Broward and Palm Beach Counties Real Estate Listing and Sales for August 2008

TRIM Notices are Mailed to Broward County Residents

I'm not sure if I should admit to not knowing this. I never knew what "TRIM" notice stood for. I knew what it was, but it never dawned on me that it was an acronym for, "Truth in Mileage" notice. This is the notice that the Property Appraisers office sends out annually to tell you what your taxes will be if all of the taxing authorities budgets are passed.

The Truth In Millage notice states the taxable value that is set for the parcel compared to last year. It also lists any tax breaks on the property as well as the tax rates initially proposed by local governments.

Due to declining market conditions pretty much nationwide, the total taxable value of property in Broward declined 4.8 percent this year to $175.9 billion. It was the largest drop in value in decades and marked a dramatic departure from years of double-digit percentage increases posted in the past.

Did you know that there are 755,000 property owners in Broward County and each one of them has the opportunity to PROTEST their tax bill? Sounds fair to me except that you might want to know why your tax bill is what it is before you Attack!

First there is a deadline for property owners to appeal their new value or what tax exemptions they receive and that is Sept. 19. The petitions must be received be the Value Adjustment Board by that date. Petitions are available at www.bcpa.net.

Your TRIM Notice reflects the Property Appraisers ASSESSMENT of your property's taxable value. Here is one of the areas it gets confusing especially if you are new to living in Florida. For nearly all non-homesteaded property, the assessed value is identical to the property's market value as of January 1, 2008. For Homesteaded property, your assessed value is your "Save Our Homes" value. (READ FURTHER FOR HOMESTEAD EXPLANATION). The bottom line to all of this is: If the market value of your property that is listed on your TRIM notice is higher than you believe a purchaser would have paid, you can call and file a value petition.

The Property Appraisers office has their hands tied by the various taxing districts such as the School Board, County Commission, City Commission, Hospital District, Water Management district boards and a few others. The budgets that are set by these taxing districts have a BIG impact on your taxes (in other words, we can't just be mad at the Property Appraiser, besides the fact that she really is a nice person). If you want to argue, the hearing dates and locations are set on your TRIM Notice for each taxing authority.

I, (Joy) am a Homesteaded property owner. My taxes went down by $186 and some small change. Should I file a complaint? Probably not because I have lived in my home for 13 years (that also makes me a lousy real estate customer, but my Mother, whose lived with me to raise my girls for 22 years does not want to move and since I am never home, we stay put to keep her happy.) My neighbor who has the same home pays on average $6,000 more than I do in taxes. Why? Because they bought their home just two years ago when values were much higher and your property taxes are set based on the value at the time you purchase.

Wait there's more.....Here is the disclaimer part I mentioned above. I'm not sure about the history of this, but it was what I was told and it sounded good to me. Back in the Cowboy Days, when People gambled away their homes and families were displaced, a law was passed to protect the Homeowner occupants. It is called a HOMESTEAD Law. Later another law was passed called "Save Our Homes"- the law part is true...I'm just not positive about the Cowboy part. Anyhow Save Our Homes meant that you were guaranteed as a Homeowner that your property values would never increase more than 3 percent per year, regardless of inflation or market condition changes. This was to keep people from being taxed out of their homes. That is GREAT, for someone like me who lives in a place forever and if I sell to a low minimally qualifying purchaser, they have a much better chance of qualifying for the loan because they are qualified on current taxes. It is not so great for the recent purchaser and especially anyone that bought 2004 to 2007, because taxes are calculated on assessed value and assessed value is generally what you paid.

The law works for those of us that have been in our homes a while and it is not fair for new purchasers. I'm not a politician (although I have frequently been asked to run for Mayor), but whoever takes on the job of law reform, they have my blessing because that would mean a tax increase ultimately and we all know how well that is received.

July 2008 Southeast Florida Real Estate Inventory Statistics For Broward County and Palm Beach County

REAL ESTATE UPDATE FOR BROWARD COUNTY & PALM BEACH COUNTY
July 1, 2008 - July 31, 2008

Broward County includes well known cities of Coconut Creek, Coral Springs, Deerfield Beach, Fort Lauderdale, Highland Beach, Hillsboro, Lighthouse Point, Parkland, Plantation, Sunrise, Tamarac and Weston.

There are currently ­­­­­16,959 Single Family Homes LISTED FOR SALE in Broward County.

­­­5884 priced under $250,000
7057 priced between 250,001 and $500,000
1800 priced between $500,001 and $750,000
822 priced between $750,001 and $1,000,000
635 priced between $1,000,001 and $1,500,000
308 priced between $1,500,001 and $2,000,000
454 priced over $2,000,000

For the month of July 678, Single Family Homes SOLD in Broward County.

219 were sold under $250,000
342 were sold between 250,001 and $500,000
65 were sold between $500,001 and $750,000
22 were sold between $750,001 and $1,000,000
17 were sold between $1,000,001 and $1,500,000
9 were sold between $1,500,001 and $2,000,000
4 were sold over $2,000,000

There are currently 22,092 Multi-Family Homes LISTED FOR SALE in Broward County. Multi-Family Homes include condos, town homes, villas, coops, all attached and or unattached as well as single story to multi levels.

15,636 are priced under $250,000
4316 are priced between 250,001 and $500,000
984 are priced between $500,001 and $750,000
455 are priced between $750,001 and $1,000,000
391 are priced between $1,000,001 and $1,500,000
194 are priced between $1,500,001 and $2,000,000
114 are priced over $2,000,000

For the month of July, 634, Multi-Family Homes SOLD in Broward County.

Note that many of the lower priced multi family homes are located in Adult only communities with a over the age of 55 requirment to live there.

501 were sold under $250,000
91 were sold between 250,001 and $500,000
22 were sold between $500,001 and $750,000
7 were sold between $750,001 and $1,000,000
9 were sold between $1,000,001 and $1,500,00
3 were sold between $1,500,001 and $2,000,000
1 were sold over $2,000,000

Palm Beach County includes well known cities of Boca Raton, Boynton Beach, Delray Beach, Greenacres, Lake Worth, Wellington and West Palm Beach.

There are currently 11,779 single family homes listed for sale in Palm Beach County.

­­3759 priced under $250,000
4562 priced between 250,001 and $500,000
1355 priced between $500,001 and $750,000
711 priced between $750,001 and $1,000,000
528 priced between $1,000,001 and $1,500,000
276 priced between $1,500,001 and $2,000,000
573 priced over $2,000,000

For the month of July, 589 Single Family Homes SOLD in Palm Beach County.

207 were sold under $250,000
254 were sold between 250,001 and $500,000
61 were sold between $500,001 and $750,000
23 were sold between $750,001 and $1,000,000
16 were sold between $1,000,001 and $1,500,000
11 were sold between $1,500,001 and $2,000,000
14 were sold over $2,000,000

There are currently 4052 Multi-Family Homes LISTED FOR SALE in Palm Beach County. Multi-Family Homes include condos, town homes, villas, coops, all attached and or unattached as well as single story to multi levels.

3221 are priced under $250,000
592 are priced between 250,001 and $500,000
137 are priced between $500,001 and $750,000
50 are priced between $750,001 and $1,000,000
39 are priced between $1,000,001 and $1,500,000
6 are priced between $1,500,001 and $2,000,000
1 is priced over $2,000,000

For the month of July, 476 Multi-Family Homes SOLD in Palm Beach county.

381 were sold under $250,000
71 are sold between 250,001 and $500,000
16 were sold between $500,001 and $750,000
4 were sold between $750,001 and $1,000,000
3 were sold between $1,000,001 and $1,500,000
No Homes were sold between $1,500,001 and $2,000,000
1 sold over $2,000,000

To see specific details on a specific category of homes actively for sale or sold,

please email us at Team@GreatFloridaHomes.com and we will forward the information

for your reference or review.

Information deemed reliable as provided by the Realtor Association of Greater Fort Lauderdale

and the Realtor Association of the Palm Beaches.

There is a DECREASE in overall single family listings in Broward and an INCREASE in Palm Beach county and PROPERTIES ARE STILL SELLING!

Overall inventory is still high in both counties for multi and single family homes.

The current Economic Stimulus packages signed by the President is meant to decrease inventory by allowing people the opportunity to re-finance at a percentage of current market value. Click here to see an overview of this and other opportunities to lighten your real estate burden. http://www.r-world.com/files/HR%203221%20Facts.pdf

Call us today to see if you qualify for this program.