The current millage rate is 7.50 mills. This is equal to $7.50 per $1,000 of assessed value. So if a house is assessed at $400,000, and the owner has a $50,000 Homestead Exemption, the house is taxed only on $350,000. So multiply 350 x $7.50, and that owner would pay $2,625 in Village taxes.
Keep in mind, other governmental bodies such as Palm Beach County, the School District and others also charge a tax to each property, so only 35 percent of the total taxes paid on a house in North Palm Beach goes to the Village. Since 2,625 is 35 percent of 7,500, the property with a $400,000 value and a $50,000 Homestead Exemption would pay a total of $7,500 on an annual tax bill to all local governmental entities combined.
Call (561) 841-3360 for more information.