Palm Beach is known for its glittering oceanfront location with miles of white sand beaches. It is a storied community where some of the wealthiest Americans have made their home. Consequently, Palm Beach County boasts the best golf courses, family activities, weddings, shopping, and restaurants. Palm Beach is also known for having some of the most expensive real estate in the country. Out of all these incredible properties, who pays the most Palm Beach County property tax?
Palm Beach County Property Tax Rankings
Palm Beach County has some of the highest tax rates in the country, with some tax bills totaling more than many Americans could dream of making in a year. Here’s a countdown of the top 7 people who have the highest Palm Beach property taxes.
1. Kenneth C. Griffin
This estate at 1265 S. Ocean Boulevard is taxed $2.75 million yearly. It has a total market value of $195.61 and a taxable value of $175.5 million. Griffin bought and razed neighboring properties to create his mega-estate, measuring the length of a football field. Moreover, situated on 12 acres of land, it boasts 871 feet of prime oceanfront.
Kenneth C. Griffin made his fortune as the founder of the Citadel hedge fund in Chicago. Griffin attended Harvard and is an American entrepreneur and philanthropist. He owns the property through two limited liability companies, and the house is the largest in Palm Beach.
2. Claudia and Nelson Peltz
The Peltz property 548 N. County Rd. is in second place with a tax bill of $1.84 million. It has a total market value of $109. 29 million and a taxable worth of $107.87 million. Occupying the North end of Billionaire’s row, Mountsorrel covers 13 acres and combines three different properties. Jacques Regnault designed the main house, completed in 1969.
Nelson is a hedge fund billionaire who co-founded Trian Fund Management. Together, they founded the Nelson and Claudi Peltz Family Foundation. Also, Nelson Peltz is chairman of Wendy’s restaurants.
3. Sydell Miller
The Miller mansion at 1415 S. Ocean Boulevard also includes the lakefront property across the street at 1440 S. Ocean Boulevard. As a result, it comes in third with a property tax of $1.27 million, and a market value of $96.98 million. The estate’s taxable worth is $73.96 million. The house is situated on two lots on the ocean side, creating a 4.35-acre lot on the south end of Billionaires Row. Furthermore, the ten-bedroom home has 34,775 square feet of indoor, air-conditioned space, and outdoor living space including patios and terraces.
Sydell Miller co-founded the Matrix brand of hair care products with her husband, Arnold. She and Arnold, who passed away in 1992, are legends in the professional beauty industry.
4. Henry Kravis
The estate at 700 N. Lake Way has a market value of $77.62 and taxable worth of $67.35 million. As a result, that puts the Kravis Palm Beach County property tax at $1.12 million. The property features a landmarked mansion, sprawling gardens, and sits on the intercoastal waterway.
Henry Kravis is a leveraged buy-out billionaire who co-founded Kohlberg Kravis Roberts & Co. (KKR). He owns his estate through a limited liability company.
5. Frank McCourt
Frank McCourt’s property tax bill for his Palm Beach County estate totals $1.01 million. The market value and taxable value of the property at 60 Blossom Way is $60.4 million. The house featured dramatic ocean views and was designed by architect Peter Marino. It featured an indoor, outdoor feel and was built by billionaire George Lindemann.
Frank McCourt is a real estate tycoon who recently sold the Los Angeles Dodgers. Additionally, he is a philanthropist and entrepreneur. Indeed, in 2013, he gave $100 million to create the McCourt School of Public Policy. This school is the 9th of Georgetown University.
6. James H. Clarke
James “Jim” H. Clarke is 6th on the list with a Palm Beach County property tax of $1 million. His estate has a taxable value and market value of $59.98 million. The Mediterranean home boasts 340 feet of oceanfront beach, and another 360 feet of waterfront on the lake. Also, it has 68, 831 square feet of living space, as well as manicured grounds.
Jim Clarke is the co-founder of Netscape. He and his wife, model Kristy Hinze-Clark, conducted a significant expansion and renovation in 1999. The house was designed by noted architect Maurice Fatio and is considered his masterpiece.
7. Paul Tutor Jones II
The property tax bill for 1300 S. Ocean Boulevard is $992,995, placing it 7th in the ranking. The Mediterranian, 1919 landmarked house features lush tropical landscaping, as well as 420 feet of oceanfront. Additionally, the estate covers 5.3 acres, and the home has 24,800 square feet.
Paul Tutor Jones II founded Tutor Investments, a hedge fund based in Greenwich, Connecticut. Also, he opened an office in Palm Beach and is a philanthropist, namely, he co-founded The Everglades Foundation in 1993. The Everglades Foundation’s mission is to restore the Everglades and its estuaries to their natural state. As a result, the foundation is making strides to provide clean water to everyone in Florida.
Tempted to complain about your tax bill? Imagine having one in the millions of dollars. However, these Palm Beach billionaires don’t seem to mind. The charges on these mind-blowing estates prove Palm Beach County property tax is not for the faint of heart.