First of two hearings on Palm Beach County budget set for tonight

moneypalm-beach-county-logoThe first of two hearings on Palm Beach County’s $4.33 billion 2016-2017 budget is set for 6 p.m. tonight,

The commission is likely to keep its tax rate at $4.78 per $1,000 of taxable value, unchanged for a sixth straight year.

If the proposed budget is approved on the second vote, Sept, 19, the county would collect $789.6 million in property taxes in 2017. That’s $59.6 million more than was collected in 2016 because property values have continued their post-recession climb.

Because the tax rate that property owners pay to help repay the county government’s bond debt is shrinking from 15 cents per $1,000 taxable value in 2016 to 13 cents per $1,000 in 2017, the combined county tax rate would be $4.91 per $1,000, 2 cents less than this year’s rate.

At the proposed combined rate, the owner of a $250,000 house with a homestead exemption who paid about $986 in county property taxes in 2015-2016 would see the value of his home increase to $251,750 and pay about $991 in property taxes in 2016-2017. The increase in home value is based on the 0.7 percent maximum increase allowed for homesteaded homes this year under Florida’s Save our Homes constitutional amendment.

That tax figure does not include municipal taxes or taxes levied by other entities such as the School Board and South Florida Water Management District.

Palm Beach County Commission Hearing for 2016-2017 Budget

When: 6 p.m. Tuesday. Where: Sixth-floor chambers, Weisman Palm Beach County Governmental Center, 301 N. Olive Avenue, West Palm Beach

To read more, go later to mypalmbeachpost.com.

 

 

 

Appraiser: Palm Beach County property values up 8.41 percent over 2015

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Nikolits
Nikolits

The numbers keep rising.

Officials now say Palm Beach County’s property value jumped 8.41 percent from 2015 to 2016, in July 1 preliminary tax roll numbers submitted today to the state.

And the county property appraiser’s office says, those numbers could change again before the final accounting. This is the second of three required certifications; the last is Nov. 1. The figure was 7.85 percent in late May, and a late April estimate put it at 6.6 percent.

Wednesday’s box score:

  • Total market value: $237.5 billion
  • Total taxable value: $165.1 billion
  • Number of parcels: 635,144

“This is the fourth year in a row the market has improved,” Property Appraiser Gary Nikolits said in a release.

The figures inch the county closer to its historic high of $169.5 billion, set in 2007, before the recession sent it plummeting to a 10-year low of $124.4 billion three years later. Since 2012, the market value of real property in the county has jumped 46 percent, Wednesday’s release said.

Values are set as of Jan. 1 and give cities and other taxing entities guidance as they assemble their budgets, and potential tax rates, for approval at the end of September.