For First Time in Six Years Property Values Projected to Rise
Projection would be first rise since FY 2007/2008
(West Palm Beach, FL) – For the first time in six years, taxable property values are projected to rise in the City of West Palm Beach.
According to numbers just released by the Palm Beach County Property Appraiser’s office, total taxable property values in the city are projected to rise from $8.1 billion dollars this year to $8.3 billion dollars next year.
The increase of approximately 2.15% would be the first increase in taxable property values since fiscal year 2007/2008. During that year, taxable property values in the city were $12.7 billion dollars. They have declined every year since then.
“We are pleased to see the property values start to rebound,” said Jeff Green, Finance Director for the City of West Palm Beach. “The property appraiser’s estimate is right in line with what we predicted, and with our long term projections.”
At the current millage rate, the increase in taxable property value would mean an additional $1.5 million dollars in property tax revenues for the city.
The city begins its public budget process next month with the first of many public hearings on the city’s upcoming budget, its ten year financial plan, and its strategic plan.