Palm Beach County property owners are bracing for a significant increase in their tax bills for 2025, driven by a surge in property values fueled by the region’s ongoing wealth boom. Preliminary tax notices are set to be mailed out soon, offering homeowners a glimpse into the potentially higher financial obligations ahead.
Key Takeaways
- Palm Beach County’s estimated taxable property values have risen to $34.57 billion for the 2025 tax year.
- Preliminary tax bills will be mailed on August 21st, with final bills due by November 1st.
- Homesteaded residential properties will see assessed value increases capped at 3%, while non-homesteaded properties face a 10% cap.
- The town of Palm Beach has proposed a tentative tax rate increase, impacting both homesteaded and non-homesteaded property owners.
Rising Property Values and Tax Implications
The Palm Beach County Property Appraiser’s office is preparing to mail estimated tax bills on August 21st. These notices will reflect the latest assessed property values, which have seen a notable increase across the county. In Palm Beach specifically, the estimated taxable property values have jumped to $34.57 billion for the 2025 tax year, up from $32.15 billion in the previous year. This surge is attributed to the robust real estate market and the influx of wealth into the area.
Understanding Your Tax Bill
The preliminary notices provide an estimate based on the property appraiser’s assessment of market conditions as of January 1st. However, the final amount property owners will actually pay is subject to change once local taxing authorities, including the town, county, and school board, finalize their tax rates. These rates are typically adopted by the end of September, with final tax bills mandated to be mailed by November 1st.
Navigating Tax Exemptions and Valuations
For homeowners who qualify for a homestead exemption, the annual increase in their property’s assessed value is capped at 3% by state law. Non-homesteaded residential properties have a higher cap of 10% on assessed value increases. The mailed notices will also include preliminary tax rates from various taxing agencies and information about their budget hearings, empowering property owners to participate in the tax-setting process.
Property owners who disagree with their property’s valuation have until September 15th to file a petition of objection with the state-authorized Value Adjustment Board. The Property Appraiser’s office also encourages residents to contact them directly if they believe their property’s market value is inaccurate or if an exemption is missing.
Local Tax Rate Adjustments
In Palm Beach, the Town Council has tentatively agreed to a tax rate that will slightly increase property taxes. For homesteaded property owners, this means an estimated $79 increase for every $1 million of taxable value. Non-homesteaded property owners could see an increase of $206 per $1 million of taxable value. These adjustments are intended to help fund the town’s proposed $127.3 million budget for the upcoming fiscal year.
Sources
- With Palm Beach property values up, early tax bills going out Aug. 21, Palm Beach Daily News.