Palm Beach County residents will soon see higher property tax bills as property values continue to climb, though this year’s increases are notably slower than the sharp rises of recent years. Early tax estimates are out, giving homeowners a preview of what they could owe, and the community is focusing on how these changes impact both their wallets and the broader county budget.
Key Takeaways
- Property values in Palm Beach County rose by more than 2.5% this year, a slower pace compared to previous double-digit jumps.
- Tax bill estimates are being mailed out on August 21, with final bills to arrive by November 1.
- The majority of the county’s property tax revenue goes to schools, the county, and other agencies, with the town receiving less than 20%.
Growth In Property Values Slows, But Still Rises
The Palm Beach County Property Appraiser’s latest figures show taxable property values reached $34.57 billion for the upcoming tax year, up from last year’s $32.15 billion. The overall market value, including all real estate, climbed 2.56% to about $56.08 billion. This growth, while still significant, is far less dramatic than the double-digit increases seen during recent pandemic-driven real estate booms.
What The New Tax Estimates Mean For Homeowners
Early tax notices, known as "Truth in Millage" (TRIM) notices, will arrive shortly, outlining estimated assessed values and preliminary tax rates from various local agencies. These estimates provide property owners with a preview of their upcoming bills, which will be finalized after public budget meetings conclude in September.
- For homesteaded residential properties, state law caps annual assessment increases at 3%.
- Non-homesteaded residential properties face a 10% limit on increases.
- Preliminary rates include taxes from the county, city, school boards, and other government entities, each with its own upcoming hearings where residents can make their voices heard.
Impact On the Ultra-Wealthy And Community Budgets
Luxury property owners, from high-net-worth individuals to well-known figures, continue to shoulder some of the largest bills. Dozens of Palm Beach property owners will pay $500,000 or more in annual taxes. Meanwhile, the town is finalizing a proposed municipal tax rate of $2.61 per $1,000 of taxable value. For every $1 million of taxable value, homesteaded owners will see a $79 increase in their bill; for others, the bump is $206.
Most of the collected taxes fund the countywide budget, with the town’s share supporting its proposed $127.3 million fiscal plan. Residents are encouraged to review their valuations, participate in budget hearings, and, if necessary, contest property assessments by mid-September if they believe errors have been made.
What’s Next For Palm Beach County Property Owners
As tax rates are finalized in the coming months, property owners will know exactly what they owe. The slower pace of value growth may offer some relief for those fearing another year of sharp increases, but higher bills still reflect Palm Beach’s enduring reputation as one of Florida’s most exclusive—and expensive—real estate markets.
Residents are encouraged to keep an eye on upcoming local hearings and review their TRIM notices closely to ensure their assessments and exemptions are accurate before the final tax bills are issued this fall.
Sources
- Palm Beach Real Estate Boom Fuels Rise of Million-Dollar Property Taxes, Bloomberg.
- With Palm Beach property values up, early tax bills going out Aug. 21, Palm Beach Daily News.