Mike Diamond
Jul 5, 2024
Market value includes values placed on non-taxable properties such as places of worship, government buildings and non-profit operations. It is always higher than taxable value.
Palm Beach County's market value is now $514.1 billion, up 10% from last year.
The county's market value is the highest in Florida, except for Miami-Dade County.
The data shows market values, along with taxable values, are continuing to rise throughout the county.
So what’s Palm Beach County worth? Just north of a half-trillion dollars, or $514.1 billion, about 10% more than last year.
Palm Beach County Property Appraiser Dorothy Jacks released new data recently that measures “just value” or the fair market value of all property, including those not subject to real estate taxes such as government buildings, places of worship and nonprofits. Market value is what appraisers believe a property would sell for in the open market. Homestead exemptions, which can significantly reduce the taxable value of a property, are also not factored into market value.
Jacks recently provided taxable value data to taxing authorities in the county for their use in computing millage or tax rates. Market value is always much higher. In some cases, it can be twice as much. Overall, in Palm Beach County, it was 62% higher.
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 passed the $500 billion milestone. The numbers released Wednesday, June 26 are estimates but are not expected to significantly change. Market and taxable values were placed on more than 640,000 parcels and nearly 60,000 tangible personal property accounts.
The data shows market values, along with taxable values, are continuing to rise throughout the county although not as much as in recent years. Jacks has said that market values for some building types have begun to flatten in Palm Beach County, especially oceanfront condos that are now subject to the new state law that requires periodic inspections to ensure their safety. Some buildings are expected to undergo multi-million dollar repairs.
For the purposes of the 2024 budget, county appraisers compute values as of Jan. 1 every year, which means they reviewed sales data for calendar year 2023. The 39 municipalities had a combined market value of $350 billion; the unincorporated areas of the county, generally west of Military Trail, is $164 billion.
Boca Raton, at $56.9 billion, continues to have the highest market value of all municipalities followed by Palm Beach at $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.
Palm Beach County city-by-city 2023 market values
Atlantis: $1,009,572,511
Belle Glade: $1,172,459,434
Boynton Beach: $15,443,835,673
Briny Breezes: $141,840,325
Cloud Lake: $23,993,489
Glen Ridge: $80,197,312
Village of Golf: $642,046,688
Greenacres: $5,368,352,953
Gulf Stream: $2,810,862,518
Haverhill: $300,981,887
Highland Beach: $5,331,421,898
Hypoluxo: $820,143,132
Juno Beach: $3,345,700,195
Jupiter Inlet Colony: $1,128,779,318
Lake Clarke Shores: $836,609,413
Lake Park: $1,707,704,910
Lake Worth Beach: $5,693,363,433
Lantana: $2,983,618,967
Loxahatchee Groves: $1,294,777,559
Manalapan: $3,457,673,061
Mangonia Park: $509,837,862
North Palm Beach: $6,074,662,415
Ocean Ridge: $2,714,540,506
Pahokee: $365,372,614
Palm Beach Shores: $1,140,092,024
Palm Springs: $3,250,303,320
Riviera Beach: $12,562,457,386
Royal Palm Beach: $7,444,882,389
South Bay: $309,736,378
South Palm Beach: $891,103,151
Tequesta: $3,346,506,975
Westlake: $2,007,126,373