EXPLAINING PROPERTY TAX

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As a buyer, seller or investor of real estate in Palm Beach, West Palm Beach, Highland Beach and elsewhere, understanding property tax and how it affects your home or investment can be crucial. How you are taxed depends on the value of your property, as appraised by local government officials. If you are unsure of how this valuation is made always ask your local realtor, or turn to your local government for advice. By explaining property tax to you, your realtor can improve your financial success as a homeowner or property investor in Palm Beach and surrounding communities.

Property taxes are local taxes. This means that when you own Palm Beach real estate, local Palm Beach government officials will appraise the value of your property and then levy property tax. They distinguish between three different types of property – land, improvements to land (immovable objects, such as your house), and property that is movable. In explaining property tax to you, your realtor is likely to inform you that you can play an active role in this process – you have rights and responsibilities that can make a difference to how you are taxed. For example, as a homeowner it is your right to protest an appraisal. If you look at the valuation of your home and feel it is unjust, you can appeal and have your case reviewed.

For in-depth and continual property tax advice, always feel free to consult your realtor. They are well equipped to answer all your questions about Palm Beach, Delray Beach, Deerfield Beach, and all the exclusive communities in the area.

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