BOCA RATON, Fla. The Palm Beach County Commissioners are currently in talks to find ways to alleviate the burden of high property taxes on homeowners in our area, aiming to provide some relief from the rising cost of living.
Property taxes serve as funding for various public services such as schools, libraries, garbage collection, and water treatment. However, with the significant increase in property values, taxes have also seen a surge.
County Vice Mayor Maria Sachs has stated that officials are actively seeking to decrease the county’s millage rate, which is the tax rate, by 4.6 percent.
For instance, if your home is valued at $500,000, you currently pay approximately $2,357 in county taxes. With the proposed rate reduction, homeowners would pay around $2,250 instead.
Sachs emphasized the importance of preventing increased property taxes due to the inflation rate in the county. With the rising costs of everyday essentials like groceries, it is crucial not to burden residents further.
If approved, this rate reduction would be one of the most significant cuts in recent years for Palm Beach County. It would inevitably impact the county’s annual budget.
The commission will further discuss the proposed property tax rate reduction in July, followed by a vote at the end of the summer.
