I had this just come up. Working with a person who has owned and lived in a property for YEARS but never “bothered” to get a homestead excemption. The tax valuation of the property had “only” been going up 10% a year. Thus for this last year the (in round numbers) appraised valuation or “market valuation” was 2.2M BUT the tax valuation was 1.2M. My first thought was to apply for a homestead exemption, then sell the property (or not), then “port” the tax valuation savings (capped at 500K) into a new property. NOPE! Tax man has that angle covered. I called the property appraisers office and was told that the establishment of a homestead is what they called a “re capping” event, so just as if the property had been sold. Thus, if one were to apply for a homestead then the first thing that would is that the tax valuation would be set to the market valuation. Then the homestead valuation cap goes into effect.
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For over twenty years now R& R Realty has been helping customers buy and sell Palm Beach homes. Northern Palm Beach County is a spectacular place to live and we know every inch of it. Generally considered the end of the sub tropical zone, the Gulf Steam waters temper our climate for warm winters making for an amazing life style filled with boats, beaches, shoping, golf & convenience just 15 minutes from the Palm Beach Airport.
Feel free to browse our website for more information on Palm Beach homes for sale and real estate listings including great local neighborhood maps of Juno Beach, Jupiter, Palm Beach Gardens, Singer Island and Jupiter Island. You may choose to search for Palm Beach Homes for sale on your own at first or contact us and we will help tailor a search to your specific needs.
We look forward to hearing from you! If you have any questions about property for sale in Palm Beach, please call me, Chris Ryder, the owner, directly on my cell phone at (561) 818-3858.
About Chris Ryder
I am the Broker/owner of R&R Realty In Juno Beach Florida.
