Property Values Going Up

Property values are growing again, even it it’s by the smallest amounts, and some local officials hope it could be the beginning of a noticeable recovery. Preliminary numbers from the Palm Beach County Appraiser’s Office show that the decline in property values in Boca Raton and Delray Beach has turned around.  For the first time in a number of years, there’s the smallest increase-a fraction of a percent. In Boca Raton, values increased nearly a half-percent and, in Delray Beach, the city’s taxable property value grew by .15 percent, according to the county’s preliminary estimates.

This year, Boca Raton raised its property-tax rate 4.3 percent and increased fire fees in order to generate more revenue. Higher property values mean the same tax rate next year will raise about $245,000 more, according to prelimary projections, Assistant City Manager Mike Woika said.

“I’m glad to see it stop going into the red,” Delray Beach Mayor Woodie McDuffie said, pointed out that property values had been dropping every year since 2007. “I’m hoping it’s the end of an era,” he added.

Anne Geggis SunSentinel May 18th 2012