Page 11 - Lifestyles in Palm Beach Gardens - February '25

Lifestyles in Palm Beach Gardens, Page 11
Palm Beach County Property Appraiser’s Office

Dear Taxpayer, • Condo sales are up from 16,877 to 17,417 or 3.2% newsletter, you will find information to help you do just that.
My office is busy • Residential sales are up 17,846 to 18,402 or 3.1% I hope you find it useful.
preparing the 2025 Tax Roll, New construction reflects the growth of our county as an Respectfully,
a report of the combined estimated 5,000 new structures will be added to the 2025 Tax Dorothy Jacks, CFA, FIAAO, AAS
value of all the property (real Roll. The rate of growth in single family homes is slightly Palm Beach County Property Appraiser
and tangible) in Palm Beach down compared to last year. While more condos are projected
County as of January 1. be added this year than last, fewer new commercial buildings Homestead Exemption On Real Property
This report will reflect will be added.
market data gleaned from • New Single-Family Homes – 3,512 down 1.5% from 2024 If you are a permanent Florida resident, you may be
property sales last year as • New Condominium Units – 1,060 up 9.5% from 2024 eligible for a homestead exemption, which can save you
well as new construction, • New Commercial Buildings – 197 down 28.1% from 2024 generally $750 to $1,000 in property taxes each year. All
demolition, land splits, land New construction numbers represent property that has homestead exemption applications must be submitted by
combinations, ownership changes, and additions or removals never been taxed before, adding new value to the 2025 March 3, 2025.
of exemptions. Tax Roll. This contributes to the tax base while sharing A $25,000 exemption is applied to the first $50,000 of your
The numbers cited below are as of January 9 and are the tax burden. property’s assessed value if your property is your permanent
subject to change. The deadline to file for a homestead exemption is residence and you owned the property as of January 1. This
Our estimates show modest increases in sales volume over March 3 this year. This is an excellent time of year to review exemption applies to all taxes, including school district taxes.
last year, indicating stabilization in the market. your homestead exemption status and examine additional An additional exemption (up to $25,000 plus an increase for
• Commercial sales are up from 818 to 880 or 7.6% exemptions that may yield tax savings. In this month’s inflation) will be applied if your property’s assessed value
is between at least $50,000 and $75,000. This exemption is
not applied to school district taxes. In addition, a homestead
exemption limits any increase to your assessed value to a
maximum of 3% each year or the amount of the change in
the Consumer Price Index, whichever is lower.
Three ways to apply:
• E-file at pbcpao.gov
• Visit one of our five service centers to file in person
• Complete the application online, print it out, and mail it
to the Property Appraiser’s Office
Once you qualify, your homestead exemption will be
renewed for you annually as long as you continue to qualify
for the exemption.
Additional Exemptions
If you receive a homestead exemption, you may be eligible
for additional exemptions or discounts in the categories
listed below. The application deadline for all additional
exemptions is March 3, 2025.
• Civilian Disability
• Institutional Exemptions
• Florida Law Enforcement and First Responders
(Disabled in the line of duty)
• Living Quarters for Parents or Grandparents (also known
as the Granny Flat)
• Senior Citizen (Limited-Income)
• Veterans Disability
• Widow/Widower Exemption
For more information, visit pbcpao.gov or call Exemption
Services at (561) 355-2866.

Portability — You Can Take It With You!

If you sell your home and buy a new one, there is good
news – you may not lose all the tax savings accumulated over
the years.
Portability refers to Florida’s Save Our Homes provision
which allows you to transfer all or a significant portion of your
tax benefit, up to $500,000, from a home with a homestead
exemption to a new home within the state of Florida that
qualifies for a homestead exemption. The application
deadline for portability is March 3, 2025.
You can e-file for portability when e-filing for your
homestead exemption. Or, if you have already filed for a
homestead exemption and need only to file for portability, visit
our website or call Exemption Services at (561) 355-2866.

Office Closed Due To Holiday

In honor of Presidents’ Day, the Palm Beach County
Property Appraiser’s Office (including all of our Service
Centers) will be closed on Monday, February 17, 2025.