Suppose someone owns the Palm Beach Property Appraiser and makes it their permanent residence or the permanent residence of their dependents. In that case, the owner may qualify for a property exemption, which would reduce the property’s taxable value by up to $50,000.
This exception qualifies the home for the Save Our Homes rating limitation. While the tax exemption is not transferable, a homeowner may transfer or “transfer” all or part of the appraisal difference to a new Florida home. Hopefully, These FAQs will help you to find your solution. Also, You can reach out to customer support for any help.
Common Questions
Why are my taxes higher than my neighbors when we have the same property type?
Your house may be similar or identical to your neighbor’s. However, the appraisal value and, ultimately, the taxes can differ for various reasons. The threshold starts the year after the purchase, so your neighbor may have bought the house, at a different time than you. So, it results in a different threshold amount.
Why have my taxes increased?
Many new homeowners in Florida are surprised when their tax bills are higher than those of the previous owner. Florida law requires the real estate appraiser to remove exceptions and reassess the property. When the property changes hands the appraised value matches the fair value.
Why did my market cap increase by more than 3%?
The upper limit of 3% for single-family homes and 10% for non-family homes applies to appraised value, not market value. The market value is our estimate of the selling price of your property. Also, There is no limit to how much that value can increase each year. The appraisal value is the maximum value which cannot increase by more than 3% for household goods and 10% for non-domestic goods. The cadastral value minus the deductions corresponds to the taxable amount.