Page 20 - Lifestyles in Palm Beach Gardens- March '24

Page 20, Lifestyles in Palm Beach Gardens
Palm Beach County Property Appraiser

Dear Taxpayer: Property Appraiser’s Office Annual has awarded $170,000 in college scholarships. The
One of the most program is particularly special to the property appraiser’s
underrated aspects of the Scholarship Awards Program office because the scholarships are completely funded by
homestead exemption is employee donations.
that it doesn’t just reduce The 31st Annual Palm Beach County Property Appraiser’s For more information, call (561) 355-3230 or visit
the taxable assessment of Scholarship Program is now accepting applications. Six https://pbcpao.gov/scholarship-awards.htm.
your home, it also caps its college scholarships of $1,500 each will
annual valuation. The Save be awarded to graduating high school
Our Homes cap limits any seniors who plan to attend a higher
increase to the assessed education institution full time, regardless
value of a homestead exempt of interest or major. The deadline to
property to a maximum of 3 apply is March 31.
percent each year or the change in the consumer price index To be eligible for a scholarship award,
(CPI), whichever is lower. Over time, the cap can provide a student must be a resident of Palm
substantial tax bill savings. Beach County, have a minimum of 3.0
For 2024, the maximum increase will be 3 percent, as the GPA and plan to attend an accredited
change in CPI increased 3.4 percent from December 2022 to higher-education institution (college or
December 2023. This increase in CPI reflects continued but community college).
slowing inflation over the past year across dozens of consumer In addition to receiving a scholarship,
categories including shelter, food, transportation and energy. each recipient will be offered an
While the change in the CPI follows many markets, Florida opportunity for a paid summer internship
law requires my office to value property based on the status of in the property appraiser’s office. Palm Beach County Property Appraiser Dorothy Jacks (second from left) with the
the real estate market. My office will determine a total market Since 1994, the Palm Beach PAO’s Scholarship Committee (back row) and four of the 2023 scholarship awardees
value for every home as of Jan. 1, taking into consideration the County Property Appraiser’s Office (from left to right): E’Rinze Murphy, Inari Larios, Jayden James and Kia Ghods
price fluctuations reflected in the sales of residential properties.
But if your property is homesteaded, the taxable assessed value
will not increase more than 3 percent. “Refined Renovations, Remodels & Improvements”
If you already have a homestead exemption on your
property, you do NOT need to reapply. There are several ADDITIONS • KITCHENS & BATHROOMS • COMPREHENSIVE PROPERTY MANAGEMENT • MORE
additional property tax exemptions, including those for
widows/widowers, veterans and those with disabilities. At Krown Construction we pay attention to detail in every facet of the services we provide. We specialize in high
For more information, visit pbcpao.gov or call Exemption end, luxury residential projects and also offer a Comprehensive Property Management Service, for when you are
Services at (561) 355-2866. away from your Florida home. When considering an update, improvement, or oversight of your existing residence,
In this month’s newsletter, a reminder to all business consider Krown Construction to manage your next project!
owners in Palm Beach County about filing for a Tangible
Personal Property Tax Return for 2024 and my office’s annual
college scholarship application process is now open. Enjoy
reading and enjoy your spring. Krown Construction, LLC 561.529.3143 Licensed and Insured General
Respectfully, 600 Capital Street krownconstruction.com Contractor
Dorothy Jacks, CFA, FIAAO, AAS, Unit F CGC 1529984
Jupiter, FL 33458
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.
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
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.
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.

Family owned & operated since 1988

A girl’s trip by Olivia and Alex to Europe
included their new favorite locations of Greece and Italy.
If you are looking for a trip of a lifetime,
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We are located at 11360 N. Jog Road, Bldg. A, Suite 102-6
Palm Beach Gardens, Florida 33418 Info@PBGTravel.com
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(561) 694-9696
“We help you see the world . . .”