"In Palm Beach, FL, property owners are facing substantial tax bills, with some exceeding $1 million, as the taxable values continue to increase in this affluent enclave. Despite a cooling real estate market, taxable values are rising, albeit at a slower pace compared with previous years. Homeowners receive TRIM notices annually, providing a preview of their upcoming property tax bills and allowing them to understand the proposed tax rates and changes in assessed values."
"The tax burden varies depending on the property owner, with year-round residents benefiting from exemptions and caps that limit tax increases, unlike seasonal owners and investors who face higher annual assessment hikes. The state of Florida is grappling with property tax reform, with debates ongoing about potential relief measures. Taxable values in Palm Beach are on the rise, with residential and commercial properties increasing by 7.5% year over year to nearly $35 billion, even as the real estate market growth slows down."
Taxable property values in Palm Beach, Florida, continue to increase even as the real estate market cools, producing some annual tax bills exceeding $1 million. Residential and commercial properties rose about 7.5% year over year to nearly $35 billion in total taxable value. Homeowners receive annual TRIM notices that preview proposed tax rates and changes in assessed values. Year-round residents receive exemptions and caps that can limit yearly tax increases. Seasonal owners and investors lack those caps and can face larger annual assessment hikes. The state of Florida is considering property tax reforms amid debates over potential relief measures.
Read at SFGATE
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