Palm Beach County’s real estate appraisal bureau released preliminary taxable value figures for 2021 this week, showing modest increases across the county and local communities.
The villages of Wellington and Royal Palm Beach saw taxable values increases of 5.33 and 5.52 percent, respectively, slightly below the 5.55 percent average for all boroughs and the estimated average increases of 5.81 for the borough as a whole.
The total taxable value in the village of Wellington, including the new build of $ 71,191,533, has been estimated at $ 9,299,800,813.
The total taxable value at the Village of Royal Palm Beach, including the new build, was estimated at $ 3,399,641,514 with the new build valued at $ 47,413,180.
The town of Loxahatchee Groves received a larger estimated increase of 8.37 percent, largely due to new growth and property improvements valued at $ 6,880,983 to bring the total estimated value to $ 388,826,388.
Ray Liggins, manager of Royal Palm Beach Village, said he was pleased with the modest increases in property values, pointing out that many homeowners in the community are legally protected from large increases in taxable property values.
“Property values can’t rise more than the cost of living or 3 percent, whichever is the least,” Liggins told the town crier on Monday, adding that he thinks conservative growth is a good thing.
“If it goes up too fast, too fast, it will definitely affect the future and potentially lead to a decline or a reversal,” he said, pointing out that the current increase is higher than the 4.24 percent increase State Road 80 was a major contributor to the number of new builds last year.
“That’s almost $ 250,000 in sales [for the village]“Liggins said, adding that it roughly covers the 2 percent raise recently given to employees.
Wellington deputy village director Tanya Quickel said the village had increased 2.8 percent from a year earlier. “It’s good that it’s still stable and pretty conservative,” said Quickel, pointing out that 64 percent of Wellington’s total value is housing. “Of these, 34 percent are in homesteads.”
She said that about a third of the village’s 19,000 single-family homes are on homesteads.
“We are very pleased with this information,” said Quickel. “With the pandemic there have been a lot of questions about what would happen so we are very happy with the stability of everything and the way things are. Wellington remains a very popular family market. “
The preliminary 2021 tax roster presented by the Palm Beach County real estate appraisal office to the Florida Department of Treasury and local tax authorities is based on market conditions as of January 1, 2021.
The Provisional Tax List is a systematic listing of information relating to the fair valuation of all Palm Beach County real estate for the purposes of value taxation. The tax authorities use these values to prepare their upcoming budgets and determine their proposed tax rates.
“Palm Beach County’s total market value has exceeded $ 300 billion,” said Dorothy Jacks, Palm Beach County’s real estate appraiser. “It might be difficult to remember the uncertainty of the disruption caused by COVID-19 in real estate markets last spring, especially as residential values saw a sharp rebound in late 2020. However, other sectors continue to recover more slowly. “
As soon as the tax list is approved, the real estate appraisal office issues the notifications of the proposed real estate taxes and the non-recoverable assessments. This customized letter shows each Palm Beach County owner the value of their property, proposed tax rates, and public hearing information. These letters will be sent out in mid-August.
This is the second of three legally required value certifications. A final certification takes place before the tax assessment of November 1st.