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 $17,958,104,486. This includes new construction of $533,420,799, and represents an increase of 15.5% from last year’s valuation. This is the twelfth consecutive year that the City’s property valuation has increased.

Using the final property valuation number, the total millage rate is 5.17 which is 2.8% less than last year's rate of 5.32. This rate represents an 8.94% increase over the roll-back rate of 4.7456 mills. The city has successfully lowered the millage rate for two consecutive years now, demonstrating a strong commitment to fiscal responsibility and providing relief to its residents.

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 an increase in the City portion of their tax bill ranging from $10 to $13 annually, 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.