Page 14 - Boca Club News - December '24

Page 14, Boca Club News
Legal: Real Property Taxes

By Michael J Posner, Esq., a disconnect is due to several factors. One factor is that while a In addition to the constitutional protection for homestead
partner at Lippes Mathias LLP, a home may be worth $800,000, the net value after sale costs is property, the voters of Florida in 2008 adopted a ten percent cap
full-service law firm representing usually about seven percent lower ($744,000). In addition, the on increases in assessments for non-homestead property. This
clients in a variety of practice need to keep tax costs down helps dampen valuations. constitution states:
areas in 16 offices nationwide. Assessment limitations are imposed on increases in Assessments subject to this subsection shall be changed annually
He can be contacted by phone taxable value based on statutory caps adopted under Florida on the date of assessment provided by law; but those changes in
at (561) 594-1442 or by email at law. Florida currently has two separate caps, the three percent assessments shall not exceed ten percent (10%) of the assessment
mjposner@lippes.com. cap for homestead property and the ten percent cap for non- for the prior year.
It is November again and that homestead property. This cap does not require any filing or action and applies
means real property taxes for the year 2024 are finally due and In 1995 Florida voters approved an amendment to the Florida to any property that does not have the homestead exemption.
payable. As an incentive to early payment, state law provides a constitution to impose a three percent cap for homestead property, However, the 10% cap does not apply to school district levies,
discount of four percent if the taxes are paid in November. This known as the Save our Homes law. This was in response to ever which levies have no cap on annual increases.
discount declines each month by one percent (three percent in rising valuations for real property that threatened to force seniors These exemptions do not stay with the property forever,
December, two percent in January and one percent in February) from their homes over high taxes. The law states: and transfers can reset the valuation. For example, a property
with full payment due on or before March 31st, 2025. Assessments subject to this subsection shall be changed annually that has a Save our Homes homestead exemption that is
Each year the property appraiser determines the value of on January 1st of each year; but those changes in assessments sold to a buyer who immediately moves in and applies for
real property in the county with an effective valuation date shall not exceed the lower of the following: a. Three percent homestead will not retain the capped assessed value, and
as of January 1st. This valuation is broken down into several (3%) of the assessment for the prior year. b. The percent change instead, effective the next tax year will have a new capped
categories. The “just value” (or total market value) is a property’s in the Consumer Price Index for all urban consumers, U.S. assessed value based on the just value for that new tax year.
market value. The “assessed value” is the just value minus City Average, all items 1967=100, or successor reports for the However, the seller may be able to take that lower capped
assessment limitations discussed below. The taxable value is preceding calendar year as initially reported by the United States assessed value to a new home they buy through portability,
the assessed value minus exemptions such as homestead and Department of Labor, Bureau of Labor Statistics. a topic we will discuss in the next column.
widows, and this is the value used by the tax collector to calculate In order to qualify for the Save our Homes cap, a In addition, transfers for estate planning or tax planning
the amount of taxes due. homeowner must have a valid homestead exemption for purposes may also trigger a revaluation. The Florida constitution
The just value is often substantially (25 to 35 percent) below the subject property. Homestead status is automatically states that “After a change of ownership or control, as defined
the actual value of property. For example, a house in Wellington granted under the Florida Constitution, but in order to by general law, including any change of ownership of a legal
currently shows a total market value of $626,268 as of January be eligible for Save our Homes and other applicable entity that owns the property, such property shall be assessed
1st, 2024. That same house sold for $827,500 in September 2024, exemptions, an owner must (i) have title and reside in the at just value as of the next assessment date.” For example, a
and per realtor.com’s valuations, as of January, 2024, CoreLogic property prior to January 1st; and (ii) file a homestead deed from an owner to his/her personally owned limited liability
set the value at $854,600; Collateral Analytics at $895,000; application with the local property appraiser before March company will trigger a new valuation despite the fact that the
and Quantarium at $800,464. While not explicitly stated, this 1st of each year. owner is the sole owner of the company.
The Good Life: Dining, Drinks, Destinations
The Good Life: Dining, Drinks, Destinations

Dining Out: An Invitation That Makes This Review Easy!

By Alan Serinsky of Bocaire utilizes darker woods and offers a more elegant look with cloth Prime Your Taste Buds: It was smart of these restaurateurs
Country Club. Hungry Al’s love tablecloths, proper flatware and ample number of servers. The to keep some of the favorites from Angelo Elia Pizza.
for food started very young. Never long bar still remains, and so does the happy hour we often
satisfied with his Mom’s dishes, he enjoyed in the past. Dining Out on page 15
started to cook his way through
her “Betty Crocker Cookbook.”
During the years to follow he
spend many hours working in
restaurants, both as server and cook, attending cooking classes
and traveling the world in an effort to expand his palette.
As a professional writer, Hungry Al offers his perspective
on current food trends and guides you through your local
restaurant options.
Scan for a FREE
Casalina Ristorante Italiano In Home Consultat on
16950 Jog Road
Delray Beach, FL 33446 VISIT OUR SHOWROOM
(561) 381-0037
casalinarestaurant.com IN BOCA
Food For Thought: For some reason most folks think that
food writers go around to various eating establishments on
an open carte blanche ticket to eat their way to food nirvana.
Sorry to burst your imaginary bubble, but it’s not that good!
For Hungry Al, (that’s me) I’m not reimbursed in the true
sense of a food writer. That’s basically because this is not my
full-time job. Wish it was, but then again my bathroom scale
is happy it’s not.
For me, I do this out of my personal passion for the art
of food and wordsmithing. And let us not forget that eating
comes easy for me. Which brings me back to the few perks I
encounter as a published food writer.
Once in a blue moon I get an inquiry about a special food
event or tasting. They don’t come often, but occasionally
they give me an opportunity to visit with the rest of the food Modern style
community and stay current on the local dining scene.
Recently, a public relations firm invited me to a media food Des gn
tasting at a new restaurant opening called Casalina. Normally,
I would avoid these promotional events. However, I was
reminded by the editor of this publication that I should remain WHY CHOOSE US?
objective to my readers and not feel compelled to over-season
my review. Thankfully, there’s no check at the end of the meal! 12+ Years of Exper ence
With fingers crossed, Casalina delivered an excellent meal Fully Insured, L censed and Bonded
that made this Hungry Al’s job easy and my stomach satisfied. Award-W nn ng Des gners
Hopefully, they will stay consistent for you and this wasn’t a Cert fied Profess onals
“one-hit wonder.” Exper enced Project Managers
First Impressions: If you used to live in my neighborhood In House Crew Team
you probably remember Angelo Elia Pizza, an Italian restaurant No Cost Overruns
on Jog Road sharing the strip center where you would find For Every Budget
Henry’s Restaurant. For some unknown reason it closed its Huge Select ons n Showrooms
doors and sold off to another restaurateur group from Miami.
The new version is called Casalina, and it’s definitely an 19635 FL-7 #46, Boca Raton, FL 33498 561-778-1188 boca@bykbs.com www.k tchenandbathshop.com
improvement over its previous owners. There are some notable
changes in décor but they are minimal. The interior façade