FACTS ABOUT YOUR PROPERTY TAX
Actually, we are talking about your real estate property tax bill because if you live in Palm Beach County, Florida, it’s that time of year again. That’s right; this annual event takes place at the beginning of November and if you haven’t already received it, please be on the lookout for it. We, at Tauber Real Estate Services (“Tauber RES”) thought it might be helpful to provide you with some of the basic information you should know about your real estate property taxes.
· Palm Beach County taxes are based on a calendar year which runs from January through December;
· Property taxes are paid in arrears and the “Notice of Proposed Property Taxes” or TRIM Notice was sent to homeowners in August and covers the 2011 calendar year;
· TRIM stands for “Truth in Millage” and the TRIM Notice explains any proposed changes in the millage rate of each taxing authority, the assessed value of your property and how to proceed if you wish to challenge the proposed amounts. It is not your actual tax bill;
· The actual tax bill comes out November 1st and is due and payable upon receipt but you must pay your bill by March 31st;
· A four percent (4%) discount is offered if you pay your tax bill in November;
· A three percent (3%) discount is offered if you pay your tax bill in December;
· A two percent (2%) discount is offered if you pay your tax bill in January;
· A one percent (1%) discount is offered if you pay your tax bill in February;
· Property taxes are delinquent on April 1st and subject to potential interest and charges;
· Make sure to pay your property taxes on time and remember that failure to receive your tax bill will not relieve you from paying the taxes or any additional fees.
This information is being provided to you by Debbie Weinman and Tauber Real Estate Services. Debbie is a licensed real estate broker in Florida and a licensed attorney in Maryland. The information contained herein is intended for general informational purposes only and not for legal advice. You should consult your CPA or attorney with specific questions.
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