palm beach home prices

No tax-rate cut planned for 2015 in Palm Beach County, in spite of the increase in property values

For the fourth year in row, Palm Beach county has seen an increase in property values, which shows the county’s rise from the depths of the Great Recession. The 8.7 percent countywide jump is the biggest Palm Beach has seen in a decade, and there is no reason the pattern shouldn’t continue.

Though there is still a chance for a reduced tax cut rate, the county has made it clear that other priorities will come first. If the pattern continues, however, a tax cut may be coming in the near future, representing good news for property owners in Palm Beach county.

Property taxes rise for fourth consecutive year

This increase will supply Palm Beach County with about $9 million more than expected, which could mean more tax revenue for infrastructure, libraries, police and fire service, if the tax rate is not reduced. County administrator Bob Weisman commented on the issue, essentially reinforcing that he does not plan to recommend a tax reduction this year.

“We need every one of those dollars to meet the requests of the sheriff, the demands for Palm Tran (bus service), the courts,” says Weisman. “We’re still trying to close a substantial gap between revenue and the demand for services. This will help with that.”

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