All Forum Posts by: George Craciun

The property taxes in Palm Beach County are on average 2% of the assessed value of the property. Those are being reassessed every year by the county. If next year,  the county says that property value is $600k, your property taxes for the following year will 2% of the new value. If the property is homesteaded, you are grandfathered only at max 3%.

You can see bellow an example as the taxes increased after the change om ownership. 

the big difference is due to fact the area appreciated 1000% since the 90s when the house was initially purchased as a homestead.

Like Matthew said, you need to have specific goals.

Where did you get the mortgage at $2800?

At 8% interest rate with 20% down payment only the PI would be around $2900.

I noticed that many investors that don't know the South Florida market ran their numbers based on the current property taxes and insurance. 

The property taxes are being reassessed yearly and probably you will only get the new taxable value 12 to 18 months after the purchase. 

For instance a property that I purchased in May 2023, was homestead and the property taxes were around $3500. Next year, I expect the the tax bill to be around $15000 as it is an investment property.

I didn't see too many people talking about this topic in Florida.

Hi Alyssa,

I'm George and I got two short rentals in Palm Beach County and currently I am looking for a fixer upper. Would love to connect if you are active in Palm Beach County.

Hi Tony,

I am a cash buyer in Palm Beach County looking for value add properties. Looking mostly for non hoa SFR

I'm in the process of looking for my 1st deal and I found by driving for dollars a property that was "in a jungle". After researching the public records, I noticed that the property is scheduled for tax auction in about 7 weeks. There are also some code violations for nuisance posted on the property. The owner died 5 years ago, but no one filled for probate so far. There is a lien also from the funeral company. I couldn't find any relatives of the owner. Are there any options to stop the tax auction and somehow get the property under a contract? 

I am situated in South Florida.

@Roberto Aguilar-Cancino

Congrats on the flip. When did you submit the application for the lien reduction and when were you scheduled for it? After the purchase was made or after all the rehab was completed?

Hello BP community,

I am working on purchasing my first investment property. I am planning to invest in my back yard, Florida. Whatever comes on the MLS doesn't make sense for my criteria, so I decided to drive around the neighborhoods to check any distressed properties. I came along a property that had the yard neglected. After checking out on the county's appraiser and tax collector websites, I found out the owner has the mailing address at the property and that there is a tax certificate on the property. I door knocked and checked the property at different times, but the house seems to be abandoned. I might be able to pay cash for the property. What options do I have to acquire the property?

Regards, 

George