Martin County's tax base gets a huge boost from Atlantic Fields

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.

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