Palm Beach County Property Values on the Rise

wreg Juno Beach , Palm Beach Gardens , Regional News , singer island 1 Comment

Palm Beach CountyPalm Beach County’s tax base grew by 3.7 percent in 2012, according to PBC Property Appraiser Gary Nikolits.  Taxable property values countywide increased from $125.1 billion on the first day of 2012 to $129.7 billion on the first day of 2013.

It is the second straight year that countywide taxable property values have increased, a sign that the once free-falling real estate market is finally on the mend. The final tax roll will be released by July 1, and Nikolits said the tax base could grow by a half a percent more as his office refines the numbers.

Taxable values rose in 34 of the county’s 38 cities and towns.  Palm Springs had the largest year-over-year jump in its tax base. Values in the town climbed by 7.4 percent in 2012, according to Nikolits’ estimate.  “Those areas that got hit hardest rebounded better,” Nikolits said, referring to the fact that property values fell faster in Palm Springs than in other areas during the housing market crash, largely because of the number of lower-priced condominiums and town-homes.

The county, its cities and towns and other taxing authorities use Nikolits’ estimates to project how much money they can expect to receive from property taxes in the coming year and to set their tax rates and budgets.

County commissioners will hold their first meeting on next year’s budget proposal on June 11. The commission is expected to discuss Sheriff Ric Bradshaw’s budget request. Bradshaw is asking for an additional $38 million next year. At the same time, interest income from the county’s investments is down by about $10 million.

The 2013 estimated values for our local communities are:

Taxing Authority

2012 Taxable Value

2013 Est. Taxable Value

Change

Juno Beach $930.6 million $955.1 million 2.6%
Jupiter $7.2 billion $7.5 billion 3.9%
North Palm Beach $1.48 billion $1.52 billion 2.8%
Palm Beach Gardens $7.9 billion $8.1 billion 3.3%
Palm Beach Shores $490 million $471.8 million -3.7%
Riviera Beach/Singer Island $3 billion $3.2 billion 5.8%
Tequesta $779.9 million $813.7 million 4.3%
West Palm Beach $8.1 billion $8.3 billion 2.5%

 

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

Recipients of the 2012 Ritz Carlton Residences© Singer Island Power Broker Award

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