PB County property values keep rising

Gary Nikolits
Gary Nikolits

Palm Beach County is expected to enjoy its third consecutive year of property tax base gains, but many homeowners are protected from large tax increases thanks to a 22-year-old state rule.

Property Appraiser Gary Nikolits projects a double-digit property value rise in certain parts of the county, the Palm Beach Post reported. Preliminary estimates from Nikolits show values increased at a faster rate in 2013 than the previous year. The Palm Beach County tax base grew by 4.2 percent in 2012, and it appears to have expanded by as much as 3 percent over that amount in 2013.

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The preliminary tax roll is scheduled to be released in June.

Residents with a homestead property tax exemption do not have to worry about a major property tax increase, however. Under the Save Our Homes rule, annual increases in the assessed value of homesteaded properties are limited to the lesser of 3 percent or the state’s inflation rate, which is currently 1.5 percent. [Palm Beach Post]Eric Kalis