Page 18 - Boca Exposure - March '24

Page 18, Boca Exposure
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 high school seniors who
exempt property to a plan to attend a higher
maximum of 3 percent each year or the change in the education institution full
consumer price index (CPI), whichever is lower. Over time, regardless of interest or
time, the cap can provide substantial tax bill savings. major. The deadline to apply
For 2024, the maximum increase will be 3 percent, as is March 31.
the change in CPI increased 3.4 percent from December To be eligible for a
2022 to December 2023. This increase in CPI reflects scholarship award, a student
continued but slowing inflation over the past year across must be a resident of Palm
dozens of consumer categories including shelter, food, Beach County, have a
transportation and energy. minimum of 3.0 GPA and
While the change in the CPI follows many markets, plan to attend an accredited
Florida law requires my office to value property based higher-education institution
on the status of the real estate market. My office will (college or community
determine a total market value for every home as of college).
Jan. 1, taking into consideration the price fluctuations In addition to receiving a
reflected in the sales of residential properties. But if your scholarship, each recipient will
property is homesteaded, the taxable assessed value will be offered an opportunity for a Palm Beach County Property Appraiser Dorothy Jacks (second from left) with the PAO’s
not increase more than 3 percent. paid summer internship in the Scholarship Committee (back row) and four of the 2023 scholarship awardees (from left to
If you already have a homestead exemption on your property appraiser’s office. right): E’Rinze Murphy, Inari Larios, Jayden James and Kia Ghods
property, you do NOT need to reapply. There are several
additional property tax exemptions, including those for
widows/widowers, veterans and those with disabilities. WHAT ARE YOUR
For more information, visit pbcpao.gov or call Exemption
Services at (561) 355-2866. MEDICARE OPTIONS?
In this month’s newsletter, a reminder to all business
owners in Palm Beach County about filing for a Tangible I will help you find a health plan that
Personal Property Tax Return for 2024 and my office’s best fits your needs at no cost to you.
annual college scholarship application process is now • Medicare Supplements
open. Enjoy reading and enjoy your spring. • Medicare Advantage Plans
Respectfully, • Individual Health Insurance
Dorothy Jacks, CFA, FIAAO, AAS, • Medicare Part D Drug Plans
Palm Beach County Property Appraiser • Dental, Vision, & Cancer Plans

Business Tangible Personal
Property Beth S. Sigel

Tangible personal property is equipment used in a Boca Pointe Resident
business and includes furniture, fixtures, machinery, (954) 261-4648
tools, appliances, signs, leasehold improvements, beth@reliablemedicaresolutions.com
supplies, leased equipment and other assets. It is taxed www.reliablemedicaresolutions.com
at the same rate as real property. “We do not offer every plan in your area. Any information we provide is limited to those plans we do offer in your area.
Florida allows an exemption up to $25,000 in value Please contact 1-800-Medicare or Medicare.gov to get information on all your options.”
for tangible personal property assets used by a business.
You must file an initial Tangible Personal Property Tax
Return (DR-405) to receive the exemption, unless you
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. Stylish Modern Atmosphere Make Reservations happy hour
Save time, paper, and postage by e-filing. If you
need a paper form, you can download the DR-405 on Mon. - Thurs.
our website. If you have any questions about reporting at Bar Only all Day
personal property, tangible e-filing, or the $25,000 Mon. - Fri. 3 - 6 pm
tangible exemption, please call our office at (561) 355-
2896 or email mytpp@pbcpao.gov.
Lunch SpeciaLS
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