There are many reasons to hire a palm beach county property appraiser. Whether you are in the market for a residential, commercial, or industrial property, you need to know what your appraised value is. It is important to understand how to get an accurate assessment. An experienced, professional Palm Beach County property appraiser can assist in all of your real estate purchasing needs. Here are some things to expect from your Palm Beach County property appraiser.
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A Palm Beach County property appraiser will examine your property values and report them as accurate. The county appraiser is responsible for estimating taxes on real estate owned by you and appraising a property value based on these numbers. For instance, if you are selling a house on International Drive, you will be assigned a value of that price per square foot. You can expect this value to change throughout the year as values of houses on different streets in palm beach county change. If you are just looking at prices on homes on International Drive, you should never compare homes on other streets in palm beach county with those on International Drive because that will cause your overall value estimate to increase.
Your Palm Beach County property appraiser will determine the county's assessed value for each and every taxable lot on your property. If there are any non-ad valorem assessments on your property, those assessments will not be considered when determining your countywide taxable value. This is commonly known as "Novelty Assessment". Performing this service is done by a Palm Beach County November 1 certified appraiser who has received special certification from the Florida Department of Financial Services.
The Palm Beach County Property Appraiser's Take On Adjusting Real Estate Taxes
One of the most important services that your Palm Beach County property appraiser will perform is to determine your home's assessment value. Your appraiser iii will determine the market value of your property by comparing it to similar homes in the county. Comparisons are normally made based on comparable sales in the county that occurred within a four to seven year time frame. Your Palm Beach County property appraiser it will also compare the current condition of your home to similar homes that have recently sold in the area. Comparisons are normally performed by dividing the current market value of your home by the average of the last eight sales in your zip code area.
In order to qualify for the homestead exemption, you will need to purchase your new home no later than January first of the year. Once your Palm Beach County property appraiser determines that your home is worth the amount stated on your homestead exemption application, you will be required to obtain a home valuation certificate from the local valuation office. This certificate will list the current assessed value of your home. It will also show that you are not required to pay homestead exemption taxes on this property. The certificate will be issued after you pay the prescribed homestead exemption tax.
Many property owners in Palm Beach County are unaware that during the past few years their home has seen some increases in its market value. Unfortunately, many local residents who were smart enough to purchase in the "in the know" tax rate brackets when they were first assessed over forty years ago are being hit with skyrocketing home valuation tax rates that are far above the actual market values. This has led to questions among property owners as to whether or not they are being unfair to the government by charging higher assessments for their homes than they should.
According to a recent article written by our own real estate expert, Robert Yorey, these very real concerns that have been raised are unfounded. According to Robert Yorey, "there is no question that properties that are newly built will always sell for more than older houses on the market." This factoid flies in the face of what a lot of Palm Beach County residents think is true about the value of new development. In fact, he notes, "the perceived increase in market value is based on the illusion of appreciation," which in turn he says is "illusory."
According to Palm Beach County's property appraiser, the county's assessment process "was made more difficult for residential builders, which resulted in a drop in the national average for house construction costs." However, the reason why the county changed its method was simply because "the vast majority of residential construction projects were financed by financial institutions and banks." Those institutions require that their mortgagees calculate and qualify for the applicable property taxes, and then they demand that those taxes be approved before they loan any money. When this occurs, the lender typically insists on the highest percentage of property tax (e.g. 40%) to be paid by the borrower.
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