No increase in WPB property tax rate

The property tax rate in West Palm Beach will NOT be going up.

At a meeting on Monday, the City Commission went through the annual exercise of setting the maximum possible tax rate for the upcoming budget year.

Commissioners voted to cap the max at the same rate as this current year.

By setting the maximum at the same rate as the current year, it guarantees no property tax rate increase for next year. It also leaves the door open to the possibility that the Commission could lower the tax rate in the final budget.

However, the vote also means the amount residents actually pay could go up.

Next year's overall property values in the city are projected to be $1 billion dollars higher than this year. While not every property increases in value, if your property does increase in value, you would pay more even if the tax rate remains the same.

Property taxes don't come close to funding all the services provided by the city. In fact, if you add up all the property taxes collected in a year, the amount doesn't even cover the costs for just police and fire services.

Police and fire services alone are expected to cost approximately $92 million dollars in the next budget year. The total amount of property taxes collected by the city is expected to be $68 million dollars.

The final millage rate and budget for the next fiscal year will be voted on in September.