Page 10 - Hobe Sound Reflection - August '21
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Page 10, Hobe Sound

                                              loCal governMent

      Estimate Your Taxes Before                         Martin County Total Market                          years since 2006 with 7.89 percent increase over last year. The
                                                                                                             Residential properties experienced one of the largest growth
      You Buy A Home                                     Value Increases By More Than                      median sale price of single-family homes increased to $388,945
                                                                                                           compared to $365,000 in 2019. Median condominium sale prices
      By Jenny Fields,                                   $2 Billion                                        increased to $168,500 compared to $148,750 in 2019.
      Martin County                                      By Jenny Fields, Martin County Property Appraiser     “This year’s residential market value growth may be
      Property Appraiser                                    With 2021 tax roll figures in today, the Martin County   attributed to the overwhelming amount of demand which has far
         You are all settled into                        Property Appraiser’s Office announced that the county saw an   outpaced local supply,” said Martin County Property Appraiser
      your new home and in                               increase in total market value to more than $36 billion. This is an   Jenny Fields. “Listing times have shrunk significantly, properties
      November you are sent your                         increase of more than $2.1 billion or 6.42 percent as compared   are receiving offers above asking prices, and many properties
      first tax bill. It is then you                     to last year’s figure of $34 billion. Taxable value increased more   are being purchased sight unseen. Home buyers are relocating to
      realize,  “Wait! Why  are                          than $1.2 billion or 5.27 percent as compared to last year’s figure   Martin County from out of state and highly populated counties
      they so different from last                        of $23.8 billion. Reported values are based on market conditions   in Florida.”
      year?”                                             as of Jan. 1, 2021.                                  Commercial and industrial properties logged another
         Two things I highly                                                                               year of growth this year with a 5.9 percent increase
      recommend before buying a                                          Martin County                     compared to last year.
      home:                                                                                                   “Net new construction growth was $297 million this year
         1) Please read this article; and                        History of Total Market Value             which is comparable to the past three years,” said Fields.
         2) Use our Property Tax Estimator found on our website.                                           “We are however, seeing many multifamily projects in the
      This easy and handy tool can save you “tax-bill-sticker-  $ Billion                                  pipeline that may finish construction this year and will go
      shock” when you receive your first tax bill the year following   38                                  on the 2022 tax roll.”
      your home purchase.                                  36  $35.29                           $36.26        Fields and her team of professionals certified the 2021
         The reality is when you purchase a new home, the   34                                             Preliminary Tax Roll to the Florida Department of Revenue
      property taxes will be affected. Please do not assume that   32                  $30.25              (DOR) on Friday, June 25. This is the earliest the office has ever
      the property taxes you’re looking at online or on a Multiple   30                                    submitted preliminary numbers to the DOR. A deadline is set for
      Listing Service (MLS) will be the same for you. The   28                                             July 1 each year for all property appraisers’ offices throughout
      property taxes shown are representative of what the current   26                                     the state to submit their values. The early tax roll submission
      homeowner is paying, and not what you will pay. The reason   24    $23.15                            was a result of a multiyear conversion project to upgrade the
      is that the assessed value of the property you are interested                                        software used for appraisal and assessment administration. The
      in purchasing will reset to full market value on Jan. 1. When   22                                   new system is already creating efficiencies by reducing the time
      the value resets, your property taxes will be higher than what   20 2007   2012   2017       2021    to run and validate technical tax roll reports.
      the prior owner was assessed.                                                                           Taxing authorities will use these values next to help them
         That’s why our office recommends using the Property            Figures from July 1, 2021          prepare for their upcoming budgets and to determine their
      Tax Estimator before you purchase your home. It’s easy to   Martin County History of Total Market Value  proposed millage rates.
      use and only takes minutes to calculate the range of what
      you may pay.                                                        Residential                      Taxable Values For All Municipalities
         The Property Tax Estimator is located at                     Median Sale Price
         • The first question asks: Will you get homestead? Answer
      yes or no.                                                          Condo  Single Family
         • Next, you are asked to enter the market value and                                        $388,945
      assessed value of your current home. If you don’t know the                  $340,000  $365,000
      values, go to the Real Property Search section of our website   $295,000  $327,000
      and search for your address or last name. Click the link on
      your property and then select the Value History at the top of                              $168,500     Founded in 1925, The Martin County Property Appraiser’s
      the page. Your home’s current market and assessed values   $115,000  $126,900  $133,000  $148,750    Office (MCPAO) is one of 67 county appraisal offices in the
      will be found there.                                                                                 state of Florida. Governed by the Department of Revenue,
         • Finally, fill in the sale price of your new home, and                                           the MCPAO values more than 100,000 real, commercial,
      select if your home is in Martin County or a municipality in                                         industrial  and  tangible  personal  properties  throughout
      the county.                                                                                          the county for a total of 543.46 land area square miles.
         A variety of results will populate including the range   2016  2017  2018     2019     2020       The MCPAO is one of 52 offices in the United States and
      of what you can expect to pay in property taxes the year               Year of Sale                  Canada to receive the prestigious Certificate of Excellence
      following your sale. This will help you calculate what your        Figures from July 1, 2021         in Assessment Administration from the International
      monthly mortgage may be and avoid surprises in the future.   Martin County Residential Median Sale Price  Association of Assessing Officers.
         Before you purchase a new home, please make it a point
      to visit our website and use the Property
      Tax Estimator.
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