2023 Tax Roll Update
July is an important month as my office submits the 2023 preliminary tax roll to Florida’s Department of Revenue (DOR) and the 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 13.36% from 2022 to 2023. The overall increase in value is similar to what we saw last year. It is driven by continued demand for properties of all types and near record new construction.
Highlights include:
• Market Value - $481,467,712,919
• Taxable Value - $288,752,577,607
• Net New Construction - $4,311,391,070
• Percent Increase (taxable value) – 13.36%
• Real Property Parcels – 652,953
• Total Tangible Personal Property Accounts – 58,709
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.
Where Do New PBC Homesteaders Come From?
When a new Palm Beach County resident files for a homestead exemption, my office collects information about their previous home site to ensure that there is no homestead fraud. That information also offers an interesting look into what states our new neighbors used to call home.
Over the course of 2022, we had 27,357 new residents file for homestead exemptions that came from outside of Palm Beach County, compared to 31,431 the previous year. The vast majority of new homesteaders in 2022 were from other parts of Florida, accounting for about 73% of filed applications.
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