WEST PALM BEACH, Fla. — Homeowners in West Palm Beach could be in for a break on property taxes.
The city said it's working on reducing the millage rate, which is good news for some homeowners in West Palm Beach.
"It's nice when due to inflation and everything else that's happening around us. If we catch a break somewhere, helps out," said Carl McCaskill who owns a historic home in Grandview Heights.
McCaskill said the proposed tax reduction would mean extra to invest back into fixing up his home.
"There's always a fence or we have to repair the siding to the roof," said McCaskill. "There's always things to repair and things to take care of in older houses but it's like a labor of love."
McCaskill also has two rental units in the back of his property that he's seen a tax increase of almost $1,000/year and the drop in millage rates is much-needed relief.
"For us, it's definitely good news. If the taxes are going down or staying stable it's not going up it's going in the right direction," said McCaskill.
According to our news partners at the Palm Beach Post:
"If your property values have gone up, linked to the value of your home, your taxes will go up as it correlates. The millage rate going down for people it's going to kind of soften a little bit of what they owe there," said Marcie Anderson, a licensed realtor.
Anderson said the millage drop would bring more balance to homeowners, but people looking to buy should plan ahead.
"Make sure to ask your realtor, make sure to ask your sales agent and possibly the closing attorney, and make sure you're on the same page and really understand what's going on, aid Anderson. "I would link in your mortgage lender as well. "When your taxes come due, people can, unfortunately, lose their home because they didn't pre-plan, they didn't save."
West Palm Beach City Mayor Keith James said the last time the city saw a millage rate reduction was over a decade ago in 2008.
"West Palm Beach's tentative fiscal year 2023 annual budget honors our commitment to residents' neighborhoods and businesses," said Mayor James.