Friday, October 07, 2011
PALM BEACH PROPERTY OWNERS PETITION TO LOWER MARKET VALUES OF PROPERTIES
Palm Beach Property Appraiser’s total market value includes land and improvements and determines the assessed value.
Nearly 350 property owners in Palm Beach filed to challenge the total market value assigned to their properties by Palm Beach County Appraiser Gary Nikolit’s office. Market value is part of the formula used to determine property-tax rates for the tax rolls. Hearings will begin shortly and continue most likely for several months. Appeals will be held at the county courthouse in downtown West Palm Beach, and each petitioner is notified 30 days in advance of when their petition is scheduled to be heard.
Last year, petitions were filed in the area for 462 properties. There was also a big drop in countywide challenges from 10,941 to about 7,600 this year. Part of the reason for dwindling numbers might be because fewer properties are changing ownership. In 2010, about 37% of countywide petitioners received adjustments.
Properties with highest market values in Palm Beach included six commercial buildings and developments and four residences, none with homestead exemptions. On September 19th the 25-day period ended for filing a petition.