Taxable property values in Palm Beach County have increased 9.99 percent from 2023 to 2024, according to the 2024 preliminary tax roll that the Palm Beach County Property Appraiser’s Office submitted to Florida’s Department of Revenue and to local taxing authorities on Wednesday, June 26.
That remains a healthy increase, bound to ease the budget process in local municipalities, but shows a moderation from the last several years. Last year, property values were up 13.36 percent.
As for local municipalities, the City of Westlake and the Town of Loxahatchee Groves outpaced the countywide average, while the villages of Royal Palm Beach and Wellington were slightly under.
Once again, the fast-growing City of Westlake led the county in growth. Taxable property values in Westlake were up an astounding 41.12 percent from $913 million to $1.3 billion. However, the majority of that increase — $289 million — was in new construction. Without factoring in new construction, property values were up 9.53 percent in Westlake.
Taxable property values in the Town of Loxahatchee Groves were up 15.28 percent from $556 million to $606 million. Of that, approximately $23 million was in new construction. Without factoring in the new construction, property values were up 10.91 percent in Loxahatchee Groves.
Taxable property values in the Village of Royal Palm Beach were up 8.28 percent from $4.3 billion to $4.6 billion. Of that, approximately $53 million was in new construction. Without factoring in new construction, property values were up 7.04 percent in Royal Palm Beach.
Taxable property values in the Village of Wellington were up 8.97 percent from $11.5 billion to $12.5 billion. Of that, approximately $58 million was in new construction. Without factoring in new construction, property values were up 8.47 percent in Wellington.
The values are based upon market conditions as of Jan. 1, 2024. According to the Property Appraiser’s Office, the preliminary tax roll is a systematic listing of information pertaining to the just valuation of all real property within Palm Beach County for purposes of ad valorem taxation. Taxing authorities use these values to prepare their upcoming budgets and to determine their proposed tax rates.
The total market value in Palm Beach County came in at $514,083,273,824 with a total taxable value of $318,011,189,076 across a total parcel count of 655,933. The total net new construction taxable value was $5,071,916,743.
“For the first time in our county’s history, new construction topped $5 billion,” Palm Beach County Property Appraiser Dorothy Jacks said. “This is new value that is being taxed for the first time this year, adding revenue to many districts.”
Once the tax roll is approved, the Property Appraiser’s Office will prepare the Notices of Proposed Property Taxes and Non Ad Valorem Assessments. This individualized form shows each Palm Beach County property owner the value of their property, proposed tax rates and public hearing information. These notices are mailed in mid-August.
This is the second of three certifications of value required by law. A final certification occurs prior to the Nov. 1 tax bill.
The Palm Beach County Property Appraiser has three primary responsibilities: determine the taxable value of more than 640,000 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.
The office employs more than 200 staffers at five service centers throughout Palm Beach County and has more credentialed appraisal professionals than any other jurisdiction in the United States. Learn more at www.pbcpao.gov.
