Market value includes values placed on non-taxable properties such as places of worship, government buildings and non-profit operations. It is always higher than taxable value.
So what’s Palm Beach County worth? Just north of a half-trillion dollars, or $514.1 billion, about 10% more than last year.
Palm Beach County Property Appraiser Dorothy Jacks released new data recently that measures “just value” or the fair market value of all property, including those not subject to real estate taxes such as government buildings, places of worship and nonprofits. Market value is what appraisers believe a property would sell for in the open market. Homestead exemptions, which can significantly reduce the taxable value of a property, are also not factored into market value.
Jacks recently provided taxable value data to taxing authorities in the county for their use in computing millage or tax rates. Market value is always much higher. In some cases, it can be twice as much. Overall, in Palm Beach County, it was 62% higher.
In Florida, only Miami-Dade County has a higher market value than Palm Beach County. The latest figure marks the first time the county has passed the $500 billion milestone. The numbers released Wednesday, June 26 are estimates but are not expected to significantly change. Market and taxable values were placed on more than 640,000 parcels and nearly 60,000 tangible personal property accounts.
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The data shows market values, along with taxable values, are continuing to rise throughout the county although not as much as in recent years. Jacks has said that market values for some building types have begun to flatten in Palm Beach County, especially oceanfront condos that are now subject to the new state law that requires periodic inspections to ensure their safety. Some buildings are expected to undergo multi-million dollar repairs.
For the purposes of the 2024 budget, county appraisers compute values as of Jan. 1 every year, which means they reviewed sales data for calendar year 2023. The 39 municipalities had a combined market value of $350 billion; the unincorporated areas of the county, generally west of Military Trail, is $164 billion.
Boca Raton, at $56.9 billion, continues to have the highest market value of all municipalities followed by Palm Beach at $54.9 billion. West Palm Beach, had a market value of $37.4 billion, Palm Beach Gardens, $30.2 billion; Delray Beach, $27.8 billion; Jupiter, $27.7 billion and Wellington, $21.2 billion.
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Palm Beach County city-by-city 2023 market values
- Atlantis: $1,009,572,511
- Belle Glade: $1,172,459,434
- Boynton Beach: $15,443,835,673
- Briny Breezes: $141,840,325
- Cloud Lake: $23,993,489
- Glen Ridge: $80,197,312
- Village of Golf: $642,046,688
- Greenacres: $5,368,352,953
- Gulf Stream: $2,810,862,518
- Haverhill: $300,981,887
- Highland Beach: $5,331,421,898
- Hypoluxo: $820,143,132
- Juno Beach: $3,345,700,195
- Jupiter Inlet Colony: $1,128,779,318
- Lake Clarke Shores: $836,609,413
- Lake Park: $1,707,704,910
- Lake Worth Beach: $5,693,363,433
- Lantana: $2,983,618,967
- Loxahatchee Groves: $1,294,777,559
- Manalapan: $3,457,673,061
- Mangonia Park: $509,837,862
- North Palm Beach: $6,074,662,415
- Ocean Ridge: $2,714,540,506
- Pahokee: $365,372,614
- Palm Beach Shores: $1,140,092,024
- Palm Springs: $3,250,303,320
- Riviera Beach: $12,562,457,386
- Royal Palm Beach: $7,444,882,389
- South Bay: $309,736,378
- South Palm Beach: $891,103,151
- Tequesta: $3,346,506,975
- Westlake: $2,007,126,373
SOURCE: Palm Beach County Tax Appraiser’s Office.
Mike Diamond is a journalist at The Palm Beach Post, part of the USA TODAY Florida Network. He covers Palm Beach County government and transportation. You can reach him at mdiamond@pbpost.com. Help support local journalism. Subscribe today.
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Source Link: https://www.palmbeachpost.com/story/news/2024/07/05/palm-beach-countys-market-value-more-than-a-half-trillion-dollars/74217724007/
More than a half-trillion dollars. – Journal Today Internet – #Market – BLOGGER – Market, Dollars, halftrillion, Internet, Journal, Today
Market continuance includes values settled on non-taxable properties such as places of worship, polity buildings and non-profit operations. It is ever higher than dutiable value. So what’s Palm Beach County worth? Just northerly of a half-trillion dollars, or $514.1 billion, most 10% more than terminal year. Palm Beach County Property Appraiser Dorothy Jacks free newborn accumulation …
