Take the good with the bad, weigh the pros and cons – most of our South Florida readers have heard these clichés before. However, when it comes to deciding on when – or if – the timing is right to jump into the steadily improving residential real estate market, these clichés could do both buyers and sellers some good.
Many of the previous posts here have detailed the wide variety of indicators that the South Florida real estate market is on the fast-track to a full recovery. But a new indicator entered the equation in a recent report: the rise in values and the implications for property taxes.
Focusing on Palm Beach County in particular, the recent report detailed how property values in the county are expected to rise approximately 3 percent in 2013. With the rise in values comes a rise in property tax revenue. The estimate of a 3 percent increase this year comes on the heels of a 1 percent increase in 2012 – which was the first increase since 2006.
There are many ways in which real estate agreements can get sidetracked or thrown off the rails altogether. Every buyer and seller probably hopes for a smooth transaction, but the reality is that title issues, zoning laws, lack of disclosure and contract terms can all complicate a residential property sale, and problems can occur right up to the real estate closing session. Property taxes may be just one of the considerations for a buyer in South Florida, but ultimately the indications seem to be pointing to a continual upward trajectory in the values of local real estate. This may leave both buyers and sellers looking for answers, but fortunately there are options when questions arise in a real estate transaction.
Source: Sun-Sentinel.com, “Palm Beach County taxable property values increase 3 percent,” Andy Reid, April 30, 2013