Tax Value Estimates Show Modest Growth Despite COVID-19 Impacts

The Palm Beach County Property Appraiser’s Office released the June 1 estimates of taxable values to all Palm Beach County taxing authorities on Friday, May 28.

The taxable values showed modest growth countywide. Here in the western communities, values grew less quickly in Wellington and Royal Palm Beach than the county average, while Loxahatchee Groves grew at a slightly faster pace.

As expected, the fast-growing Westlake community outpaced all county municipalities in growth, based mostly on new construction.

Palm Beach County-wide taxable property values increased 5.05 percent from 2020 to 2021. These values are only estimates and are subject to change. They are based upon market conditions as of Jan. 1, 2021 and provide assistance as taxing authorities develop their budgets.

“These estimates reflect the impacts of COVID-19,” Palm Beach County Property Appraiser Dorothy Jacks said. “Despite major disruptions in the real estate market in early 2020, the latter half of the year saw a strong rebound, especially in the residential sector.”

Taxable values in Wellington grew 2.82 percent from $8.83 billion to $9.08 billion, while Royal Palm Beach taxable values grew 4.24 percent from $3.22 billion to $3.36 billion.

Loxahatchee Groves taxable values grew 6.94 percent from approximately $359 million to $384 million. Westlake led the county in growth, surging 51.59 percent in taxable value, from approximately $220 million to $334 million. Most of that additional value in Westlake was due to new construction.

Modification of 2021 taxable values is ongoing. The Palm Beach County Property Appraiser’s Office and all county property appraisers in the state are required by law to submit a preliminary tax roll to Palm Beach County taxing authorities and Florida’s Department of Revenue on July 1.

The Palm Beach County Property Appraiser has three primary responsibilities: determine the taxable value of more than 648,000 parcels and nearly 60,000 tangible personal property accounts in Palm Beach County; apply tax exemptions to properties that meet certain qualifications; and maintain the county’s official map and property ownership records. Learn more at www.pbcgov.com/papa.

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