Page 13 - The Islander - March '24

The Islander, Page 13

LocaL Government from page 12
Palm Beach County Property Appraiser

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

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