Palm Beach Property Taxes 2024: TRIM Notices, Rising Values, and How to Appeal

Palm Beach property owners are seeing taxable values rise by 7.5% in 2024, with the total taxable value reaching nearly $35 billion. While this increase is lower than the peaks of recent years, it signals continued financial pressure, especially for non-primary residents who lack the protections of Florida's homestead exemption. Understanding your TRIM notice and the options for appeal is critical to managing your tax liability.

What Is a TRIM Notice and What Does It Tell You?

Every August, Florida homeowners receive a TRIM notice, which stands for "Truth in Millage." This is not a bill but a detailed preview of your upcoming property tax obligations. It is mandated by the state's TRIM Act to provide transparency. The notice breaks down your property's assessed value, lists every taxing authority (from the county to the school district), and shows the proposed millage rates (the tax rate applied to your property's value). Critically, it compares your current taxable value to the previous year's, clearly illustrating the source of any increase. Homeowners have until November 1st, when the actual bills are mailed, to understand these figures and potentially challenge them.

Why Are Palm Beach Taxable Values Rising Faster Than Market Values?

There is often a disconnect between a property's market value and its taxable value. In Palm Beach, the overall property market value grew by 2.56% to approximately $56 billion, yet taxable values jumped 7.5%. This gap exists due to Florida's assessment limitations. For eligible primary residents, the Save Our Homes Act caps annual assessment increases at 3%, even if market values soar. When the market cools, these previously capped taxable values can continue to increase at the maximum allowable rate to "catch up" to market levels, which explains the current faster rise in taxable values.

For example:

• A home with a market value of $500,000 receives a homestead exemption, reducing its taxable value to $450,000.
• The next year, the market value surges 18% to $590,000.
• However, due to the Save Our Homes 3% cap, the taxable value only rises to $463,500.
• The owner is taxed on the capped $463,500, not the full market value of $590,000, resulting in significant savings.

How Can Homeowners Challenge Their Property Tax Assessment?

With reports suggesting many Americans overpay on property taxes, reviewing your TRIM notice is essential. Palm Beach residents who believe their assessment is inaccurate have a limited window to act. You must file a petition with the local Value Adjustment Board within 25 days of the TRIM notice mailing date. A successful appeal often relies on evidence from comparable properties ("comps")—similar homes in your neighborhood that have recently sold or been assessed at a lower value. Gathering this data can strengthen your case for a value reduction.

What Tax Relief Options Are Available for Different Owners?

The tax impact varies dramatically based on residency status.

• Year-Round Residents: Primary homeowners benefit most. The homestead exemption can reduce a home's taxable value by up to $50,000. Combined with the Save Our Homes assessment cap, this provides substantial, long-term tax protection.
• Seasonal Owners and Investors: These owners do not qualify for the same caps. Their property assessments can increase by up to 10% annually, leading to significantly higher tax bills without the protections afforded to primary residents.

Key Takeaways for Palm Beach Property Owners:

• Your TRIM notice is a preview, not a bill. Scrutinize it as soon as it arrives.
• The 7.5% rise in taxable values affects secondary owners most, as they lack homestead protection.
• You have a 25-day window to appeal your assessment if you believe it is incorrect.
• The homestead exemption and Save Our Homes cap are powerful tools for primary residents to control long-term tax costs.