“Palm Beaching”: How changes are shaping Palm Beach County
“Palm Beaching”: From Boca Raton to West Palm Beach, from Wellington to Jupiter – how changes are shaping Palm Beach County.
Rising real estate prices in West Palm Beach will result in increased revenue for the city. Authorities are currently increasing their general budget and keeping property tax rates stable at just under $8.14 per $1,000 of assessed property value.
Rising property values are expected to bring in an additional $12.6 million, city officials estimate.
What does all this mean for the taxpayer? Most likely a slightly higher tax bill for city residents.
The average home value in West Palm Beach is $406,942, according to Zillow, a website that tracks housing market statistics and trends, and that value is up 3.8% as of 2023.
Based on these figures and assuming a $50,000 property tax deduction, the owner of a $406,942 home in West Palm Beach can expect a property tax bill of at least $2,902, which would be about $125 more than the year before. This property tax total does not include debt or public safety levies.
Faced with rising costs for budget items such as insurance, wages and benefits, and equipment and materials, many cities seek to keep property tax rates stable and generate additional revenue from rising property tax values.
Some seniors in West Palm Beach are eligible for an additional property tax exemption that would reduce their property tax bill.
The city’s budget hearings will be held on September 9 and 25. The budget for fiscal year 2025 will take effect on October 1.
Wayne Washington is a journalist covering West Palm Beach, Riviera Beach and race relations for The Palm Beach Post. Reach him at [email protected]. Support our work and subscribe today.
