By: Marisa Herman Associate Editor
As cities begin to prepare budgets and tax rates to assess residents for the upcoming fiscal year, the Palm Beach County Property Appraiser’s office announced that taxable values have increased countywide.
From 2017 to 2018, Palm Beach County-wide property taxable values have increased 6.53 percent. That figure is based on market conditions as of Jan. 1.
“We are entering into an exciting period in our County’s history, as record development and growth indicates a healthy and stable real estate market in our region,” said Property Appraiser Dorothy Jacks, CFA, AAS.
She credits the increase to new construction of apartment complexes in the county. There were 16 new apartment complexes built this year totaling $800 million in value. Total, the county saw $2.4 billion in new construction.
In the next few years, she said to keep an eye on new, large residential communities that are planned to pop up.
The average home in the county sold for about $340,000 this year, she said.
The county has a total market value of $264.7 billion and total taxable value of $187.8 billion, according to Jacks.
In Boca Raton, property values are up 6.3 percent. In Delray Beach, the increase totals 8.62 percent. The Delray Beach Downtown Development Authority, which is a taxing district, saw an increase of 11.63 percent.
Mid-August, residents can expect to see the Truth in Millage also known as TRIM Notices in their mail.