Page 35 - Southern Exposure - February '25

Southern Exposure, Page 35

locAl GovErnmEnt

Palm Beach County Property Appraiser’s Office

Dear Taxpayer, • Commercial sales are up from 818 to 880 or 7.6% The deadline to file for a homestead exemption is
My office is busy • Condo sales are up from 16,877 to 17,417 or 3.2% March 3 this year. This is an excellent time of year to
preparing the 2025 Tax Roll, • Residential sales are up 17,846 to 18,402 or 3.1% review your homestead exemption status and examine
a report of the combined New construction reflects the growth of our county as an additional exemptions that may yield tax savings. In this
value of all the property (real estimated 5,000 new structures will be added to the 2025 Tax month’s newsletter, you will find information to help you
and tangible) in Palm Beach Roll. The rate of growth in single family homes is slightly do just that. I hope you find it useful.
County as of January 1. down compared to last year. While more condos are projected Respectfully,
This report will reflect be added this year than last, fewer new commercial buildings Dorothy Jacks, CFA, FIAAO, AAS
market data gleaned from will be added. Palm Beach County Property Appraiser
property sales last year as • New Single-Family Homes – 3,512 down 1.5% from
well as new construction, 2024 Homestead Exemption On Real Property
demolition, land splits, land • New Condominium Units – 1,060 up 9.5% from 2024
combinations, ownership changes, and additions or removals • New Commercial Buildings – 197 down 28.1% from If you are a permanent Florida resident, you may be
of exemptions. 2024 eligible for a homestead exemption, which can save you
The numbers cited below are as of January 9 and are New construction numbers represent property that has generally $750 to $1,000 in property taxes each year. All
subject to change. never been taxed before, adding new value to the 2025 Tax homestead exemption applications must be submitted
Our estimates show modest increases in sales volume over Roll. This contributes to the tax base while sharing the tax by March 3, 2025.
last year, indicating stabilization in the market. burden. A $25,000 exemption is applied to the first $50,000 of
your property’s assessed value if your property is your
permanent residence and you owned the property as of
January 1. This exemption applies to all taxes, including
school district taxes. An additional exemption (up to
$25,000 plus an increase for 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
747-PALM • Visit one of our five service centers to file in person
• Complete the application online, print it out, and mail
747-7256 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.

Local Government on page 36