Florida's Palm Beach County has reached a record-high market value of over half a trillion dollars. The county's Property Appraiser, Dorothy Jacks, recently unveiled the data, highlighting a 10% increase from the previous year.
The estimated $514.1 billion reflects the fair market value of all properties, including government buildings, places of worship, and nonprofits. Market value, often significantly higher than taxable value, is based on what a property would likely sell for in an open market.
The data indicates that property values continue to rise, although not as steeply as in recent years. Jacks noted that some building types, particularly oceanfront condos now subject to new safety inspection laws, have seen their market values level off. Some of these buildings anticipate undergoing substantial repairs costing millions of dollars.
In Florida, only Miami-Dade County surpasses Palm Beach County in market value. This year marks the first time the county's value has exceeded $500 billion. The data covers over 640,000 parcels and almost 60,000 tangible personal property accounts.
To calculate these figures for the 2024 budget, county appraisers evaluate values as of January 1 each year, analyzing sales data from the previous calendar year. Of the total value, $350 billion comes from the county's 39 municipalities, with the remaining $164 billion from unincorporated areas, mainly west of Military Trail.
Leading the municipalities in market value is Boca Raton at $56.9 billion, followed closely by Palm Beach at $54.9 billion. Other significant contributors include West Palm Beach ($37.4 billion), Palm Beach Gardens ($30.2 billion), Delray Beach ($27.8 billion), Jupiter ($27.7 billion), and Wellington ($21.2 billion).
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