PROPERTY TAXES

HOW MUCH ARE YOU PAYING?


Every county and local municipality levies ad-valorem taxes, or property taxes, on their residents in order to pay for essential services such as police and fire rescue, local recreation parks along with roadway and general maintenance of the city or county. How much a resident pays is calculated using the Millage Rate. The millage rate is determined by County Commissioners and local municipality councils each year in August and September. Essentially, one mil equals $1 for every $1,000 of taxable property value.

In Broward, Palm Beach and St. Lucie County, residents must pay the County’s millage rate, their local municipality’s rate and any other taxing districts’ rate to meet their tax obligation. “Other taxing districts’” may include the School Board, Inland Navigation Districts, Port or Library Districts. For full list of Palm Beach County taxing districts, click here

To calculate your property tax bill, follow the steps and use the equation below.

1.      Assessed Property Value – Homestead Exemption = Taxable Property Value

2.      (Taxable Property Value x Total Millage Rates) ÷ 1,000 = Property Tax Bill

Let’s give use an example of a person living in Delray Beach with an assessed home value of $250,000 and a $50,000 homestead exemption:

$250,000 - $50,000 = $200,000 (Taxable Property Value)

($200,000 x 21.2152) ÷ 1,000 = 4,243.04

The lists below are the final millage rates for Palm Beach County, St. Lucie County and Broward County in 2017. You can find the Property Appraiser's website for each County by clicking on the blue links.