All Forum Posts by: Al Banfe

I just bought a triplex. The property appraiser shows its a triplex! I found out today when checking with zoning (about adding parking) that the garage (that was turned into an apartment) was never permitted.

Zoning has the property listed as a duplex.

Zoning said its possible that if code enforcement receives a complaint, we could be fined $500 per day for unpermitted rental.

We bought this mid Febuary based upon it being a triplex...do I have any recourse?

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Fort Lauderdale, Florida

Quote from @Erik Estrada:

Hey @Al Banfe any reason why you would prefer a local bank over a mortgage broker?

Relationship. THANKS!

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Fort Lauderdale, Florida

Quote from @Alfonso J.:

Hi Al,

Yes Portfolio Loans Nationwide!

Are you currently looking refinance or acquire?

Looking to find a bank, locally....that also does portfolio loans. Thanks!

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Fort Lauderdale, Florida

Quote from @Steven Goldman:

Good Afternoon: There are a number of portfolio lenders in that area. You will need to supply more detail to your request to figure out which lender might be best for your project.

Thanks Steve, Preferably a bank with checking, that will finance multifamily for my LLC, based on the asset and its existing and potential returns not necessarily my credit or income.

Best,

-Al

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Fort Lauderdale, Florida

Looking to build a relationship with a bank, that offers portfolio loans. (branch in West Palm - Boca Raton preferably)

THANKS!

-Al

3 Votes

Fort Lauderdale, Florida

Originally posted by @Wayne Brooks:

@Al Banfe Yes, exactly. Property taxes may go up because the Current owner has homestead exemptions and Save Our Hones cap as mentioned above goes away. It is Not due to “market value” being revised/updated upon a sale.
This should be obvious when looking at the “assessed” value verses the “market” value when looking at a specific property on PAPA.

As a green homebuyer this is not at all obvious.

The Calculator does not ask for 'estimated new market value'....it asks for 'purchase price'. And when I add the purchase price....the taxes DOUBLE! Sorry it's not obvious at all.

Do you know how to figure out new market value of a property?
Thanks!

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Originally posted by @Wayne Brooks:

@Al Banfe Yes. The Save Our Homes law, which caps homestead properties to a 3% increase per year for assessments, keeps taxes restrained on these properties. Note that “market values” are established every year by comps and aren’t affected by a sale.

Thanks for the reply - Can youi please clarify.

The PBC Property Appraiser site says: Taxes will often increase substantially when property sells

*Buyers take note: Taxes will change and often increase substantially when a property sells. The seller’s exemption benefits will GO AWAY the year after they sell and this may result in higher taxes for a buyer. Please use the Property Tax Calculator to get a better annual tax estimate if you are purchasing this property.

Property Tax Calculator

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Originally posted by @Brian Garrett:

Yep that's common around here property taxes kill a lot of deals once re-assessed upon sale.

Thanks for you input! Quite disheartening actually!

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I am looking to buy a property in the West Palm Beach area, and just read this on the Palm Beach County Property Appraiser website:

"*Buyers take note: Taxes will change and often increase substantially when a property sells. The seller’s exemption benefits will GO AWAY the year after they sell and this may result in higher taxes for a buyer. Please use the Property Tax Calculator to get a better annual tax estimate if you are purchasing this property."

As if the taxes were not already sky high. The calculator OVER doubles the taxes on properties I have looked at.

Any one been shocked by their tax bill?

https://www.pbcgov.org/papa (type in any address and the sale price.) The expected taxes are insane!

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All Forum Posts by: Al Banfe

Al Banfe has started 4 posts and replied 17 times.

Post: Palm Beach Property Appraiser info inaccurate!

Post: Palm Beach Property Appraiser info inaccurate!

Post: Investor Friendly Bank - Florida

Post: Investor Friendly Bank - Florida

Post: Investor Friendly Bank - Florida

Post: Investor Friendly Bank - Florida

Post: Property Tax Calculator -Palm Beach County Appraiser site

Post: Property Tax Calculator -Palm Beach County Appraiser site

Post: Property Tax Calculator -Palm Beach County Appraiser site

Post: Property Tax Calculator -Palm Beach County Appraiser site