Real estate boundaries are critical when it comes to paying taxes and for some residents of Palm Beach, Florida, those taxes can take quite a bite out of a bank account.
The Palm Beach County Tax Appraiser recently released the tax rolls for 2017 and the Palm Beach Daily News compiled a list of who paid the most for the privilege of living on one of the most exclusive beachfronts in the country.
Howard Stern might be one of America’ funniest radio shock jocks in the US, but you can bet he’s not laughing when he pay those taxes for his home there. And he doesn’t even pay the most.
Top 10 estate property taxes in Palm Beach
According to tax rolls, here are the 10 highest paying residential taxpayers in the ritzy city of Palm Beach.
1 Kenneth Griffin, hedge fund manager, paid $2.74 million on property valued at $195.61 million. He lives on 13.5 acres of what is referred to as Billionaires Row. The prices don’t seem to bother him. He is expanding his property after the $85 million purchase of a house next door.
2. Nelson Peltz, another hedge fund manager paid $1.84 million on the market value of $107.87 million for his estate. His oceanfront estate, called Montsorrel which means “Mountain of Sorrow,” reaches both the intracoastal waterway and the ocean.
3. Sydell Miller, who become wealthy dying hair and is the owner of a beauty products company, paid $1.27 million on an estate valued at $96.98 million. She founded Matrix Essentials.
4. Henry Kravis, an investor, paid $1.21 million in taxes on $77.62 million of total market value. Sadly, he doesn’t even have an ocean view. Only a view of the Intracoastal. He co-founded KKR – Kohlberg Kravis Roberts & Co.
5. Frank McCourt, an investor, paid $1.01 million in taxes on property valued at $60.4 million that has a unique Polynesian-styled theme. He is known as the former owner of the Los Angeles Dodgers.
6. James Clark, one of the early investors in the internet and co-founder of Netscape which basically started it all, paid $1 million in taxes on his home valued at $59.98 million.
7. Paul Tudor James 3rd, another hedge fund manager, paid $992,995 on an estate value of $58.88 million. His historic house has a Mediterranean motif and is called “Casa Apava.”
8. John L. Thornton, investment banker, paid $877.219 million on a $69.49 million property.
9. Terry Allen Kramer, a theatrical producer and heiress, paid $829,083 in taxes for a $64.71 million property.
10. Howard Stern, shock jock who made it big, finishes the list. (It’s hard to believe this guy lives with this group.) But he does and paid $813,612 in taxes for his property valued at $48.34 million.
Several other celebrities also live on the island, including Rush Limbaugh, Rod Stewart, Jimmy Buffet and Dr. Mehmet Oz. There’s also a guy named Trump who you might have heard of who is also a famous real estate investor, TV show host and now president of a very large and powerful country.
That’s some pricey real estate and some hefty real estate taxes.
Real estate boundaries are important to EVERY property owner
As a broker or agent, how are you showing your prospects critical tax boundaries or other boundaries of importance?
Most Americans can be grateful they pay the type of taxes these people pay, although they certainly would like their incomes.
But taxes are a big concern for every home buyer and homeowner. Mostly because they always go in the wrong direction.
So what are you doing as a broker or agent with local knowledge to address this issue?
Home Junction has the answer. Home Junction is one of the nation’s leading suppliers of real estate data.
The company taps into a variety of sources – county government data included, to accumulate information that is vitally important to home buyers and homeowners.
That data includes municipal boundaries, school districts, school information, local businesses, demographics, crime statistics, and much more.
One of the key datasets they offer is data on real estate boundaries.
Those boundaries not only include city and county borders but real estate boundaries down to the zip code, neighborhood and subdivision level. There are also parcel and building boundaries in their data feed as well.
As we said, Americans are concerned about taxes. A person could live on one street and pay much more in taxes than someone living across the street.
That’s a key selling point.
The same goes for school districts. Not all school districts are alike. For families, schools might be the No. 1 criteria they have in selecting a home.
Home Junction gathers hard data on boundaries for its database. This is important. Because many times, when a property is entered into the MLS, the listing agent does not put in the correct boundary data. So Home Junction gathers this information from a number of sources to be more accurate.
Geo-spatial plugin is the best way to illustrate boundaries
Home Junction goes even further with a geo-spatial plugin. The map plugin is integrated with the local MLS so that when an agent pulls up a property on the map, they can also display all relevant information as well.
For example, say Mr. and Mrs. Junior Hedge Fund are looking for a home in a certain area. The spatial plugin will show the location of the home and then pull up all the real estate boundaries associated with that home.
The plugin can also generate other relevant information as well. Say the Junior Hedge Funds like to play golf. The agent can show all the local golf courses within a certain geographical distance from any property.
This local data is powerful when approaching sellers and explaining how an agent who uses Home Junction can do a better job marketing their property.
If that property is within certain desirable boundaries, they can illustrate that selling point to the max.
As we can see with Palm Beach taxes, boundaries can make a big difference. (You can see the full newspaper list with property details here).
Many real estate experts tout the need for an agent to have local knowledge. With Home Junction, you will also have local data on local real estate boundaries. That’s certainly a valuable piece of property to own.