FORT LAUDERDALE, Fla. – South Floridians, be prepared to pay more in property taxes this year.
Property appraiser records show home values rose from the year before, meaning it could bring higher tax bills as the region wrangles with financial worries from the COVID-19 pandemic. The rise in values comes as new construction keeps thriving, with many new condos and apartments being built.
Palm Beach County’s property values increased by an average of 5.9%, thanks in part to new construction. There has been a building boom in West Delray and West Boynton. Additionally, The Bristol, a new West Palm Beach condominium, added roughly $300 million in new construction to the tax rolls, Palm Beach County Property Appraiser Dorothy Jacks said.
New buildings also have helped Broward County’s values rise by an average of 6.1%. The top three valued projects came from Fort Lauderdale. The city of West Park had the biggest jump at 10.2%.
Many businesses faced shutdowns during the pandemic, but construction still managed to carry on. As a result, COVID-19’s true impact may not be felt by the construction industry for some time, and South Florida’s property values could keep rising despite the coronavirus crisis.
“If the larger economy slows down, if we see any slowdown to our construction, i (…)
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