1. 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!

2. 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:

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

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

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

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

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

8. 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

9. 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

10. 2019 DATA ESTIMATES

11. Percent Change
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

12. Percent Change
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)

13. PAPA UPDATE: E-FILE

14. PAPA UPDATE: PORTABILITY

15. Notice of Proposed Property Taxes 2019 New Look…

16. The OLD Notice

17. The NEW Notice – Side 1

18. The NEW Notice – Side 2

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