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Old 06-15-2019, 09:50 AM
 
129 posts, read 129,200 times
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How do they determine assessed value for tax purposes? Does condition, age, specific location, etc have any effect?

For instance, if I'm choosing two houses in the same town, same size and room count, but one is on a lake and is priced higher, will they be assessed the same? If I buy new construction, and pay for lots of upgrades, is assessed value higher than the same house next door without upgrades? Does town matter? I.e. is same priced comparable house in delray taxed different than boca or boynton?
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Old 06-15-2019, 03:39 PM
 
Location: USA
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https://www.thebalance.com/how-are-p...ulated-3193261
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Old 06-16-2019, 06:33 AM
 
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Originally Posted by FireStation46 View Post
Thanks but I'm asking specifically about the Palm Beach and Broward area, which seems to be quite different than what I'm used to.
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Old 06-16-2019, 01:50 PM
 
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It will be based on your sales price when you purchase the property. If you screw with the system and put a price that is well below market value (family sale) they'll adjust it back up to roughly market value but it would probably be lower still.

Every year there will be an increase or decrease depending on what property values do. Right now the trend is upward. If you homestead, the amount of increase will be capped at 3%. If it is not homesteaded, the assessed value will increase with the market.

Count on around 2% of the purchase price for taxes and non ad valorem
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Old 06-16-2019, 02:56 PM
 
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Originally Posted by aridon View Post
It will be based on your sales price when you purchase the property. If you screw with the system and put a price that is well below market value (family sale) they'll adjust it back up to roughly market value but it would probably be lower still.

Every year there will be an increase or decrease depending on what property values do. Right now the trend is upward. If you homestead, the amount of increase will be capped at 3%. If it is not homesteaded, the assessed value will increase with the market.

Count on around 2% of the purchase price for taxes and non ad valorem
So it's based on the purchase price only, regardless of any factors affecting that price?
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Old 06-16-2019, 09:15 PM
 
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Originally Posted by Chardo1 View Post
So it's based on the purchase price only, regardless of any factors affecting that price?
On the average sale, yes. You can expect the assessed value to mirror your sale price very closely.
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Old 06-20-2019, 07:12 PM
 
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Regarding improvements: just don't report them Some of them you have to report (outside ones), but for inside - nooowaaaay. Also, there is Ygrene program to "help" you with home improvement - don't even think about it. Any loan will be eventually paid off, but tax increase - never.
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Old 06-20-2019, 11:25 PM
 
129 posts, read 129,200 times
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Originally Posted by kanonka View Post
Regarding improvements: just don't report them Some of them you have to report (outside ones), but for inside - nooowaaaay. Also, there is Ygrene program to "help" you with home improvement - don't even think about it. Any loan will be eventually paid off, but tax increase - never.
Ygrene? What is that?
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Old 06-21-2019, 10:10 AM
 
1,503 posts, read 607,378 times
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Originally Posted by Chardo1 View Post
Ygrene? What is that?
https://ygrene.com/
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Old 06-24-2019, 07:36 AM
 
129 posts, read 129,200 times
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Quote:
Originally Posted by kanonka View Post
Regarding improvements: just don't report them Some of them you have to report (outside ones), but for inside - nooowaaaay. Also, there is Ygrene program to "help" you with home improvement - don't even think about it. Any loan will be eventually paid off, but tax increase - never.
Regarding improvements, I was referring to new construction upgrades from the builder. If I buy existing, I would not report interior improvements. I would not even think it's necessary. Regardless, I don't need financing for anything.
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