Page 18 - Boca Exposure - March '23

Page 18, Boca Exposure
Palm Beach County Property Appraiser’s Office

Dear Taxpayer: Business Tangible Personal furniture, fixtures, machinery, tools, equipment, appliances,
One powerful aspect of signs, leasehold improvements, supplies, leased equipment,
the homestead exemption Property and any other assets used by the business.
is that it caps the annual The filing deadline is April 3. Failure to file will result
valuation of your home. In Florida allows an exemption up to $25,000 in value in the loss of the exemption and the assessment of penalties
addition to a reduction in the for tangible personal property assets used by a business. per Florida Statutes, Sections 193.072 and 193.073.
taxable assessment of your You must file an initial Tangible Personal Property Tax Save time, paper, and postage by filing online using the
home, the Save Our Homes Return (DR-405) to receive the exemption, unless you E-file link on our website pbcgov.org/papa. If you need a
Cap limits any increase have received notification from our office that you are paper form (DR-405) you can download it from our website
to the assessed value of a exempt from filing. Thereafter, you need not file an on the Forms page. If you have any questions about reporting
homestead exempt property annual return unless the value of your tangible personal personal property, tangible E-filing, or the $25,000 tangible
to a maximum of 3 percent property exceeds $25,000 on Jan. 1. exemption, please call our office at (561) 355-2896 or email
each year or the change in the Consumer Price Index (CPI), Tangible personal property used in a business includes mytpp@pbcgov.org.
whichever is lower.
For 2023, the maximum increase will be 3 percent,
as the change in CPI increased 6.5 percent from
December 2021 to December 2022. This increase in CPI Property Appraiser’s Office Annual Scholarship Awards Program
reflects continued inflation over the past year across
dozens of consumer categories including shelter, food, The 30th Annual Palm Beach County
transportation, and energy. Property Appraiser’s Scholarship program
While the change in the CPI follows many markets, is now accepting applications. Six college
Florida law requires my office to value property based scholarships of $1,500 each will be awarded
on the status of the real estate market. My office will to graduating high school seniors who plan to
determine a total market value for every home as of attend a higher education institution full-time,
Jan. 1, taking into consideration the price fluctuations regardless of interest or major. The deadline
reflected in the sales of residential properties. But if your to apply is March 31, 2023.
property is homesteaded, the taxable assessed value will To be eligible for a scholarship award, a
not increase more than 3 percent. student must be a resident of Palm Beach County,
If you already have a homestead exemption on your have a minimum of 3.0 GPA, and plan to attend an
property, you do NOT need to reapply. There are several accredited higher-education institution (college or
additional property tax exemptions, including one for community college).
widows/widowers that increased this year from $500 to In addition to receiving a scholarship,
$5,000. For more information on that or any property each recipient will be offered an opportunity
tax exemption, visit pbcgov.org/PAPA or call Exemption for a paid summer internship in the Property
Services at (561) 355-2866. Appraiser’s Office.
In this month’s newsletter, a reminder to all business Since 1994, the Palm Beach County
owners in Palm Beach County about filing for a Tangible Property Appraiser’s Office has awarded more
Personal Property Tax Return for 2023 and my office’s annual than $160,000 in college scholarships. The
college scholarship application process is now open. Enjoy program is particularly special to the Property
reading and enjoy your spring. Appraiser’s Office because the scholarships
Respectfully, are completely funded by employee donations. Palm Beach County Property Appraiser Dorothy Jacks (far right) with five
Dorothy Jacks, CFA, AAS, For more information, call (561) 355-3230 or of the 2022 scholarship awardees; from left to right: Ben-Gina Fantaisie,
Palm Beach County Property Appraiser visit pbcgov.org/papa/scholarship-awards.htm. Diksha Gupta, Kazi Amin, Jelianys Ramos-Burgos, and Tasnia Tabassum

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