Could the Palm Beach real estate market finally be on its much fabled upswing? It's been a couple of years since property values have seen any kind of increase but it appears that may be changing for once, once again giving analysts hope that a change is in the air.
For the first time since 2006, Palm Beach County's total taxable value increased by 0.3 percent from $124.2 billion on the first day of 2011 to $124.6 billion of this year. These figures do not take into account Palm Beach real estate projects such as new construction that were competed in 2011. These numbers are important because they determine the preliminary tax notices Palm Beach homeowners will begin to receive beginning in the month of August.
As has been the case with any news regarding the Palm Beach real estate market, the gains are very modest and some areas within Palm Beach such as Lake Clark Shores and Belle Glade did not see a taxable rate increase but these numbers do remain encouraging. What are your thoughts on this first increase after five years of readily declining values?