By: Keith Burbank, Treasure Coast Newspapers
MARTIN COUNTY — One new development here is having a huge impact on the market and taxable value of property this year.
Sales of lots in the Atlantic Fields community in Hobe Sound comprised 2.9% of the increase in market value and 4.8% of the increase in taxable value of property countywide.
Still, for all Martin County municipalities, the rate of growth this year was less than they recorded for 2023.
Preliminary estimates for both categories were released May 29.
"(Atlantic Fields') impact to the tax roll this year is approximately $1.6 billion," Property Appraiser Jenny Fields said in a statement. The values for this year are based on market conditions in 2024.
The median sale price of lots in Atlantic Fields in 2024 was $6 million, said Karl Andersson, chief deputy of the Martin County Property Appraiser's Office. Lot sales there increased the value of land across the county.
Final taxable and market numbers will be out by July 1.
Atlantic Fields is in a league of its own, Andersson said, which means other large developments such as Terra Lago in Indiantown, Newfield in Palm City and Storie in Hobe Sound will have a smaller impact on the tax roll.
By the numbers
Taxable value of property rose 12.7% to $39.2 billion across all jurisdictions in the county, including its cities, towns, villages and the unincorporated area, according to the Property Appraiser's Office.
Besides Atlantic Fields, the other big reason for the increase in the tax base was the continued rise in assessed values, even in the face of a slowing real estate market.
The market value of Martin County property grew by only 8.4%, to $61.6 billion, helped by property appreciation and $673 million in new construction and development. Atlantic Fields fueled the property appreciation part of the equation.
"The market is not cooling off, but it's slowing down a bit," Fields said.
Growth in taxable values for individual jurisdictions were down in 2025 compared to 2024, while the change in market values for each jurisdiction was mixed.
Countywide, the growth in taxable and market values increased from 2024 due in part to Atlantic Fileds. Taxable value growth was up from 9.6% and market value growth was up from 5.6%.
Residential, commercial and industrial property comprise the categories of new construction, according to the Property Appraiser's Office.
Property taxes
How much tax a property owner pays is based on what jurisdiction they live in and that jurisdiction's tax rate. Government leaders may increase, reduce — or maintain — the tax rate for their jurisdiction as they develop their 2025-2026 budgets over the next few months.
A tax rate increase will generate more property tax revenue but lowering it won't necessarily bring in less or cut tax bills.
As the value of homes and other taxable property increases, even a lower tax rate can increase property owners' tax bills and bring in more revenue, according to the Property Appraiser Office.
Tax bases for municipalities
The following represents the changes in taxable value for 2024 and the new total taxable value for Martin County municipalities. Last year's increases are in parentheses:
∎ Indiantown: 4.2% decrease (4.3%) to $2.3 billion
∎ Jupiter Island: 8.5% increase (9%) to $3.9 billion
∎Ocean Breeze: 4.8% increase (7.7%) to $95 million
∎ Sewall's Point: 9.1% increase (10.3%) to $1.1 billion
∎ Stuart: 7.2% increase (11.4%) to $3.8 billion
The decrease in Indiantown was due to a couple of reasons. Florida Power & Light, which makes up more than 50% of the tax base in the village, reported a reduction in its capital spare-parts facility. And the community of Indianwood was taken off the tax roll.
Who levies taxes?
Taxes in Martin County are levied by cities, towns, villages, special districts, the county and the Children's Services Council.
The city of Stuart, village of Indiantown, the towns of Jupiter Island and Ocean Breeze comprise the municipalities that levy taxes. The Martin County School District, South Florida Water Management District and the Florida Inland Navigation District comprise the special districts that tax.
Residents can have a say in how entities change their tax rates by attending budget meetings of the municipalities, special districts and the Children Services Council. Those meetings will be noted in the TRIM ("Truth in Millage") notice property owners will receive soon from the Property Appraiser's Office.
Keith Burbank is TCPalm's watchdog reporter covering Martin County. He can be reached at keith.burbank@tcpalm.com or at 720-288-6882.