What to know: Estimated tax bills to be mailed to Palm Beach County property owners

Palm Beach County real estate owners will soon learn what they might shell out for local property taxes in the new tax rolls.

And “might” is the operative word.

Today, Palm Beach County Property Appraiser Dorothy Jacks’ office will mail preliminary tax-bill estimates to taxpayers.

The notices will reflect Jacks’ best guess at this point about tax bills, based on the estimated values her staff has assigned to every taxable property in the county.

“It’s not a bill, but it’s got a lot of good information about where your property taxes are going to be later this year,” Jacks said in a video posted on her office’s website.

Here are a few things to know about the so-called Truth in Millage, or TRIM, notices set to arrive in mailboxes shortly.

According to the latest estimates from Jacks’ office, taxable values countywide jumped about 13.7%, from $255.33 billion to $290.28 billion, in a year-over-year comparison.

How does a property's total market value fit into the tax picture?

Before the appraiser’s office figures a property's taxable value, it assigns a total market value to the property. That value is the starting point before any homestead exemptions, tax caps and other discounts get figured in to determine the final taxable value.

Countywide, the combined estimated market value of properties jumped by about $82 billion, year over year, from $404.32 billion to $486.6 billion.

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What about tax exemptions?

For residential property owners who take a homestead exemption — and thus declare their homes to be their primary residences — the annual increase in their property's assessed value will be capped this year by state law at 3%, according to a statement on the property appraiser’s website.

That so-called “value cap” limits the jump in assessed value to 10% for non-homesteaded properties.

The notices that will go out Friday also will include preliminary tax rates from the county, municipalities and other agencies with taxing authority.

“These rates are only estimates that can, and often are, altered at public hearings. The information to attend these meetings is also included so that you can make your voice heard,” Jacks said in a statement on her website.

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What if a property owner doesn’t agree with a valuation?

The notices give taxpayers — and their accountants and wealth managers — a chance to review the values assigned to their properties for accuracy.

“If you feel that the market value of your property is inaccurate or missing an exemption, you have until Sept. 12 to appeal through the Value Adjustment Board," Jacks wrote.

She also urged taxpayers who have questions or concerns about the notices to contact her office as soon as possible.

The taxable-value estimates are used by cities and towns, the county commission and the school board to help figure their budgets and set final property tax rates for the coming fiscal year.

Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or send him a message on X @PBDN_Hofheinz. Help support our journalism. Subscribe today.

This article originally appeared on Palm Beach Daily News: Tax-bill estimates for 2023 headed to Palm Beach County property owners