Palm Beach property taxes could jump 15 percent for some residents

Palm Beach property owners with a homestead exemption could see up
to a 15 percent increase in their property taxes next year, according to Palm Beach Town Manager Peter Elwell’s budget proposal. The $66.6 million town
budget is still awaiting approval by the Town Council, which reviewed the proposal at a
meeting yesterday. Elwell’s budget includes a 12.48 percent increase in
the property tax rate in order to keep the town’s tax revenue consistent after an average 11 percent decline in property values. For most, that means the amount in taxes paid to the town would be relatively unchanged. But for those with a homestead exemption, the rate increase, coupled with the 2.7 percent increase in taxable value that came as a result of inflation, would result in a 15.1 percent jump in property taxes owed. [Palm
Beach Daily News]