How different is life on the tony side of the Intracoastal Waterway? Here’s one indication: The heftiest residential property tax bill in Palm Beach is $2.23 million, according to a report by the Palm Beach Daily News.
Here’s another way to look at that gaudy total: The average wage in Palm Beach County is $991 a week, or $51,532 a year, according to the federal Bureau of Labor Statistics. At that rate, Joe Average would have to work 43 years and three months just to pay the property taxes (not to mention insurance, utilities and maintenance).
Top 5: Priciest mansions for sale in Palm Beach
Take heart, though. To pay the island’s fourth- and fifth-largest tax bills, you’d need toil for only 21 years. The five heftiest tax bills on the island, according to the Shiny Sheet:
5. 700 N. Lake Way
* Tax: $1.068 million
* Total Market Value: $65.1 million
* Owner: Businessman and investor Henry Kravis owns the property via a limited liability company.
4. 1500 S. Ocean Blvd.
* Tax: $1.069 million
* Total Market Value: $59.64 million
* Owner: Netscape founder James H. Clark owns the property via a revocable living trust.
3. 515 N. County Road
* Tax: $1.43 million
* Total Market Value: $81.8 million
* Owner: Russian billionaire Dmitry Rybolovlev owns the property via a limited liability company.
2. 548 N. County Road (includes 542 N. County Road and a non-addressed property)
* Tax: $1.88 million
* Total Market Value: $106.8 million
* Owner: Entrepreneur and investor Nelson Peltz and wife Claudia.
1. 20-70 Blossom Way
* Tax: $2.23 million
* Total Market Value: $134.47 million
* Owner: Hedge-funder Kenneth C. Griffin owns the properties via three limited liability companies.