The good news is that it looks like Boca Raton cold be on the receiving end of some extra cash in it’s next budget. As to be expected, last year Boca Raton reported an increase in taxable property values.
Last Tuesday, the Dorothy Jacks (the property appraiser for palm beach county) talked to some residents of Boca Raton to explain and answer questions over some recent value estimates. The estimates are the start of a new budgeting process, this process is to happen across many cities in Palm Beach County.
“Our properties are getting more valuable, and it allows us to have top-notch services,” City Councilman Scott Singer said. “It’s a great sign for Boca.”
According the the cities annual financial report, Boca Raton brought in $69.8 million from it’s property tax. Dorothy Jacks does estimate that Boca will see a 7.1 % increase is taxable property values. That would bring the cities taxable base to $22.5 billion.
“We do anticipate there will be an increase, but we aren’t sure of how much at this point,” said Jay Abrams, chairman of the city’s finance advisory board. “We have to wait for the millage rate to be set.”
Source: Sun Sentinal
Unfortunately, residents won’t know if there are any changes in their property tax till the end of the summer as Boca officials still have to decide on their proposed property tax rate.
As we have previously reported, Boca Raton has seen a huge search in construction, especially within the last 5 years. The city is building residential apartment buildings and high rises are expected to bring 1400 new living units over the course of the next several years.
With these new high rises and over strong economy of Boca Raton, we have continued to see an increase in population as well. Recently released data from the U.S. Census Bureau pegs Boca’s population at about 96,000 as of July 2016, which is a 14 percent bump since 2010.
On Tuesday, Jacks cited redevelopment as a driver of the increase in Boca and other cities.
“New construction has added a lot of value to the county,” Jacks said.
Property values rise in Palm Beach County, marking fifth year of increases Boca spokeswoman Chrissy Gibson said the city will calculate the maximum tax rate in July before hosting public hearings in September, ahead of the new fiscal year’s Oct. 1 start.
Last budget year, the tax rate was set at $3.68 per $1,000 of assessed value. While the city council has not increased the tax rate since 2012, residents could end up with higher bills since values went up.
Dino Maniotis, tax roll coordinator for the county appraiser’s office, said the preliminary estimates give cities a baseline to start formulating their budgets.