The Easiest Way to Figure the Taxes on Your Palm Beach County Home
July 3, 2015 | Richard Sites
An Easy Way to Calculate Them When Looking For a New Home
One of the biggest expenses on your Jupiter luxury home could well be the property tax. For example, the most expensive home currently listed for sale in the MLS is on Palm Beach island and the annual property tax bill is a whopping $466,776 or nearly $1,300 per day.
Now, our MLS includes the current property tax in the listing data. But that may be deceiving and here’s why.
The tax due on the property is based on it’s “value”. When you purchase a home, the property appraiser assumes that this is the new “value” and taxes it accordingly. So, the new tax bill could be thousands more than that paid by the previous owner.
But how can you figure what your tax bill will be? Here’s an easy trick to help you.
Gary Nikolits, the Palm Beach County Property Appraiser, is tasked with the job of estimating the value of 650,000 parcels. Obviously, with a project of this size, your value is calculated automatically.
So, if you are purchasing a home use this simple formula that Gary told us about.
Your tax will be a little under 2% of the purchase price. It is just that simple.
Forget the MLS data and what the current owner pays since it’s irrelevant. In fact, many real estate companies in the area ask buyers to sign a waiver stating that they know the tax is going to change. And it could change in a big way.
This is especially true if the current owner occupied the house for a long time and the value is now in the millions. Like homes along the Intracoastal that were built in the 50’s & 60’s.
If you would like to have a conversation about Jupiter luxury real estate you can reach me at 561-762-4073. Unlike most agents, I have lived here 25 years and know the market inside and out. And be sure to subscribe to this site for my daily real estate updates and to my You Tube channel where there are over 350 videos on this area.