Property Valuation TRENDS Presented by Dorothy Jacks, CFA, AAS Palm Beach Chapter Florida Government Finance Officers Association June 20, 2019 Thanks for having me – introduce Dino and Rich I am truly enjoying my job Today - I will review the current market, some trends, review your numbers, talk about the 3rd homestead and then tell you a little bit about what is happening in my office and introduce something we might work on together. So let’s get started!

2019 – Palm Beach County by the Numbers Market Value – $276,910,929,158 Taxable Value – $198,072,878,205 Net New Construction - $2,408,951,888 Percent Increase (taxable value) – 5.73% Total Parcel Count – 641,485 Total Tangible Accounts – 59,633 Highest Market Value on record in PBC – much higher than the highest Market during the boom ($235 billion). New Construction – down slightly from 2017 ($almost 2.7 billion) but higher than 2016 at $2.1 billion Healthy overall taxable increase – equates to approx. $10.8 b of which $2.1 is new construction – the rest, normal market appreciation. Lets look at that:

% Annual Change in Market and Taxable Values All Real Property 2010-2019

% Annual Change in Market and Taxable Values Single Family, Townhomes and Villas 2010-2019 SF’s – strongest part of our market, and most significant.

% Annual Change in Market and Taxable Values Condominiums 2010-2019

% Annual Change in Market and Taxable Values Improved Commercial Properties* 2010-2019 *Includes Multifamily, Commercial and Industrial properties

TRENDS – in Palm Beach County Continued steady increase in Value Rise of the Apartments Fast Food renovations Downtown cores Hotels Industrial – Fulfillment Centers

TRENDS – NEW COMMUNITIES Westlake – 3,788 acres -4,546 units (3,446 SF, 600 MF and 500 age restricted) -3,000 students (College) -150 rooms (Hotel) -500,000 sq. ft. (Commercial) -1,500,000 sq. ft. (Economic Development Center) -150,000 sq. ft. (Private Civic) -50 acre Park

TRENDS – NEW COMMUNITIES Avenir – 4,762.9 acres -3,900 units (2,690 SF, 250 MF and 960 age-restricted) -400,000 sq. ft. (Commercial) -200,000 sq. ft. (Medical Office) -1,800,000 sq. ft. (Professional Office) -300 Room (Hotel) -55 acre Park -Elementary School

2019 DATA ESTIMATES

Percent Change 2018-2019 WestLake – value assigned to the lots as they were platted – now they are valued as buildable. Also - $2 m of new construction (office and retail) went from $24 m to $46 m. Excited to see that the central corridor continues to do well – Haverhill added a new Subdivision LW continues to impress with their “little city that could” attitude Manalapan – new construction Mangonia Park – affordable industrial in a great location Palm Springs – WAWA Central! Plus some apartments Greenacres – continuing to impress with car dealerships improvements/WAWA and River Bridge center improvements

Percent Change 2018-2019 Nothing too bad – pleased for Pahokee (first new gas station in a long time) and Belle Glade – all these communities helped by the CAP Let’s talk next about the Elephant(s) in the room (Ballot Amendments)

PAPA UPDATE: E-FILE

PAPA UPDATE: PORTABILITY

Notice of Proposed Property Taxes 2019 New Look…

The OLD Notice

The NEW Notice – Side 1

The NEW Notice – Side 2

Thank you! Dorothy Jacks, CFA, AAS Palm Beach County Property Appraiser