Delray Beach property taxes are going down.
I know, your first reaction is, “but my (property) taxes keep going up!” Well, that’s not the case…
While this statement is accurate, the good news is that it’s due to increased property values, not increased tax rates.
Look at that glorious chart below. Except for a few Covid years, your tax rate (millage) has been going down. It’s been part of The City’s longterm plan.
The City of Delray Beach had a ten year plan to lower the millage rate by 1.0. As you can see, they are millimeters away from achieving that goal.
So, what the heck is millage rate?
According to Palm Beach County Property Appraiser (PAPA), “Millage is the tax rate used to calculate your ad valorem taxes. One mil equals $1 for every $1,000 of taxable property value. If your millage rate is 20.49, then you are paying $20.49 in taxes for every $1,000 of taxable property value.
In Delray’s case, a milage rate of 6.4982 is $6.49 per $1000.
Now, this is not your total property tax. It’s your city property tax. And Delray Beach property taxes are clearly going in the right direction – down.
And one more good thing about Delray and it’s taxes: at a recent city Commission meeting, the Commission approved an additional $25,000 homestead exemption for Delray Beach Senior Citizens.
As you can see, Delray is doing its job of lowering tax rates, not raising them. The debate about Delray Beach property taxes staying low for years to come is alive at the City Commission meetings. They are thinking how to help folks who move and live here… and have senior’s in their sites.
For a city like Delray Beach who’s growing each year, who’s improving its infrastructure, growing its tourism base by upgrading its downtown district and seeing on-going development… maintaining a low tax rate is not easy.
Managing growth is not as easy as it appears looking from the outside, in. I’m thankful to be living in a city with so much going on to improve its future. And keeping Delray Beach property taxes low is something to be thankful for.
So if you’re looking for good reasons to love Delray Beach, add these to your list.
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*** My September “How’s The Delray Beach Real Estate Market” video is out.
*** I’ve been working with a lot of investors lately. That got me thinking that may be your objective. If so, I wrote this essay sharing a few things you should consider.
*** Most readers know I lived in Costa Rica for 13 years. I still have lots of friends and contacts there. I also represent sellers there with hotels, luxury homes and more. If you’ve ever thought of visiting or investing in Costa Rica, let’s have a convo over coffee sometime – I’d be happy to connect dots for you.
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***Inventory is Rising FAST – UP 13% in the last 81 days!
* 4 years ago there were over 54,000 properties available in S. Florida
* It bottomed in February 2022 at 14,485… a 73% drop
* Last week there were 30,698 available… a 101% rise in 20 months
*** This morning’s Inventory is 31,497! ***our Delray Beach Property Taxes Are NOT Going Up
