Luxury Properties

Florida has no state income tax and no estate tax. Property taxes are assessed value multiplied by the combined millage rate (municipality, county, school board, and special districts), typically resulting in an effective rate of 1.5% to 2.2% of assessed value. Current millage rates are published on the Property Appraiser’s TRIM page.

Primary residents qualify for homestead exemption ($50,000 off assessed value) and Save Our Homes (annual assessment cap at the lower of 3% or CPI). When you purchase, the property reassesses at market value, so your tax bill will differ from the current owner’s. Florida’s portability provision allows transfer of up to $500,000 of accumulated Save Our Homes benefit to a new homesteaded property. Verify any property’s current assessed value through the PAPA online tool.

Yes. No citizenship or residency requirements for most residential purchases in Florida. International buyers represent a significant share of Palm Beach County luxury transactions, with notable inflows from Canada, the UK, Western Europe, and Latin America.

Key considerations: FIRPTA withholding on future sale (15% of gross sale price), entity structuring to manage estate tax exposure (the federal estate tax exemption is significantly lower for non-resident aliens), and financing (several lenders offer foreign national programs, typically requiring 30-50% down). Recent Florida legislation also restricts buyers from certain countries from purchasing property near designated military installations, which affects some Palm Beach County locations. We work with international clients regularly and coordinate with cross-border tax and legal counsel as part of the transaction.

Three policies are typical: homeowners or dwelling cover, flood insurance (required in FEMA flood zones, which cover most waterfront and coastal areas), and windstorm cover, often a separate policy or Citizens Property Insurance as the insurer of last resort. Annual costs rise steeply from inland homes to waterfront, and again for large oceanfront estates.

Construction type matters a great deal: new construction above base flood elevation with impact glass and modern wind mitigation can cut premiums substantially against older homes. Verify flood zones through the county’s flood zone lookup. We build an insurance estimate into every property evaluation so the number is known before you offer.

Carrying costs vary dramatically by property type. Single-family homes outside gated communities: property taxes plus insurance, a significant annual figure that scales with the value of the home. Private golf communities add an initiation fee, annual club dues, and HOA assessments. Luxury condominiums carry monthly maintenance fees covering building insurance, reserves, staff, and amenities. Waterfront properties add seawall maintenance, dock upkeep, and typically higher insurance premiums.

At the top of the market, total annual carrying costs (taxes, insurance, maintenance, HOA/dues, and property management) are substantial and should be modeled in full. We model carrying costs for every property under consideration so you can evaluate the complete ownership picture before making an offer.

Many of the county’s premier communities require club membership with ownership: a separate application, sponsors, an initiation fee and ongoing dues. Initiation fees run to six figures at Admirals Cove and Lost Tree Village, and membership is by invitation at The Bears Club and Loxahatchee Club. Equity memberships (70 to 100 percent refundable) differ from non-equity ones (no refund, no vote).

All fee figures are approximate and change. Verify them with each club. One point many buyers learn late: in some communities membership is scarcer than houses, and securing approval before the search can be the right sequence. Waitlists, sponsor rules and fees are set by each club. Our golf communities page compares more than fifteen clubs.

Average days on market in the luxury segment is measured in months rather than weeks countywide, but that figure masks wide variation. The entry luxury waterfront and golf segment moves faster for well-priced listings. At the top of the market, longer marketing periods and more complex negotiations are the norm for trophy properties.

Seasonal patterns are pronounced: peak transaction volume runs November through April, when the seasonal population is present and competition intensifies. Off-season (May through October) can offer less competition but thinner inventory. Current inventory levels and absorption rates are updated daily on each property type page above.