PB County property values keep rising

Miami /
Jan.January 20, 2014 12:45 PM

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.

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


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