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 taxable property values overall have increased 13.36 percent from 2022 to 2023. These values are only estimates and subject to change.
“The overall increase in value is similar to what we saw last year,” Palm Beach County Property Appraiser Dorothy Jacks said. “This is driven by continued demand for properties of all types and near record new construction.”
As for municipalities in the western communities, taxable property values were up across the board.
Wellington’s preliminary taxable value is up 11.05 percent from $10.3 billion to $11.5 billion. Values in Royal Palm Beach are up 10.75 percent from $3.8 billion to $4.2 billion.
Taxable values are up 15.82 percent in Loxahatchee Groves, from $442 million to $511 million. In the fast-growing community of Westlake, taxable values are up a county-leading 52.83 percent from $608 million to $929 million. The majority of Westlake’s increase is based on new construction.
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 a notice of proposed taxes to every property owner in August.
Modification of 2023 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.
