Total property values in Palm Beach County are estimated to have risen about 7.9 percent from 2015 to 2016, county Property Appraiser Gary Nikolits said. That number is higher than the initial estimate, issued in late April, and the new estimate places the total county valuation at $164.5 billion, near its all-time high, reached in 2007 at the height of the boom.
“Barring any sort of recession in the real estate industry again, I would say probably, easily within the next two years,” Nikolits told the Palm Beach Post. “Some of the municipalities are already probably back there.”
The countywide taxable property hit a historic high of $169.5 billion in 2007 before falling to a 10-year low of $124.4 billion three years later. In 2016, it grew to $165.5 billion from $152.6 billion, according to the latest estimate. That’s slightly more than the April 29 estimate of $162.6 billion for 2016.