The Real Deal Miami

West Palm to see tax boost

September 16, 2008 09:57AM

The tentative budget for West Palm Beach will push up taxes to make up for a loss of $2.3 million in assessed property tax revenue. City Administrator Ed Mitchell and Finance Director Randy Sherman said they were pleased that the budget was balanced without tapping the city’s $30 million reserve set aside for emergencies. The property tax millage rate would increase from $7.49 to $7.88 per $1,000 of taxable property.  Though the tax rate change is a 5 percent increase, most homeowners will see a decrease in their property tax bills since values have declined. For example, the owner of a home valued at $300,000 with a homestead exemption would pay roughly $20 less under the proposed tax rate.