South Floridians, be prepared to pay more in property taxes this year.
Property appraiser records show home values rose from the year before, meaning it could bring higher tax bills as the region wrangles with financial worries from the COVID-19 pandemic. The rise in values comes as new construction keeps thriving, with many new condos and apartments being built.
Palm Beach County’s property values increased by an average of 5.9%, thanks in part to new construction. There has been a building boom in West Delray and West Boynton. Additionally, The Bristol, a new West Palm Beach condominium, added roughly $300 million in new construction to the tax rolls, Palm Beach County Property Appraiser Dorothy Jacks said.
New buildings also have helped Broward County’s values rise by an average of 6.1%. The top three valued projects came from Fort Lauderdale. The city of West Park had the biggest jump at 10.2%.