The Manalapan Town Commission has tentatively set the tax rate for the upcoming fiscal year, maintaining the same rate as the previous three years.
However, because property values rose again this year, property owners will still be paying more in town taxes.
The commission formally voted in July to set a maximum rate of $3.00 per $1,000 of taxable value — the same as last year. It can still decrease the rate before approving the final budget in September.
According to the Palm Beach County Property Appraiser’s Office, taxable property values rose in Manalapan, on average, nearly 7.6%.
Under state law, homesteaded properties can have their taxable value raised a maximum of 3% each year. All other residential and commercial properties can have their taxable values increased by a maximum of 10%.
The average home value in town is $3.7 million. For owners of that average home capped at a 3% increase, taxes would go up roughly $330.
A non-homestead property would pay more. Based on the average 7.6% increase in taxable value this year, a similarly valued $3.7 million property would see a town tax increase of roughly $840.
— John Pacenti
Comments