If you are interested in buying a home in Palm Beach Gardens, West Palm Beach, Juno Beach, North Palm Beach, Jupiter or throughout Palm Beach County, you are likely watching with anticipation as lawmakers convene in Tallahassee to work on property tax relief for all Floridians.
The legislature will be in special session for the next 11 days solely to work on property tax relief. Several proposals have been discussed and written about. The most prominent of these would cut taxes an average of 7 percent, though it is expected to be closer to 9 percent in Palm Beach County, and would change the Save Our Homes provision that allows homesteaders a $25,000 exemption on property value and caps their tax increases at 3 percent a year.
Many of our clients, both buyers and sellers, are waiting to see what will happen on the property tax issue before they move ahead with their real estate transactions.
A reduction in property taxes may allow that buyer to finally get the house he has wanted for his family. Or it could permit the retiree to sell the big home he has had for many years and buy a smaller, but more luxurious residence.
Today in most of Palm Beach County we tell our buyers that property taxes on their new home will be from 2 percent -- 2.5 percent of the purchase price. Most cringe when they hear that range of numbers. It will help so many people if we can tell them property taxes will be 1 percent or 1.5 percent of the purchase price.
We believe this is one factor that will help set the real estate market on the road to recovery.
The Weiss-Clawson Team will continue writing about property taxes while the legislature is in session to bring our readers information about this important issue. We are an award winning team of Realtors, dedicated to providing our clients with exceptional service. We are knowledgeable about communities throughout Palm Beach County and about issues related to homeownership and home buying. Please contact us if you are interested in buying or selling a home.