More than half a trillion dollars.
Market value includes the value of non-taxable properties such as places of worship, government buildings and non-profit organizations. It is always higher than the taxable value.
So how much is Palm Beach County worth? Just over half a trillion dollars, or $514.1 billion, about 10% more than last year.
Dorothy Jacks, a property appraiser in Palm Beach County, recently released new data that measures the “just value,” or fair market value, of all properties, including those not subject to property taxes, such as government buildings, houses of worship, and nonprofits. Market value is the value appraisers believe a property would sell for on the open market. Property tax exemptions, which can significantly reduce a property’s taxable value, are also not included in market value.
Jacks recently provided taxable value data to county tax officials so they can use it to calculate tax rates. Market value is always much higher. In some cases, it can be twice as much. Overall, it was 62% higher in Palm Beach County.
In Florida, only Miami-Dade County has a higher market value than Palm Beach County. The latest figure marks the first time the county has crossed the $500 billion mark. The figures, released Wednesday, June 26, are estimates, but are not expected to change significantly. Market and tax values have been set for more than 640,000 parcels of land and nearly 60,000 accounts of movable property.
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Data shows that market values and taxable values continue to rise across the county, although not as much as in recent years. Jacks has said that market values have begun to stagnate for some types of buildings in Palm Beach County, particularly oceanfront condos, which are now subject to the new state law requiring regular inspections to ensure their safety. Some buildings are expected to require multimillion-dollar repairs.
For the 2024 budget, county assessors calculate values as of Jan. 1 each year, meaning they reviewed sales data for calendar year 2023. The 39 municipalities had a combined market value of $350 billion; the county’s unincorporated areas, generally west of Military Trail, total $164 billion.
Boca Raton continues to have the highest market value of all municipalities at $56.9 billion, followed by Palm Beach with $54.9 billion. West Palm Beach had a market value of $37.4 billion, Palm Beach Gardens $30.2 billion, Delray Beach $27.8 billion, Jupiter $27.7 billion and Wellington $21.2 billion.
MORE: Property values in the county skyrocketed in 2023 – what was the reason and what does it mean for your taxes?
2023 Market Values in Palm Beach County, City by City
- Atlantis: 1,009,572,511 USD
- Belle Glade: 1,172,459,434 USD
- Boynton Beach: 15,443,835,673 USD
- Salty breeze: 141,840,325 USD
- Cloud Lake: $23,993,489
- Glen Ridge: 80,197,312 USD
- Village of Golf: 642,046,688 USD
- Greenacres: 5,368,352,953 USD
- Gulf Stream: $2,810,862,518
- Haverhill: $300,981,887
- Highland Beach: 5,331,421,898 USD
- Hypolux: 820,143,132 USD
- Juno Beach: 3,345,700,195 USD
- Jupiter Inlet Colony: 1,128,779,318 USD
- Shores of Lake Clarke: 836,609,413 USD
- Lake Park: 1,707,704,910 USD
- Lake Worth Beach: 5,693,363,433 USD
- Lantana: $2,983,618,967
- Loxahatchee Groves: 1,294,777,559 USD
- Manalapan: 3,457,673,061 USD
- Mangonia Park: 509,837,862 USD
- North Palm Beach: 6,074,662,415 USD
- Ocean Ridge: $2,714,540,506
- Pahokee: 365,372,614 USD
- Palm Beach Shores: 1,140,092,024 USD
- Palm Springs: 3,250,303,320 USD
- Riviera Beach: 12,562,457,386 USD
- Royal Palm Beach: 7,444,882,389 USD
- South Bay: 309,736,378 USD
- South Palm Beach: 891,103,151 USD
- Tequesta: 3,346,506,975 USD
- Western Lake: $2,007,126,373
SOURCE: Palm Beach County Tax Commission.
Mike Diamond is a journalist at The Palm Beach PostPart of the USA TODAY Florida Network. He covers government and transportation in Palm Beach County. You can reach him at [email protected]. Support local journalism. Subscribe today.
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