Page 15 - Boca Club News - August '23

Boca Club News, Page 15
Legal:

Real Property Taxes

By Michael J. Posner, Esq., a partner exemption as long as the application is completed and filed
in Ward Damon a mid-sized real before March 1 of the tax year. The Homestead exemption
estate and business oriented law firm was originally created so that only wealthy people would
serving all of South Florida, with pay real property tax. During its first year the exemption
offices in Palm Beach County. They was set at $25,000 even though the average home was
specialize in real estate law and can worth then less than $5,000. Since then, the exemption
assist homeowners with exemption has stayed at $25,000 until just a few years ago when the
analysis as well as challenges to tax exemption was raised to $50,000.
assessments. They can be reached at In addition to the Homestead exemption, there are
(561) 842-3000 or at www.warddamon.com. numerous other exemptions which can reduce or eliminate
Real property taxes in Florida are often a mystery to real property tax. Homes in which an agricultural businesses
many homeowners. Paid in arrears, they are not past due conducted can obtain an agricultural classification of their
until sixteen months after they become a lien on a residence property, which will result in a substantial reduction in the
in January of each year. taxes due. Active military personnel serving outside the
Real property taxes are really a bundle of a variety of United States are also eligible for a tax deduction while
taxes, known as ad valorem taxes, and assessments, which in-service. Permanently disabled persons confined to a
are collected with your taxes but are really charges for wheelchair, as well as quadriplegics, are exempt from
services, such as solid waste removal. These are commonly taxation. Other disabled persons may be eligible for a
called non-ad valorem taxes and used to be billed separate $500 tax deduction from their property taxes.
and apart from taxes. Together, the two components make If you are a senior citizen, and your income is below a
up the total tax bill. maximum level (approximately $25,000) that varies from
Taxes are determined based on two criteria. First is year to year, you are eligible for a reduction in your property
the value of the property as determined by the property tax in the form of an additional $25,000 exemption. In
appraiser’s office. This is determined annually, and can be addition, if you were a widow or widower, you are eligible
challenged in the fall by filing an appeal with the value for a $500 deduction from your property tax.
adjustment board. None of the foregoing exemptions are self-effectuating.
The second component is the millage rate established You will need to complete the various applications available
after public hearings by each taxing authority. Millage online from the Palm Beach County property appraiser’s
rates run, in total, between two and three cents per $100 office at www.pbcgov.com/papa/ExemptionServices.htm
in tax value. in order to be eligible for any exemptions.
To encourage early payment of taxes, there is an Knowing which exemptions are available, as well as
early, declining prepayment benefit. If taxes are paid carefully reviewing your tax bill on an annual basis, can
in November, the discount is four percent. Each month result in a saving of hundreds, if not thousands, of dollars
thereafter, the discount declines at a rate of one percent per due to proper filing of exemptions, and ensuring that your
month. Final payment is due on the last day of March of assessed value is no more than the actual market value of
the year after the taxes are due. Keep in mind that payment your property. Failure to carefully apply for and obtain
after December 31 for the current tax year will eliminate these exemptions is a costly mistake that repeats itself
your tax deduction for that tax year. every year until corrected.
Each homeowner who resides at a residence which they
purchased before December 31 can file for a Homestead
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