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Old 02-24-2010, 07:57 PM
 
Location: West Palm Beach
5 posts, read 10,582 times
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I am looking at homes in the West Palm Beach area and was wondering if anyone can answer a few questions for me. Many homes for sale have total market values that are much lower than the asking price. If you purchase a home for a price higher than the total market value, is it fair to say that once the home sells it will be assessed at that resale price and the taxes will reflect that the following year? I have been calculating portability and Homestead exemptions that I plan to transfer to the new property from my existing one and using the the market value and not selling price of the home I am interested in to estimate what the taxes may look like the following year when I am able to transfer portability and homestead. If anyone can give me some input on this I'd greatly appreciate...........
Settling in Fla
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Old 02-25-2010, 03:37 AM
 
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One issue you will come across is a bank loan - if a bank is only willing to finance 80% of a house valued at $200,000. The bank willl only loan $160,000.00. If the asking price on that house is $250,000.00 you will have to come up with $90,000.00 plus closing costs.
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Old 02-25-2010, 12:27 PM
 
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I would use market value, not sales price in your calculations. Using myself as an example (purchased a home in 2007), the Property Appraiser market value did not adjust to the sale price in 2008, even when all exemptions were included.
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Old 02-25-2010, 12:51 PM
 
Location: West Palm Beach
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Hmm thanks for the tips.. I will probably stick with looking for a home int he lower end of my price range and one that doesn't have such a gap between market value and asking price
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Old 02-25-2010, 02:27 PM
 
Location: Palm Beach County
1,683 posts, read 3,680,474 times
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I found this on portability:
Property tax savings portability (money saved over time on property taxes because of yearly increase limits through Florida’s Save Our Homes amendment) applies to homeowners with homestead exemption moving anywhere within Florida. Up to $500,000 of Homestead Assessment Difference can be transferred when one home is sold and another is purchased. Homeowners have two years after they sell a home to buy a new one and transfer the savings.

Since you are selling your home getting it on the market or at least having a realtor do a CMA is the most important thing. With the fluctuating market most people are not truly aware of what there home is worth. This may play a role in what price range you should look at for your new home.

Also as far as putting an offer in on a new home the comps (comparables)that have sold in the neighborhood in the last 3-6 month are usually what an offer should be based on. Homes are selling way above and below what the appraiser has listed for market value.
For example, you may see a house listed at 350k, the market value is at 250k, but the comps are selling at 300k. If you offered 350k you may have a problem with it getting appraised, if you offer too low and it's a short sale/reo the bank may not accept the offer.
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Old 02-25-2010, 05:05 PM
 
162 posts, read 596,099 times
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The PBC Property Appraisers Office has a great mapping tool that depicts recent sales in your neighborhood. There is a bit of a lag between the sales date and the time posted on their site, but it still is a valuable resource.

(In case you or others are not familiar), go to www.pbcgov.com/papa. Type in your name in order to get your property record. Hit the View Map button in the upper right corner to generate a parcel map of your home. Click on the Layers tab (upper right side of the map) and check the Sales box.

After zooming out a bit, you can then click on all properties that have recently sold to get a rough idea of your comps.
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