How Do Rising Property Values Affect My Property Taxes?
When property values increase, that does not mean all property owners will receive a huge tax bill in return. Under Florida law, the taxable value of a homesteaded property cannot increase by more than 3 percent or by the percent change of the Consumer Price Index, whichever is less. If you sell your home, the state’s “portability” laws allow you to transfer up to $500,000 of your property’s homesteaded value to your new property anywhere in Florida.
Find out more about Palm Beach County’s revenue, spending and more in Checks & Balances: Your Guide to County Finances.