The Smiths's Q&A

Property taxes for Boca Raton, Florida vary depending on the location of the home being purchased, but an easy rule of thumb is as follows:If the home being purchased is located East of Interstate 95, your first years property taxes will be approximately 2.0% of your Purchase Price, less any exemptions.If the home being purchased is located West of Interstate 95, then your first years property taxes will be approximately 1.75% of your Purchase Price, less any exemptions.Residential deputy appraisers use two approaches to value property: cost and market comparison. The cost approach estimates the cost to reproduce the house in current dollars. The market approach comparessales of similar properties and adjusts for any differences. Deputy appraisers inspect all existing houses at least once every threeyears. Between inspections, an individual property's value is adjustedannually due to recent sales activity in a neighborhood. Our buildingevaluators assess new construction or additions to an existing house.$25,000 Homestead Exemption: Florida allows a standard $25,000 Homestead Exemption for qualifiedpermanent residents. The $25,000 is subtracted from the assessed valueof your property. If your home for example was assessed at $100,000,with the Homestead exemption, you would pay taxes on $75,000.Additional Exemptions: Additional Homestead Exemption, Portability, Senior Citizen Exemption, $5,000 Disabled Veterans Exemption, Combat-disabled Senior Veterans, $500 Widow/Widower Exemption, Granny Flats General Instructions, $500 Disability Exemption, Total Exemption.