PBC land values pop 7% in a year

$2.7B in new projects cited

About $2.7 billion in new construction, including highend condominiums, new Wawa gas stations and warehouses, helped push property values higher in Palm Beach County, according to preliminary estimates being submitted to the state.

Property Appraiser Dorothy Jacks said the county’s total taxable value rose to $176.8 billion, a 7.34 percent increase. It is the sixth consecutive year property values have risen, she said.

“We are back to the market and taxable value of those highest years,” Jacks said. “We have had a rebound in evaluation. Although some properties are not back to where they were 10 years ago, they are getting close.”

Local boards will use the information when crafting their budgets for next year. Because values have increased, homeowners would pay more if boards don’t reduce the tax rate.

Residents with a homestead exemption won't face as much of an increase. Their property tax increases are capped at 2.1 percent under state law.

While Broward County had a higher total taxable value — at $177.3billion— it had $2.4billion in new construction, less than Palm Beach County. Jacks said Palm Beach County’s taxable

values could eventually surpass Broward’s because it has more room to grow.

“We here have a lot of land still to build upon,” she said. “Broward County will have to [build] up if they are going to raise their value over the next few years.”

In South Florida, MiamiDade County remains the “king in the room,” with a total taxable value nearly $100 billion higher than Palm Beach County’s, Jacks

said. Miami-Dade saw $8 billion in construction, nearly four times the amount recorded by Palm Beach and Broward counties. Just one new development in Miami— Brickell City Centre— was valued at $1 billion.

The projected property values could still change as estimates are finalized in coming months. Property owners inAugust receivenotices with their estimated taxable values and the proposed tax rates.