Don't be misguided by the information you are looking at, in Palm Beach County Florida the property taxes on any purchase of real estate is calculated at 1.75% of the recorded sale price ie. $100,000 x 1.75% =$1,750 first year, no cap is applicable at this moment for foreign nationals, however, the Florida legislature has come up with a proposal to be voted on this coming January 2008 to cap the tax rate for foreing nationals and non-permanent residents to 5% per year.
Please let me know if I can be of any further assistance...
Certified International Property Specialist
Prudential Florida WCI Realty