Tips on July 28, 2022 at 10:52 am.

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Days on MarketDOM

40Days | 67%

Active InventoryAI

5,257 Homes | 54%

Median Sales PriceMSP

$617,500 | 2%

New ListingsNL

1,597 Homes | 8%

Closed SalesCS

1,113 Homes | -11%

Dollar VolumeDV

$1.1B | 0%

Months of InventoryMOI

4.7 Months | 62%

Pending SalesCS

1,102 Homes | -8%

You must analyze your Real Estate tax bill this year.