What Happens to Property Taxes When You Sell a Home in Palm Beach Gardens?

**What happens to property taxes when you sell a home in Palm Beach Gardens?**

When you sell a home in Palm Beach Gardens, property taxes are prorated between the buyer and seller at closing. This ensures you only pay taxes for the portion of the year you owned the home. Coastal Florida Homes Led By Jeff Orr helps sellers understand this process.

Understanding Property Tax Proration

In Florida, property taxes are paid in arrears, meaning the bill you pay in November covers the prior calendar year. At closing, the title company will prorate taxes so you pay only for the days you owned the property during the current year.

Example of How It Works

If you sell your Palm Beach Gardens home in June, you are responsible for taxes from January 1 through the closing date. The buyer will cover the remainder of the year. This prorated amount is credited at closing, so you are not paying for time after you move out.

Impact on Closing Costs

Prorated property taxes are part of your closing statement. While this doesn’t typically create a large additional cost, it’s important to factor into your net proceeds. Coastal Florida Homes Led By Jeff Orr reviews estimated closing statements with sellers to ensure there are no surprises.

Homestead Exemptions and Portability

Florida homeowners may benefit from homestead exemptions, which reduce taxable value and save money on property taxes. If you’re moving within Florida, you may also be able to transfer (or ‘port’) some of your tax savings to your new home. This can be a major financial advantage when buying your next Palm Beach Gardens or Jupiter property.

What If Taxes Haven’t Been Paid Yet?

If the tax bill for the year hasn’t been issued by the time of your closing, the title company will calculate an estimate based on last year’s taxes. Once the actual bill arrives, the buyer will be responsible for payment, but you will have already covered your prorated share through closing.

Special Assessments

In some Palm Beach Gardens neighborhoods, there may be special assessments for community improvements or HOA projects. These assessments should be disclosed upfront, and responsibility for payment can be negotiated between buyer and seller.

Conclusion: Property Taxes Are Handled at Closing

Selling your Palm Beach Gardens home doesn’t mean you’ll get stuck with the full year’s property tax bill. Through prorations, you only pay for your period of ownership. Coastal Florida Homes ensures you understand how taxes and exemptions affect your sale so you can plan ahead with confidence.

What happens to property taxes when you sell a home in Palm Beach Gardens? Jeff Orr explains prorations, exemptions, and closing details.