The average homeowner in Palm Beach County is set to have a slight decrease in the school board portion of their next tax bill, after a budget vote this week lowered millage rates.
When property values are up, property owners typically see an increase in taxes because the amount of tax homeowners pay is based on the value of the property.
The consistent rise in property values has produced additional revenue for school districts and cities within the county— and leaders are responding with a tax rate cut.
For fiscal year 2022-2023, Palm Beach County School Board members on Wednesday unanimously approved a $4.9 billion dollar spending plan. That’s up from $4.1 billion last year.
For property owners, the board will levy a new millage rate of $6.51 for every $1,000 of taxable property value. That's a slight decrease from $6.87 currently. According to the district’s chief financial officer, the millage rate will mean a slight decrease in their tax bill.
The new budget also includes $16 million for teacher raises and higher per student spending.
Property values in Palm Beach County increased by nearly 14 percent over the last year, according to data released by Palm Beach County Property Appraiser Dorothy Jacks. But because of a cap that has been in place since 1995, the maximum increase on the assessed value for homestead properties in the state of Florida is 3%, while for non-homesteaded properties the maximum is 10%.
Later today, leaders in West Palm Beach will discuss cutting tax rates.
At the 5pm budget hearing, residents can comment on the city’s proposed 2023 budget of more than $225 million dollars. That includes a proposed millage rate reduction to about $8.19 per $1,000 of assessed property value. That’s 16 cents less than last year.
Whether homeowners see a reduction in the tax bill depends on the change in the value of their property.
The final vote on the budget is scheduled for September 22nd.
