As you may know, there are no state income taxes in Florida so our main source of revenue is from property taxes. Depending on where you are coming from the tax rate may seem high but keep in mind that we do not tax your revenue which is a huge plus. Overall tax rates in Florida are relatively low compared to many states around the country and is one reason we are seeing more and more people look here to relocate.
Property taxes are figured by multiplying the assessed valuation attributed to the property by the County Assessor by the Millage Rate which for most of Jupiter is currently 19.8357. Keep in mind that the county valuation is not the same as market value and you will see a large discrepancy depending on the particular property of sales price as a percentage of county value. If you intend to use the property as your primary residence, and it has a county valuation over $75,000 you will qualify for a $50,000 homestead exemption which lowers the county valuation by that amount. If you do use the home as your primary residence the rule of thumb is your tax bill will be in the neighborhood of 2% to 2.5% of purchase price. There are so many variables but the most important one is how good of deal you negotiate on your home and keep in mind we do have the ability to protest county valuations and I have many clients who with my help have been successful in doing so.
Also keep in mind that Jupiter is in the northern tip of Palm Beach County and there are a few rare Jupiter addresses that are actually in Martin County where the tax rate is more favorable. Our neighboring community of Tequesta has homes in both counties so if taxes are a big concern keep this in mind.
I work almost entirely as a buyers agent in Palm Beach and Martin Counties and certainly would be honored to be on the list of RealtorsÂ® you interview and happy to be of assistance in any way that I can. If you are in the area and would like a tour I would enjoy showing you why I am so fortunate to call Jupiter my hometown.
I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty