Taxable properties in Palm Beach increases
Taxable properties in Palm Beach has increased for five successive years. This level of increase had not
been seen since the pinnacle of the housing boom. The tax increase indicates that the market value of
homes have increased. Higher taxes could also mean that the government will have a better budget.
For 2016, Florida property management announced that the Palm Beach’s tax increased by 7.9% this
year. The total increase throughout the county is estimated to be around $164.5 billion. The increase in
taxable value this 2016 is nearly as high as the $169.5 billion last 2007.
However, after careful evaluation of economic indicators, Ken Johnson, a real estate economist at
Florida Atlantic University argued that that the growth will slow down. Johnson stated that Palm Beach
is experiencing a rebound but at the same time, the rebound is slowing down.
Verdenia Baker, a Palm Beach Country Administrator would not recommend lowering the property tax
rate because as the tax value increases, home owners would pay more.
For resident with homestead exemption, the tax increase will only affect them a little. The law states
that their tax property tax is set at 0.7%.
The projected property values could still change, the final estimates will be released on the first of July.« « Previous Article| Next Article » »
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