2024 Tax Roll Update
July is an important month as my office submits the 2024 preliminary tax roll to Florida’s Department of Revenue (DOR) and local taxing authorities. Values are based on the status of market as of January 1.
According to my office’s estimates delivered at the end of May, Palm Beach County-wide taxable property values have increased 9.12% from 2023 to 2024.
The overall increase in taxable value slowed compared to previous years. Market values for some building types have begun to flatten, and this is reflected in the difference between the county-wide taxable value, and the tax base for the School Board.
Taxable values for the School Board increased 5.90%, more than three percentage points lower than the County, because the School Board more closely follows market values. The School Board is not subject to certain exemptions and caps, so it saw higher increases in taxable value in previous years. Now that some markets have slowed, that rate of increase has also slowed.
In contrast, county-wide taxable values are growing in part due to the recapture of tax caps savings. Florida law requires that the assessed value of a property continue to increase by the maximum cap amount each year until the assessed value equals the market value. Even if the market value of a property does not increase, its assessed value may increase.
Other highlights of the Estimates include:
• Market Value - $503,364,930,657
• Taxable Value - $315,500,832,798
• Net New Construction - $4,966,761,361
• Percent Increase (taxable value) – 9.12%
• Real Property Parcels – 655,938
• Total Tangible Personal Property Accounts – 58,019
The above values are only estimates and subject to change.
Once the tax roll receives approval from Florida’s DOR, my office will notify all property owners of both their home value and proposed tax rate in the Notice of Proposed Property Taxes mailed mid-August. While state law requires my office to value property based on the status of the market, your tax rate is set by taxing authorities who answer to you. Their public meetings are listed in your Notice.
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