My office is busy preparing the 2023 Tax Roll, a report of the combined value of all the property (real and tangible) in Palm Beach County as of January 1.

This report will reflect market data gleaned from property sales last year as well as new construction, demolition, land splits, land combinations, ownership changes, and additions or removals of exemptions. 

The numbers cited below are as of January 9 and are subject to change.

Our estimates show a decrease in sales volume over last year. This is a good indicator of slowing demand.

• Commercial sales are down from 809 to 782 or 3.3%
• Condo sales are down from 26,174 to 19,221 or 26.6%
• Residential sales are down from 24,729 to 18,893 or 23.6%

New construction has been mixed. While an estimated 5,000 new structures will be added to the 2023 Tax Roll, there will be fewer new condominium units added to the 2023 Tax Roll than were added in the previous year.

• New Single Family Homes – 3,742 up 10% from 2022
• New Condominium Units – 876 down 32% from 2022
• New Commercial Buildings – 310 up 49.8% from 2022

New construction numbers represent property that has never been taxed before, adding new value to the 2023 Tax Roll. This contributes to the tax base while sharing the tax burden.

As the deadline to file for a homestead exemption is March 1, this is an excellent time of year to review your homestead exemption status and examine additional exemptions that may yield tax savings. In this month’s newsletter, you will find information to help you do just that. I hope you find it useful. 

If you are a permanent Florida resident, you may be eligible for a homestead exemption, which can save you generally $750 to $1,000 in property taxes each year. All homestead exemption applications must be submitted by March 1.

A $25,000 exemption is applied to the first $50,000 of your property’s assessed value if your property is your permanent residence and you owned the property as of January 1. This exemption applies to all taxes, including school district taxes. An additional exemption of up to $25,000 will be applied if your property’s assessed value is between at least $50,000 and $75,000. This exemption is not applied to school district taxes. In addition, a homestead exemption limits any increase to your assessed value to a maximum of 3% each year or the amount of the change in the Consumer Price Index, whichever is lower.

Three ways to apply:

•                  E File at pbcgov.org/PAPA

•                  Visit one of our five service centers to file in person

•                  Complete the application online, print it out, and mail it to the Property Appraiser’s Office

Once you qualify, your homestead exemption will be renewed for you annually as long as you continue to qualify for the exemption.

Visit pbcgov.org/PAPA to E File and for information on other available exemptions for seniors, families, veterans, and more.