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As we come to the close of 2024, I have been reflecting on both the past year and what we can accomplish in the future.
Property values in Palm Beach County continued their upward trend this year, but the overall increase in values has slowed compared to previous years. Taxable property values rose 9.6% from 2023 to 2024, down from the 14% increase we saw last year. Market values for real property grew 5.6% this year, down from the 20.6% increase from 2022 to 2023.
For the first time in our county’s history, new construction topped $5 billion this year. Overall, the market value of all Palm Beach County property is more than $514 billion. Westlake continues to lead in municipal value growth, with the largest percentage of taxable value increase from 2023 to 2024. The Village of Golf, Jupiter Inlet Colony and Cloud Lake are second, third, and fourth, respectively.
My staff are gathering information for 2025 as we prepare to value property based on the status of the market as of January 1. I want to thank my staff for their continued diligence and commitment to accuracy and excellence. ‘We Value What You Value’ is not a simple catchphrase – it is a commitment to service honored by every single one of the 220 qualified public servants in my office. We determine the taxable value of more than 655,000 parcels and nearly 59,000 tangible personal property accounts in the county.
As we look forward to 2025, our mission remains consistent: to value property, administer exemptions, and maintain ownership records fairly, equitably, and in accordance with Florida law for all of Palm Beach County.
As I prepare to be sworn in for my third term as your Property Appraiser, I want to thank you for allowing me to serve in this office. I wish you and your families a safe and happy holiday season.
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