Palm Beach, Florida Property Taxes
The median property tax rate in Palm Beach, FL is 1.35%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Palm Beach at $743,814, the typical annual property tax bill reaches $9,213, far exceeding the national median of $2,690. Property taxes in Palm Beach are calculated based on the assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Palm Beach's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Palm Beach or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palm Beach, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$10,041
$9,318
$1,148
Average Tax Savings
Ownwell’s Palm Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palm Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palm Beach to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Palm Beach. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Palm Beach, Florida
Property taxes in Palm Beach, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palm Beach is 1.35%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Palm Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palm Beach estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Palm Beach's effective property tax rate to other counties in Florida and the national median. For comparison, the 33480 zip code has the highest median property tax rate of 1.35%, while the 33480 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Palm Beach provides valuable insights into the varying tax landscape across Palm Beach County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palm Beach Tax Rate
1.35%
Average Palm Beach County Tax Rate
1.34%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palm Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33480 | 0.60% | 0.97% | 1.35% | 1.54% | 1.78% |
Source: Ownwell
$1,148
Average Palm Beach Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Palm Beach, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Palm Beach, Florida. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Palm Beach County Property Appraiser for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Palm Beach, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Palm Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 33480 has the highest median tax bill at $9,213, while the lowest median tax bill in the area is also found in the same zip code.
Average Palm Beach Assessed Value
$743,814
Average Palm Beach County Assessed Value
$316,112
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palm Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33480 | $189,000 | $285,856 | $743,814 | $3,069,699 | $8,309,206 |
Source: Ownwell
$1,148
Average Palm Beach Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Palm Beach, Florida
In Palm Beach, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as the property's location, improvements, and market conditions are considered during assessment. For homeowners, this means that higher home values can lead to significantly higher tax bills. For instance, in Palm Beach, the median home price is $743,814, with tax bills ranging from $4,031 at the 25th percentile to $82,168 at the 90th percentile. Ownwell helps homeowners save on their property tax bills by providing expert property tax appeal and exemption services. Our team reviews your property's assessed value and identifies opportunities for reductions. By challenging over-assessments and ensuring all eligible exemptions are applied, we can help lower your tax bill, potentially saving you thousands of dollars annually. Trust Ownwell to make sure you're not overpaying on your property taxes.
Average Palm Beach Tax Bill
$9,213
Average Palm Beach County Tax Bill
$3,892
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Palm Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33480 | $2,172 | $4,031 | $9,213 | $30,313 | $82,168 |
Source: Ownwell
$1,148
Average Palm Beach Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Palm Beach Property Appraiser | |
| Phone | (561) 355-3230 |
| Website | www.pbcgov.org |
| pa-info@pbcgov.org | |
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