Page 13 - PGA Community News - March '24

March 2024 March 2024 PGA C.A.N.!, Page 13
Palm Beach County Property Appraiser

Dear Taxpayer: Business Tangible Personal from our office that you are exempt from filing. Thereafter, you
O ne of the mos t need not file an annual return unless the value of your tangible
underrated aspects of the Property personal property exceeds $25,000 on Jan. 1.
homestead exemption is The filing deadline is April 1, 2024. Failure to file will result
that it doesn’t just reduce Tangible personal property is equipment used in a business in the loss of the exemption and the assessment of penalties
the taxable assessment of and includes furniture, fixtures, machinery, tools, appliances, per Florida Statutes, Sections 193.072 and 193.073.
your home, it also caps its signs, leasehold improvements, supplies, leased equipment Save time, paper, and postage by e-filing. If you need a
annual valuation. The Save and other assets. It is taxed at the same rate as real property. paper form, you can download the DR-405 on our website.
Our Homes cap limits any Florida allows an exemption up to $25,000 in value for If you have any questions about reporting personal property,
increase to the assessed tangible personal property assets used by a business. You must tangible e-filing, or the $25,000 tangible exemption, please call
value of a homestead exempt file an initial Tangible Personal Property Tax Return (DR-405) our office at (561) 355-2896 or email mytpp@pbcpao.gov.
property to a maximum of 3 to receive the exemption, unless you have received notification
percent each year or the change in the consumer price index
(CPI), whichever is lower. Over time, the cap can provide
substantial tax bill savings. Property Appraiser’s Office Since 1994, the Palm Beach County Property Appraiser’s
For 2024, the maximum increase will be 3 percent, as the Annual Scholarship Office has awarded $170,000 in college scholarships. The
change in CPI increased 3.4 percent from December 2022 to program is particularly special to the property appraiser’s
December 2023. This increase in CPI reflects continued but Awards Program office because the scholarships are completely funded by
slowing inflation over the past year across dozens of consumer employee donations.
categories including shelter, food, transportation and energy. The 31st Annual Palm Beach County Property Appraiser’s For more information, call (561) 355-3230 or visit https://
While the change in the CPI follows many markets, Florida Scholarship Program is now accepting applications. pbcpao.gov/scholarship-awards.htm.
law requires my office to value property based on the status of Six college scholarships of
the real estate market. My office will determine a total market $1,500 each will be awarded
value for every home as of Jan. 1, taking into consideration the to graduating high school
price fluctuations reflected in the sales of residential properties. seniors who plan to attend a
But if your property is homesteaded, the taxable assessed value higher education institution
will not increase more than 3 percent. full time, regardless of interest
If you already have a homestead exemption on your or major. The deadline to
property, you do NOT need to reapply. There are several apply is March 31.
additional property tax exemptions, including those for To be eligible for a
widows/widowers, veterans and those with disabilities. scholarship award, a student
For more information, visit pbcpao.gov or call Exemption must be a resident of Palm
Services at (561) 355-2866. Beach County, have a
In this month’s newsletter, a reminder to all business minimum of 3.0 GPA and plan
owners in Palm Beach County about filing for a Tangible to attend an accredited higher-
Personal Property Tax Return for 2024 and my office’s annual education institution (college
college scholarship application process is now open. Enjoy or community college).
reading and enjoy your spring. In addition to receiving
Respectfully, a scholarship, each recipient
Dorothy Jacks, CFA, FIAAO, AAS, will be offered an opportunity
Palm Beach County Property Appraiser for a paid summer internship Palm Beach County Property Appraiser Dorothy Jacks (second from left) with the PAO’s
in the property appraiser’s Scholarship Committee (back row) and four of the 2023 scholarship awardees (from left to
office. right): E’Rinze Murphy, Inari Larios, Jayden James and Kia Ghods