Joel EngelhardtThe data will be used to determine local government budgets and how much landowners will pay in property taxes.
The taxable value of property in Palm Beach County grew by 10 percent last year, a slowdown from last year’s 14 percent rise but the third straight year of double-digit gains, tax rolls released last week by the property appraiser show.
For the first time, new construction topped $5 billion countywide.
Why it’s important: The figures, which reflect property values as of Jan. 1, will be used to determine budgets and how much landowners will pay in property taxes. As values go up, tax rates set by cities and countywide agencies would have to be reduced to avoid tax hikes.Subscribe
Stunning stat: A Stet analysis shows that since 2020 cities in the county’s coastal center, from Hypoluxo to Mangonia Park, grew the most in value — by 59 percent. Cities in the Glades grew by the second most at 54 percent. West-central cities grew by 50 percent with north county at 49 percent and south county at 47 percent.
Four of the five cities with the highest value also had the most new construction. They are West Palm Beach, Boca Raton, Palm Beach Gardens and Delray Beach.
Yes, but: One city to buck the trend is Riviera Beach. It had the fifth biggest gain in new construction but is the ninth most valuable city.
The city with the second-most value — and fewer than 10,000 full-time residents — Palm Beach, had the seventh-most new construction.
The top 10 cities by value as of Jan. 1, 2024, their new construction total and their rate of growth over last year are:
- Boca Raton, $37.5 billion total; $575 million new; 8.5 percent.
- Palm Beach, $32.1 billion total; $198 million new; 11.3 percent.
- West Palm Beach, $23.3 billion total; $667 million new; 11 percent.
- Palm Beach Gardens, $19.9 billion total; $515 million new; 11 percent.
- Delray Beach, $18.1 billion total; $389 million new; 11 percent.
- Jupiter, $17.3 billion total; $124 million new; 9 percent.
- Wellington, $12.5 billion total; $58 million new; 9 percent.
- Boynton Beach, $9.9 billion total; $118 million new; 9 percent.
- Riviera Beach, $8.8 billion total; $324 million new; 14 percent.
- Royal Palm Beach, $4.6 billion total; $53 million new; 8 percent.
Big picture: The countywide total is $313 billion. The Palm Beach County School District, free of some exemptions that apply to the county, had the largest tax base at $351 billion.
- Countywide valuations earlier this century rose by double digits for six straight years, a run that ended in 2007.
Of note: Oceanfront South Palm Beach had the lowest amount of new construction among the county’s 39 municipalities at $903. No, that’s not a typo, the Property Appraiser’s Office said. That’s $63,502 less than the next lowest, Briny Breezes.
Joel is a founder, reporter and editor at Stet News. His award-winning newspaper career spanned more than 40 years, including 28 years at The Palm Beach Post, which he left in 2020. Joel lives with his wife in Palm Beach Gardens. He volunteers on the board of NAMI Palm Beach County and the Palm Beach Gardens Historical Society.
