Another question on Property Taxes and 50% of homes in palm beach do not receive the Homestead Rebate?? (how much)

[Swimmom32]

Question now on property taxes....according to this website that M5 posted by the way thank you

It says almost 50% of properties DONT qualify for the homestead rebate?? Im wondering why?? and if I found a home with 4500 in property taxes in 2008, it would have gone up?? and what is happening to properties that have lost their value's???

[TriMT7]

Originally Posted by berryjuice4life

Question now on property taxes....according to this website that M5 posted by the way thank you

It says almost 50% of properties DONT qualify for the homestead rebate?? Im wondering why?? and if I found a home with 4500 in property taxes in 2008, it would have gone up?? and what is happening to properties that have lost their value's???

Almost 50% don't qualify because they are not the primary residences of the owners of said property. There are a LOT of second homes and investment homes in PBC.


When you look at a home that had 4500 in property taxes according to the Palm Beach County Property Appraiser, that is what YOU will be paying into escrow for the first year. After you close you will get a paper from Property Appraiser, asking how much you paid, and you will apply for your homestead exemption. You will then get a revised property tax notice showing what your tax obligation will be come November 2009. Usually, figure 80-90% of purchase price will be your assessed value before homestead exemption.

When a home loses its value, property taxes go down. If your home loses value in any given year, and the property appraiser does not change your assessed value, you can go before the value adjustment board, armed with an appraisal (sometimes lawyers will do this all for you for a contingency) and ask your appraised value (and thus your taxes) to be adjusted.

[Swimmom32]

oh gotcha thank you that certainly makes more sense...