West Palm will keep property tax rate steady, but soaring home values means higher bills

Rising property values in West Palm Beach will result in more revenue for the city, and officials are building their $263.6 million general fund budget while keeping property tax rates steady at just under $8.14 per $1,000 of assessed property value.

The soaring property values should bring an additional $12.6 million, city officials have estimated.

What does all that mean for the taxpayer? Most likely a slightly higher tax bill for city residents.

The average home value in West Palm Beach is $406,942, according to Zillow, a website that tracks housing statistics and trends. That value is up 3.8% from 2023.

Based on those figures, and assuming a homestead deduction of $50,000, the owner of a home worth $406,942 in West Palm Beach can expect a property tax bill of at least $2,902, which would be about $125 more than the year before. That property tax figure does not include assessments for debt or public safety service.

With rising costs for such budget items as insurance, wages and benefits as well as equipment and materials, many cities often look to hold property tax rates steady and collect the additional revenue from rising property tax values.

Some seniors in West Palm Beach are eligible for an additional homestead exemption, which would reduce their property tax bills.

The city's budget hearings are Sept. 9 and 25. The fiscal year 2025 budget goes into effect on October 1.

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Wayne Washington is a journalist covering West Palm Beach, Riviera Beach and race relations for The Palm Beach Post. You can reach him at wwashington@pbpost.com . Help support our work; subscribe today .

This article originally appeared on Palm Beach Post: West Palm will keep property tax rate steady, but soaring home values means higher bills