Page 28 - PGA Community News - March '25

Page 28, PGA C.A.N.! 2 Spaces March 2025
March 2025
Palm Beach County Property Appraiser’s Office

Dear Taxpayer: Business Tangible Personal of the personal property was under $25,000 and they received
O ne of the mos t a yellow postcard from our office that the requirement to file
underrated aspects of the Property has been waived. If a business purchases additional assets that
homestead exemption is increase the total value of the assets over $25,000, they are
that it doesn’t just reduce Tangible personal property is equipment used in a business required to file a return.
the taxable assessment of and includes furniture, fixtures, machinery, tools, appliances, The statutory deadline to file a return without an extension
your home, it also caps its signs, leasehold improvements, supplies, leased equipment, and is April 1. All extension requests must be received by 5 p.m.
annual valuation. The Save other assets. It is taxed at the same rate as real property. on March 31 to be considered for approval. Failure to file will
Our Homes cap limits any All tangible personal property must be reported. Florida law result in the loss of the exemption and the assessment of penalties
increase to the assessed allows an exemption up to $25,000 for business tangible assets. per Florida Statutes, Sections 193.072 and 193.073. Our office
value of a homestead exempt Businesses with tangible personal property assets valued at more will not waive penalties for any returns filed after the extended
property to a maximum of 3 than $25,000 are subject to ad valorem taxes, and those with deadline of May 15.
percent each year or the change in the Consumer Price Index less than $25,000 in assets are exempt from ad valorem taxes. Save time, paper, and postage by e-filing. If you need a paper
(CPI), whichever is lower. Over time, the cap can provide All businesses must file an initial Tangible Personal Property form, you can download the DR-405 on our website. If you
substantial tax bill savings. Tax Return (DR-405) their first year of operation. Afterwards, have any questions about reporting personal property, tangible
all businesses are required to file a Tangible Personal Property e-filing, or the $25,000 tangible exemption, please call our office
Tax Return (e-file or Form DR-405) annually unless the value at (561) 355-2896 or email mytpp@pbcpao.gov.

Property Appraiser’s Office be awarded to graduating high school seniors who plan to

Annual Scholarship Awards attend a higher education institution full-time, regardless of
interest or major. The deadline to apply is March 31.
Program To be eligible for a scholarship award, a student must be a
resident of Palm Beach County, have a minimum of 3.0 GPA,
The 32nd Annual Palm Beach County Property and plan to attend an accredited higher-education institution
Appraiser’s Scholarship program is now accepting (college or community college).
applications. Six college scholarships of $1,500 each will In addition to receiving a scholarship, each recipient will
be offered an opportunity for a
paid summer internship in the
Property Appraiser’s Office.
Since 1994, the Palm Beach
County Property Appraiser’s
Office staff at the Florida Chapter of the International Office has awarded $179,000
Association of Assessing Officers 2024 Tangible Personal in college scholarships. The
Property conference: from left, Kathy Rhodes, CFE, program is particularly special
Manager; Trina Morrison-Nash, CFE, Personal Property to the Property Appraiser’s
Appraisal Department Manager; Tara McCoy, CFE, TPP Office because the scholarships
Appraiser I; Kevin M. Bradley, PPS, CFE, Senior TPP are completely funded by
Appraiser employee donations.
For more information, call
For 2025, the maximum increase will be 2.9 percent, as (561) 355-3230 or visit https://
that was the change in CPI from December 2023 to December pbcpao.gov/scholarship-
2024. This slowed increase in CPI reflects plateauing inflation The 2024 scholarship awardees with the Property Appraiser’s Office Scholarship Committee awards.htm.
over the past year across dozens of consumer categories
including shelter, food, transportation, and energy.
While the change in the CPI follows many markets,
Florida law requires my office to value property based on
the status of the real estate market in Palm Beach County.
My office will determine a total market value for every home
as of Jan. 1, taking into consideration the price fluctuations
reflected in the sales of residential properties. But if your
property is homesteaded, the taxable assessed value will not
increase more than 2.9 percent.
If you already have a homestead exemption on your
property, you do not need to reapply. There are several
additional property tax exemptions, including those for
widows/widowers, veterans, and those with disabilities.
For more information, visit pbcpao.gov or call Exemption
Services at (561) 355-2866.
In this month’s newsletter, a reminder to all business
owners in Palm Beach County about filing for a Tangible
Personal Property Tax Return for 2025 and my office’s annual
college scholarship application process is now open. Enjoy
reading and enjoy your spring.
Respectfully,
Dorothy Jacks, CFA, FIAAO, AAS,
Palm Beach County Property Appraiser

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