Property values increased 6.21 percent in Palm Beach County from 2018 to 2019, according to a report released July 1 by Palm Beach County Property Appraiser Dorothy Jacks.
The increase was slightly above the property appraiser’s initial estimation of 5.73 percent released in May.
The valuations are based on market conditions as of Jan. 1, according to the Jacks’ office, which submitted the 2019 preliminary tax roll to the Florida Department of Revenue and local taxing authorities on July 1.
Taxing authorities will use these values to help them prepare their budgets for fiscal year 2019-20 and determine proposed millage rates for ad valorem taxes.
The Town of Loxahatchee Groves saw a 6.39 percent rise in preliminary taxable value from $313,290,118 in 2018 to $333,323,022 in 2019. Net new value was $4,343,131, raising the taxable value to $337,666,153, a 7.78 percent increase.
The Village of Royal Palm Beach had a 4.13 percent increase in preliminary taxable value from $2,850,239,327 in 2018 to $2,968,090,315 in 2019. Net new value of $15,219,208 raised the taxable value to $2,983,309,523, a 4.67 percent increase.
The Village of Wellington had a 3.28 percent increase in preliminary taxable value from $8,323,416,698 in 2018 to $8,596,505,008 in 2019. Net new value of $89,311,049 raised the taxable value to $8,685,816,057, a 4.35 percent increase.
The county’s newest and rapidly developing City of Westlake saw an increase in preliminary taxable value of 44.24 percent from $45,341,742 in 2018 to $65,399,618 in 2019. Net new value of $43,468,354 increased the taxable value to $108,867,972, a 140.11 percent increase.
The total preliminary taxable value for all cities in Palm Beach County increased 4.77 percent from $130,746,414,964 in 2018 to $136,981,453,581 in 2019. New construction of $2,088,326,652 increased the total taxable value to $139,069,136,317, a 6.37 percent increase.
Palm Beach County preliminary taxable values increased 4.83 percent from $187,334,775,743 in 2018 to $196,380,573,741 in 2019. New construction of $2,589,802,843 increased the taxable value to $198,970,376,584, a 6.21 percent increase.
“Palm Beach County’s market value continues to experience a steady increase year over year,” Jacks said. “Construction in apartment complexes, hotels and warehousing is helping to create value in many areas.”
Once the tax roll is approved, usually in late July, the Property Appraiser’s Office will prepare the Truth in Millage (TRIM) Notices for Palm Beach County residents, which are mailed in mid-August.
This is the second of three certifications of value required by law of the Property Appraiser’s Office. A final certification occurs prior to the Nov. 1 tax bill.
Area governments are already deep in their annual budgeting process.
The Wellington Village Council will consider resolutions approving millage rates for the village and assessments for the Acme Improvement District at a meeting on Tuesday, July 9. The village has started its annual Budget Challenge, which is continuing through Aug. 11. Details are available online at www.wellingtonfl.gov/budgetchallenge.
The Indian Trail Improvement District Board of Supervisors held its first public hearing Wednesday, May 1 on a proposed budget of $18,576,613 for the upcoming fiscal year, which is higher than the current year’s budget but holds assessments steady or lower due to carryover from previous years. The district has a workshop and hearing set for Wednesday, July 17.