Tuesday, February 17, 2009

Palm Beach Island homes selling BELOW assessed values

Most homes for sale on the Island of Palm Beach Florida are Listed for 50% above the assessed price.

The assessed values are generated by Palm Beach County and are based on recent sales, square foot, lot size, and the specifics of the construction. Because there are no state income taxes in Florida, local governments rely heavily on high property taxes. Consequently, homeowners do whatever they can to try to keep this assessed value as low as possible.

Now, we can see that homes are actually (2009, not 2008) selling for BELOW this assessed value.

Some recent ones are:

A three-bedroom, 3.5-bath home at 402 Primavera Way in Palm Beach $2 million on Jan. 14. *** Assessed Value $4.13 ***

280 Orange Grove - Sold Dec. 2008 - Sold for just over one million ***Assessed Value $1,600,000 ***

301 Garden - Sold Dec. 2008 for just over 2.5 million *** Assessed Value $3,000,000 ***

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