Palm Beach County Property Tax: What You Need To Know In 2023
If you own property in Palm Beach County, you are likely aware of the property taxes you pay each year. Property taxes help fund the county and city services and can be one of the biggest expenses of owning a home. In 2023, property taxes are expected to increase in Palm Beach County, so it’s important to understand what you’ll be paying and why. In this article, we’ll discuss the current property tax rate in Palm Beach County, how taxes can increase, and how to protest your property tax assessment if you think it’s too high.
Current Property Tax Rate in Palm Beach County
Palm Beach County has two different types of property taxes, the School Board Tax and the County Tax. The School Board Tax is the largest portion of the property tax and is used to fund local schools. The County Tax is used to fund the county’s services, like emergency services, parks, libraries, and more. The current rate for the School Board Tax is $4.21 per $1,000 of assessed value, and the current rate for the County Tax is $2.77 per $1,000 of assessed value. This means that if your home has an assessed value of $100,000, you would pay $421 in school board taxes and $277 in county taxes for a total of $698 annually.
How Property Taxes Can Increase
Property taxes in Palm Beach County can increase for a variety of reasons. The most common reason for an increase is a change in the assessed value of the property. This can happen if the assessed value of the property goes up due to improvements or increases in the market value. The county can also increase the tax rate, which would increase the total amount of taxes you pay. Additionally, the county can impose new taxes, such as a special assessment to fund a specific project.
How to Protest Your Property Tax Assessment
If you think your property tax assessment is too high, you can protest it. To do this, you’ll need to file a Notice of Appeal with the Property Appraiser’s Office. This must be done within 30 days of receiving your assessment. You’ll then be required to attend a hearing with the county’s Value Adjustment Board, where you can present evidence to support your appeal. The board will then decide whether or not to reduce your assessment. It’s important to note that the board cannot reduce your taxes, only the assessment.
Conclusion
Property taxes in Palm Beach County can be one of the biggest expenses for homeowners. It’s important to understand the current tax rate and how taxes can increase. If you think your property tax assessment is too high, you can file a Notice of Appeal with the Property Appraiser’s Office and attend a hearing with the Value Adjustment Board. By understanding the property tax system in Palm Beach County, you can be prepared for any increases in taxes in 2023.