Shareholder Brendan Lynch discussed property taxes with Mansion Global, addressing a reader's question: "My parents have retired to West Palm Beach, Fla., and I have heard that property taxes are supposed to decrease next year for them. Is it true?"
Lynch commented that property taxes are more likely to increase since property valuations have risen.
He further explained that since the assessment date in Florida is January 1, values are based on the 2019 market. Potential changes to property values caused by the COVID-19 pandemic will not be recorded until January 1, 2021.
“Folks are probably going to be surprised that they’re seeing increases in value for 2020,” he said. “And then they are going to have to hold their breath again and hope that the millage rates...aren’t being increased.”
Lynch advised that homeowners appeal valuations this year, rather than waiting until next year. He also noted Florida's homestead exemption program and exemptions for low-income senior residents of the state.
Read the article: Are Property Taxes Decreasing in West Palm Beach, Florida?