Time is Ticking for Those Appealing their Palm Beach Property Value Tax Assessment
Palm Beach Property Value Tax Assessment Appeals Process
People are often happy to brag about their high home value, until Uncle Sam comes knocking at the door to collect what he is due. The window for home value appeals is about to close in Broward and Palm Beach Counties, so if you believe the value of your Palm Beach home was overestimated, the time to speak up is now. Home owners should make their appeal to the Value Adjustment Board.
Many home owners have successfully appealed their home value, and have realized hefty savings as a result. This year, for every $10,000 taken away from the value of most property owners’ homes, their tax bill would drop $200 or more. Last year, one Wellington property with an agricultural exemption had their assessment reduced by about $220,000, a modest Coral Springs home had approximately $14,000 shaved from its assessment, and a Boca Raton home that was originally hit with a $1.4 million assessment saw a $300,000 reduction.
Broward Property Appraiser Lori Parrish, notes "You bring in your evidence, we recheck it, and if we're wrong, we apologize and correct it, and if we're right, we defend it like ladies and gentlemen.''
Palm Beach County home owners should know that in order for their applications to be considered, they need to pay at least 75% of the taxes and all fees owed while their appeal is processed. Otherwise, the application will be dismissed. There are detailed instructions available online at http://www.mypalmbeachclerk.com/vab, and the fee to have your property value reassessed is $15. Those who win their appeals do receive the appropriate tax payment back plus interest.
Palm Beach home owners are encouraged to check their tentative tax bill or look on the county property appraiser website. Palm Beach Property Appraiser Gary Nikolits’ office mailed out preliminary tax notices in August to all 653,418 county property owners. Shortly thereafter, 1,084 petitions had already been filed with the adjustment board, and close to 90% of the applications pertain to property exemptions. Last year, 7,809 property owners fought their tax bills, and roughly 40% of them were successful.
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