TAXES AND FINANCE

In difficult economic times, the Town of Palm Beach is struggling to hold the line on taxes and still maintain the high level of services Palm Beachers enjoy.

A major portion of the Town’s revenue comes from property taxes.  Taxable-value appraisals for properties in Palm Beach dropped 12.7% from last year.  The total market value of properties in the Town has declined from a high of $18.1 billion in 2008 to $14.1 billion in 2010.  Lower property values mean less income for Palm Beach government.

The Palm Beach Town Council voted unanimously not to raise taxes this year.  The 2010-2011 Town budget is $66.5 million.  Salaries make up 38.7% of that total or 65.7% when benefits are included. 

Palm Beach Town taxes account for less than 18% of the total tax bill.  Palm Beach County government takes 25% of every tax dollar and the Palm Beach County school system receives 45%.  The rest goes to taxing districts such as the Health Care District and the Children’s Services Council.

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