Chances are you will pay more in property taxes this year unless Palm Beach County, the school board, your town or any other taxing district where you live reduces their tax rates.
And if you own a business property or an apartment that you rent out — anything that doesn’t have a homestead exemption — most of you will see a 10 percent tax increase from any government that says it’s holding its tax rate at last year’s level.
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PROPERTY OWNERS BEWARE
If Palm Beach County, the school board, the town or any other tax district you live in keeps its tax rate the same this year as last …
- 86.4 percent of you will pay more in property taxes this year.
- 5.5 percent will pay less.
- 8.2 percent will pay the same.
HOW YOUR TAXES ARE CALCULATED
Market value is the property appraiser’s official estimate based on comparable sales in your neighborhood.
Assessed value is based on your first year’s market value plus any applicable assessment cap for each year since. The Save Our Home cap is applied to homesteaded properties and is the lesser of 3 percent or the annual consumer price index, which this year was 1.5 percent. Non-homesteaded properties now have an annual 10 cap.
Taxable value is assessed value minus any available exemptions, such as the homestead, agricultural or veterans exemptions.
Your property tax = (Taxable value divided by 1,000) multiplied by tax rate.
WHAT HAPPENS NEXT
This month: Palm Beach County, the school board, cities, towns and other local taxing agencies set their proposed property tax rates. The rate is the maximum that a local government will be able to charge in the budget year that begins Oct. 1, unless the government notifies all taxpayers in the taxing district by first-class mail of a new proposal.
August: The property appraiser’s office mails preliminary tax notices to all property owners.
September: Local governments and taxing agencies are each required to hold two public hearings on their proposed tax rates and budget plans.
November: The tax collector’s office mails tax bills to property owners and begins collecting payments.