Page 8 - PGA Community News - May '24

Page 8, PGA C.A.N.! BW May 2024 May 2024
Palm Beach County Property Appraiser

Dear Taxpayer: If you are interested in any special reports or maps, please not increase, its assessed value may increase, causing your
Hello May! contact Public Services Support at (561) 355-2881 or pa- taxes to rise. This is the action of Florida law in a softening
My staff is busy pubsvc@pbcpao.gov. Fees for reports and programming can market that follows years of rising market values when the
completing preparations for be found at pbcpao.gov. property tax caps protected property owners from significant
the 2024 estimated taxable tax increases.
property values, which will Rising Tax Bills In A If you have any questions about this process, please
be released to all Palm Beach contact Residential Appraisal Services at (561) 355-2883 or
County taxing authorities Flattening Market myhouse@pbcpao.gov.
later this month.
We provide an estimate Florida’s property tax caps (up to 3 percent for homesteaded Office Closed In Honor Of
to cities and other authorities properties and 10 percent for nonhomestead properties) can
who levy taxes because they cause assessed values to increase even if market values do Memorial Day
need them to begin developing their budgets. They review not. Florida law requires that the assessed value continue to
the property values in their jurisdictions and decide on a increase by the maximum cap amount each year until the gap The Palm Beach County Property Appraiser’s Office
proposed tax rate. The property values multiplied by the tax between the assessed value and market value is “recaptured” (including all of our service centers) will be closed
rate, or millage, determines your taxes. or the assessed value equals the market value. Memorial Day, Monday, May 27. Let us gratefully
The cities and other taxing authorities then share those As property values flatten, you may see this happen to your remember the sacrifice of those who died in military service
proposed tax rates with my office, so that we can notify all home or business. Even if the market value of a property does for our freedom and prosperity.
property owners of both their home value and proposed tax
rate. These are revealed in the Notice of Proposed Property
Taxes mailed to all property owners in mid-August.
While state law requires my office to value property based
on the status of the market, your tax rate is set by taxing
authorities who answer to you, the voter. If home values
increase, tax bills do not necessarily have to increase as tax
rates could be reduced. Every resident has the right to speak
to the elected officials who levy taxes at the public meetings
listed in your notice.
If you feel that the market value of your property is
inaccurate, you also have the right to file a petition for
adjustment with the Value Adjustment Board through the Clerk
of the Circuit Court & Comptroller. For more information, visit
pbcpao.gov or contact Residential Appraisal Services at (561)
355-2883 or myhouse@pbcpao.gov.
In this month’s newsletter, we’re highlighting our Public
Services Support team, who handles most public records
requests for my office. From address labels to complex
customized reports, my staff is helpful, knowledgeable and
ready to serve you.
Respectfully,
Dorothy Jacks, CFA, FIAAO, AAS,
Palm Beach County Property Appraiser

Public Services Support

Department Financial Focus ®

The Public Services Support Department receives and
processes hundreds of public records requests annually. Data Term Vs. Perm: Which Is have a special needs child, or perhaps you want to use your
is derived from our Geographical Information System and Right For You? policy to help pay for retirement, or you wish to include the
appraisal/tax roll systems. We have several standard reports policy as part of your legacy and estate plans — you may want
and are able to create customized, specialized reports and to consider some type of permanent insurance.
maps based on the taxpayer’s needs. By Sally Sima Stahl • Investment preferences – You may have heard the phrase
Last year, the Public Services Support team, a group of If you’ve been thinking “buy term and invest the difference.” Essentially, this just means
five, managed: about life insurance, that an investor could purchase low-cost term insurance, and
• 923 Data Run Requests/Variances – This includes especially if you have family, then invest the money that was saved by not getting permanent
address labels, maps, owner’s lists and variances for when loved ones, or anyone who insurance. This can be a valuable strategy in some situations, but
a taxpayer’s planned use of their property deviates from depends on you financially, people often don’t actually invest the difference. A permanent
local zoning. you might be curious about insurance policy, through the payment of premiums, may result
• 100 Archive Records (down 34 percent from 2022) the different kinds of policies in a steady buildup of cash value or continued contributions
– This includes tax rolls and building cards. Some of our available. Which type is right to the policy’s investment components. For many people, this
records date back to 1977 and homeowners request these for you? discipline is helpful.
records for income tax purposes. They usually want to know Essentially, you can look • Future insurability – If you have health issues, it could
the value when the property last changed hands. at two main categories of life become difficult to get permanent insurance after you’ve
• 1,800 Impact Fee Records (up 414 percent from insurance: term and permanent. reached the end of a term insurance policy. (Some term
2022) – This is a request for a building card from builders Term insurance is a pay-as-you-go option that covers a insurance policies do offer the opportunity to convert to
or homeowners who are searching to see if a structure ever specific amount of time, usually 20 years or fewer. Term permanent coverage, usually without the need for a medical
existed on a vacant lot, and if so, its square feet, number of insurance benefits are paid to your beneficiaries free of federal exam.) You could avoid this potential problem by purchasing
bedrooms, baths, etc. If there was a structure, they can submit income taxes if you pass away during the coverage period, but permanent insurance when you are still young and healthy.
the building card to the Palm Beach County Planning, Zoning there’s no opportunity to build cash value. Ultimately, you will need to weigh the various factors
and Building Department for an impact fee credit. Permanent insurance, such as whole life or universal life, involved in the permanent-versus-term decision. You also
• 116 Custom/Specialized Reports – This could offers coverage for as long as you pay the premiums and, in might benefit from consulting a financial professional, who
encompass any number of requests, such as: addition to providing a tax-free death benefit, also offers a can evaluate which type of insurance is most appropriate for
◦ Information from the tax roll by assessed value chance to build equity, or cash value, on a tax-deferred basis. your situation. But whether it’s term or permanent, make sure
◦ The number of homestead properties in certain cities When determining which type of insurance is appropriate you have the coverage you need to protect yourself and your
◦ The entire tax roll or appraisal database file for the for your needs, you’ll want to consider these factors: loved ones.
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Our team loves to make our wealth of information more will only need life insurance for a certain period — perhaps provide tax advice. You should consult your qualified tax
accessible to the public. While they are asked many different until your children are grown — you might lean toward term advisor regarding your situation.
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