The value of the new construction in Palm Beach County will exceed $5 billion this year, as thousands of new homes will be added.
This recently spoke to county commissioners about the condition of the market last year and what they expect this year, according to Palm Beach County Real Estate Appraiser Dorothy Jax.
Also, the tax amount reached $5 billion in 2024, nearly 6,500 “new residential units added to the 2025 tax roll,” Jacks said at a recent meeting of the Public County Commission. Also, estimates for new construction this year include over 3,000 new homes and over 4,000 rentals.
“In Palm Beach County, there is still a lot of land to build, and construction costs are also rising, which will raise new construction values as all new constructions are being constructed better and perhaps more robust.
Palm Beach County Chief Appraiser Cecil Jackson explained that the $5 billion taxable value is essentially the same as the value value. This is not the market value, which is the cost that real estate sells.
Adding the $5 billion new construction would ultimately mean “an expanding the tax base for all taxpayers in Palm Beach County,” said Becky Robinson, a spokesman for the real estate appraiser’s office.
And for future buyers who may want a newer, “vibrant” property rather than buying second-hand properties, Jackson said, new construction is good news for them too.
“It’s like buying a new car. Some people like new cars. Some people like used cars. It depends on the buyer’s motivation,” he said.
The county is also “insulated” in many ways due to the inevitable development issues driven by slowing the economy, Jax said.
“We still have a lot of interest from people who want to develop in this particular part of Florida, but South Florida and really Palm Beach County are at the heart of that, as Broward is being built,” Jax said. “Broward is really an East-West construction. They’re only going up now. And while Miami-Dade certainly still has quite a lot of land to build, there’s already a very large population.”
Jackson called the Palm Beach County market “robust.”
“We have a very diverse variety of assets throughout the county, from mobile homes to multi-million dollar detached homes to condos,” he said.
