Town of Palm Beach Tax Values Going Up
The Palm Beach Property Appraiser has released an estimate which states that the value of property in the Town of Palm Beach has dramatically increased in the past year.
The increase is approximately eight percent, which is the largest change in the past ten years. This is the second year in a row that all 38 municipalities have seen an upswing in property values and our Town of Palm Beach Tax Values are one of them. After experiencing the real estate crash of 2009, this growth is promising news for residential and commercial property owners within the Town of Palm Beach. The positive change in property values has brought more interest in Palm Beach real estate, but local property taxes are unfortunately expected to also rise. High property taxes may deter new buyers from purchasing property in the Town of Palm Beach, and instead seek real estate in other areas. Current owners might also sell their property for a high profit and move to an area with lower taxes.
However, a portion of residents have opted for a homestead option in order to be excused from paying property taxes that continually rise. The exemption allows an owner to pay up to $3,287 per $1 million of property value that can be taxed, and the rate will remain constant until the matter is further discussed. Last year, the tax rate was raised from $3.24 per $1000 to $3.41 per $1000 of taxable value in order to front the costs of the Coastal Management Project. With many projects on Palm Beach’s agenda for next year, the tax rate will continue on its upward spiral.
Town of Palm Beach Residents and business owners are hopeful that the rise in property value will attract more economic development to empty commercial spaces along County Road. The Town of Palm Beach Town Council will also be discussing property taxes and budget approvals in upcoming meetings.