Proposed property tax noticed mailed - market values reduced
The Property Appraiser’s office has mailed the 2007 notice of proposed property taxes to Palm Beach County homeowners. Not only have many taxing authorities, such as the county, proposed a reduction in their budgets, but you may find that the market value listed by the property appraiser has been reduced too.
The market value listed on the notice reflects the Property Appraiser’s opinion of the value of your property as of January 1, 2007, and it makes sense that it would be lower than last years, since resale prices in the county have declined. My own market value (on my notice) is about 22% less than last years’ value.
The notice recommends that you contact the property appraiser’s office if you feel your market value is still higher than what you could sell your home for. Don’t wait, because this is your chance to appeal the valuation, otherwise you’ll be paying tax in November on the appraiser’s value.
If you’ve got a homestead exemption, don’t cheer yet… you might find that a value reduction didn’t result in a tax reduction! Your taxes may even have gone up! That’s likely because you’re still being taxed on the lower capped value (or assessed value) thanks to the Save Our Homes amendment. Don’t feel so bad, your new neighbors aren’t so lucky.