PROPERTY VALUATION TRENDS PRESENTED BY DOROTHY JACKS CFA

PROPERTY VALUATION TRENDS PRESENTED BY DOROTHY JACKS, CFA, AAS Palm Beach Chapter Florida Government Finance Officers Association June 20, 2019

2019 – Palm Beach County by the Numbers § Market § Taxable § Net Value – $276, 910, 929, 158 Value – $198, 072, 878, 205 New Construction - $2, 408, 951, 888 § Percent Increase (taxable value) – 5. 73% § Total Parcel Count – 641, 485 § Total Tangible Accounts – 59, 633

% Annual Change in Market and Taxable Values All Real Property 2010 -2019 $300. 0 Billions $250. 0 $200. 0 $150. 0 $100. 0 [CELLRANGE]% [CELLRANGE]% [CELLRANGE]% [CELLRANGE]% [CELLRANGE]% $50. 0 $0. 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 Market Value $156. 9 $154. 6 $153. 8 $162. 1 $183. 0 $201. 3 $225. 9 $241. 2 $253. 2 $266. 2 Taxable Value $119. 0 $117. 2 $117. 5 $122. 0 $131. 3 $141. 4 $154. 9 $167. 6 $178. 1 $188. 9

% Annual Change in Market and Taxable Values Single Family, Townhomes and Villas 2010 -2019 $160 6. 63% $140 13. 97% Billions $120 $100 4. 96% 9. 87% 5. 65% 5. 15% -0. 34% -0. 57% $80 $60 10. 38% 0% 0. 44% 3. 81% 2011 $87. 2 $67. 9 2012 $86. 7 $68. 2 2013 $91. 6 $70. 8 7. 63% 6. 82% 6. 88% 8. 62% 5. 61% 5. 51% $40 $20 $0 2010 Market Value $87. 5 Taxable Value $67. 9 2014 2015 2016 2017 2018 2019 $104. 4 $114. 7 $122. 3 $135. 0 $141. 7 $149. 0 $76. 2 $81. 4 $87. 0 $94. 5 $99. 8 $105. 3

% Annual Change in Market and Taxable Values Condominiums 2010 -2019 $45 $40 $35 Billions $30 $25 12. 13% -2. 07% -2. 53% 4. 33% -1. 01% 4. 05% 12. 86% $20 $15 10. 49% 6. 82% 2. 78% -1. 52% 3. 09% 7. 50% 8. 84% 8. 12% 8. 30% 4. 74% 5. 57% $10 $5 $0 2010 Market Value $24. 2 Taxable Value $19. 9 2011 $23. 7 $19. 7 2012 $23. 1 $19. 4 2013 $24. 1 $20. 0 2014 $27. 2 $21. 5 2015 $30. 5 $23. 4 2016 $33. 7 $25. 3 2017 $36. 0 $27. 4 2018 $37. 0 $28. 7 2019 $38. 5 $30. 3

% Annual Change in Market and Taxable Values Improved Commercial Properties* 2010 -2019 $45 8. 26% $40 10. 58% 14. 92% Billions $35 $30 11. 73% $25 -4. 29% 0. 00% 3. 85% $20 -5. 66% 0. 00% 4. 00% 11. 54% 9. 74% 4. 82% 3. 83% 8. 88% 6. 01% 8. 91% 12. 07% $15 $10 $5 $0 2010 Market Value $23. 5 Taxable Value $22. 8 2011 $22. 8 $22. 6 2012 $22. 9 $22. 0 2013 $24. 0 $23. 1 2014 $25. 7 $24. 6 2015 $29. 3 $27. 6 *Includes Multifamily, Commercial and Industrial properties 2016 $33. 0 $30. 7 2017 $36. 7 $34. 3 2018 $39. 3 $37. 1 2019 $41. 8 $39. 8

TRENDS – in Palm Beach County • Continued steady increase in Value • Rise of the Apartments • Fast Food renovations • Downtown cores • Hotels • Industrial – Fulfillment Centers

TRENDS – NEW COMMUNITIES • Westlake – 3, 788 acres -4, 546 units (3, 446 SF, 600 MF and 500 age restricted) -3, 000 students (College) -150 rooms (Hotel) -500, 000 sq. ft. (Commercial) -1, 500, 000 sq. ft. (Economic Development Center) -150, 000 sq. ft. (Private Civic) -50 acre Park

TRENDS – NEW COMMUNITIES • Avenir – 4, 762. 9 acres -3, 900 units (2, 690 SF, 250 MF and 960 agerestricted) -400, 000 sq. ft. (Commercial) -200, 000 sq. ft. (Medical Office) -1, 800, 000 sq. ft. (Professional Office) -300 Room (Hotel) -55 acre Park -Elementary School