The Palm Beach County Property Appraiser’s Office has released the June 1 estimates of taxable values to all Palm Beach County taxing authorities.
Palm Beach County-wide taxable property values have increased 13.55 percent from 2021 to 2022. These values are only estimates and subject to change. Florida law requires the property appraiser’s office to value property based on the status of market conditions as of Jan. 1, 2022.
“Demand for properties of all types continues to grow,” Palm Beach County Property Appraiser Dorothy Jacks said. “Both commercial and residential markets have seen an increase in value and new construction.”
Driven by a large influx of new Florida residents and limited supply, residential values rose significantly last year. In the commercial sector, hotels, multi-family apartment complexes and warehousing all saw value increases.
Locally, the Village of Wellington showed a taxable value increase of 11.49 percent to $10.3 billion, including new construction. In the Village of Royal Palm Beach, taxable value went up 13.10 percent to $3.8 billion. In the Town of Loxahatchee Groves, taxable value rose 11.47 percent to $431 million.
Leading the county in growth once again is the fast-growing City of Westlake, with a taxable value that soared 73.30 percent to $607 million. Much of the growth in Westlake was based on new construction. Taxable values there were up 29.36 percent without new construction factored in.
The estimates of taxable values assist the county, municipalities and other taxing authorities in projecting their budgets and tax rates. After the taxing authorities have determined their budgets and proposed tax rates, the property appraiser’s office will mail the Notice of Proposed Taxes to every property owner in August.
Modification of 2022 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.