Palm Beach County property values rise by nearly 10%

The growth in Palm Beach County is even higher than anyone originally thought.

Countywide, property taxable values have increased 9.99% from 2023 to 2024, according to the records that the Palm Beach County Property Appraiser’s Office submitted to Florida’s Department of Revenue and to local taxing authorities Wednesday.

These values are based on market conditions as of Jan. 1, using sales information from the last calendar year.

And there is one major standout: “For the first time in our county’s history, new construction topped $5 billion,” said Property Appraiser Dorothy Jacks, in a prepared statement. “This is new value that is being taxed for the first time this year, adding revenue to many districts.”

Last month, the Property Appraiser’s Office released its estimates of taxable values, which allows cities, the county, the school district and other taxing districts to prepare their new budgets for the upcoming fiscal year, which starts Oct. 1, and to set their tax rates.

That preliminary estimate was lower than the final 9.99%. Officials originally estimated the taxable property values would increase 9.12%, including factoring in new construction. Every municipality saw its overall home value rise, the appraiser’s office said.

Real estate experts said they aren’t surprised because it’s what they are seeing on the market.

Holly Meyer Lucas, who specializes in luxury real estate in Palm Beach County, said she sees how a “lot of real estate has gone for land value” and then exponentially rising as homes are knocked down to build anew.

“People bought homes in 80s, 90s for $1 million, and a buyer from New York pays $4 million, tears it down and could sell today for $14 million,” she said. So the nearly 10% growth “is appropriate.”

For out-of-state buyers who are pouring money into their investments, “they are saving so much in income tax that it’s a savings for them.”

Meyer Lucas said she’s seeing more cash buyers than ever before and those buyers are “adding all kinds of things: Pools and additions and guest houses. The wealth that has moved here has” caused the increase.

Lisa J. Huriash can be reached at lhuriash@sunsentinel.com. Follow on X, formerly Twitter, @LisaHuriash