Page 8 - Jupiter Ocean Mile - March '24

Page 8, Jupiter Ocean Mile
Palm Beach County Property Appraiser

Dear Taxpayer: Property Appraiser’s Office Since 1994, the Palm Beach County Property Appraiser’s
One of the most Annual Scholarship Awards Office has awarded $170,000 in college scholarships. The
underrated aspects of the program is particularly special to the property appraiser’s
homestead exemption is Program office because the scholarships are completely funded by
that it doesn’t just reduce employee donations.
the taxable assessment of The 31st Annual Palm Beach County Property For more information, call (561) 355-3230 or visit https://
your home, it also caps its Appraiser’s Scholarship Program is now accepting pbcpao.gov/scholarship-awards.htm.
annual valuation. The Save applications. Six college
Our Homes cap limits any scholarships of $1,500 each
increase to the assessed will be awarded to graduating
value of a homestead exempt high school seniors who
property to a maximum of 3 plan to attend a higher
percent each year or the change in the consumer price index education institution full
(CPI), whichever is lower. Over time, the cap can provide time, regardless of interest or
substantial tax bill savings. major. The deadline to apply
For 2024, the maximum increase will be 3 percent, as the is March 31.
change in CPI increased 3.4 percent from December 2022 to To be eligible for a
December 2023. This increase in CPI reflects continued but scholarship award, a student
slowing inflation over the past year across dozens of consumer must be a resident of Palm
categories including shelter, food, transportation and energy. Beach County, have a
While the change in the CPI follows many markets, Florida minimum of 3.0 GPA and
law requires my office to value property based on the status of plan to attend an accredited
the real estate market. My office will determine a total market higher-education institution
value for every home as of Jan. 1, taking into consideration the (college or community
price fluctuations reflected in the sales of residential properties. college).
But if your property is homesteaded, the taxable assessed value In addition to receiving a
will not increase more than 3 percent. scholarship, each recipient will
If you already have a homestead exemption on your be offered an opportunity for a Palm Beach County Property Appraiser Dorothy Jacks (second from left) with the PAO’s
property, you do NOT need to reapply. There are several paid summer internship in the Scholarship Committee (back row) and four of the 2023 scholarship awardees (from left to
additional property tax exemptions, including those for property appraiser’s office. right): E’Rinze Murphy, Inari Larios, Jayden James and Kia Ghods
widows/widowers, veterans and those with disabilities.
For more information, visit pbcpao.gov or call Exemption “Service is our number one priority”
Services at (561) 355-2866.
In this month’s newsletter, a reminder to all business 561-743-0070
owners in Palm Beach County about filing for a Tangible
Personal Property Tax Return for 2024 and my office’s annual www.palmspoolservices.com
college scholarship application process is now open. Enjoy
reading and enjoy your spring.
Respectfully,
Dorothy Jacks, CFA, FIAAO, AAS,
Palm Beach County Property Appraiser

Business Tangible Personal
Property

Tangible personal property is equipment used in a business
and includes furniture, fixtures, machinery, tools, appliances,
signs, leasehold improvements, supplies, leased equipment
and other assets. It is taxed at the same rate as real property. Expires 4/15/24.
Florida allows an exemption up to $25,000 in value
for tangible personal property assets used by a business.
You must file an initial Tangible Personal Property Tax State Licensed & Insured
Return (DR-405) to receive the exemption, unless you Serving Palm Beach County CPC # 1457468 • LPG#30099
have received notification from our office that you are
exempt from filing. Thereafter, you need not file an annual
return unless the value of your tangible personal property
exceeds $25,000 on Jan. 1.
The filing deadline is April 1, 2024. Failure to file will
result in the loss of the exemption and the assessment of
penalties per Florida Statutes, Sections 193.072 and 193.073.
Save time, paper, and postage by e-filing. If you
need a paper form, you can download the DR-405 on
our website. If you have any questions about reporting
personal property, tangible e-filing, or the $25,000 tangible
exemption, please call our office at (561) 355-2896 or
email mytpp@pbcpao.gov.
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