Property Value and Tax Rate
The fiscal year 2024 millage rate is based upon the certified property valuation received from the Palm Beach County Property Appraiser in the amount of $15,559,147,237. This includes new construction of $302,894,494, and represents an increase of 15.06% from last year’s valuation. This is the twelfth consecutive year that the City’s property valuation has increased.
New Construction $302.9 million
Increase of 12.82% in existing properties
FY 2024 taxable assessment $15.56 billion. An increase of 15.06% from last year total of $13.52 billion
Using the final property valuation number, the total millage rate is 5.32 which is 4.15% less than last year's rate of 5.55. This rate represents an 8.14% increase over the roll-back rate of 4.9195 mills.
The effect of the millage on four typical homesteaded properties is illustrated in the table below:
The Save Our Homes Amendment provides that assessed values of homesteaded property may increase by 3% or the previous year’s CPI, whichever is less. The previous year’s CPI was 6.5%; therefore, 3% is the maximum that assessed values of homesteaded properties may increase for FY 2024 property valuations.
As you can see, the above homesteaded properties would see a monthly increase in the City portion of their tax bill ranging from $6 to $14, assuming the assessed values increased by the 3% cap; however, the ultimate effect of the tax rate will vary depending on the individual property’s status under Save Our Homes.