Reduction in Millage Rate Offers Relief for Palm Beach County Homeowners
Yes, there is always someone out there who is in a worse financial situation than you are, but you don’t have to be dirt poor to feel the financial strain that is still having residual effects after the pandemic. Approximately two thirds of American households with an annual income in excess of $100,000 still live paycheck to paycheck. Just because a big chunk of your monthly budget goes to a mortgage payment instead of rent, it doesn’t mean that you have any money left at the end of each pay period. If qualifying for a home mortgage loan is beyond your wildest dreams, then it is annoying to listen to homeowners complain about property taxes, but if you are responsible for paying property taxes on your house, then they are a thorn in your side, and they seem to come due at the time of year when you can least afford them. If property taxes are just one of the many debts you are struggling to afford, contact a Jupiter debt lawyer.
What Is a Millage Rate?
Millage rate is just a legal term for the property tax rate. It is so called because it is calculated in mills. One mill is one thousandth, just as one millimeter is a thousandth of a meter. This is not the only piece of old timey jargon in Florida’s legal code. Dram shop liability is when a bar that served alcohol to someone who then drove drunk is legally responsible for a drunk driving accident; a dram shop is an old term for an establishment that sells alcohol, which used to be measured in units called drams.
What Is New With Palm Beach County’s Millage Rate This Year
Palm Beach County lawmakers decided this month to set the millage rate for property taxes at $4.500 for 2023, which is five percent lower than it was in 2022, and the 2022 rate was lower than the 2021 rate. This is the lowest property tax rate that Palm Beach County has experienced since the days of the recession that followed the 2008 housing market crash.
The reason for the reduction is that home values are the highest they have been in a long time. Even at the lower millage rate, the county will still collect enough revenue that it will not have to cut its budget. The reduction in millage rate only applies to real estate properties that are the owner’s primary residence. It does not apply to rental properties or vacation homes. A debt lawyer can help you figure out whether you can afford to keep your additional properties.
Work With a Debt Lawyer About Real Estate-Related Debts
Homeownership can be synonymous with financial stability, but it comes with a lot of expenses, and the thought of losing your house is stressful. A South Florida debt lawyer can help you if you are struggling to pay property taxes and other debts associated with your house. Contact Nowack & Olson, PLLC in Jupiter, Florida to discuss your case.