In Palm Beach, FL, property owners are facing substantial tax bills, with some exceeding $1 million, as the taxable values continue to increase in this affluent enclave.
Despite a cooling real estate market, taxable values are rising, albeit at a slower pace compared with previous years. Homeowners receive TRIM notices annually, providing a preview of their upcoming property tax bills and allowing them to understand the proposed tax rates and changes in assessed values.
The tax burden varies depending on the property owner, with year-round residents benefiting from exemptions and caps that limit tax increases, unlike seasonal owners and investors who face higher annual assessment hikes. The state of Florida is grappling with property tax reform, with debates ongoing about potential relief measures…