Page 38 - Southern Exposure - March '25

Page 38, Southern Exposure

local goverNMeNt

Palm Beach County Property Appraiser’s Office

Dear Taxpayer: total value of the assets over $25,000, they are required The 32nd Annual Palm Beach County Property
One of the most underrated to file a return. Appraiser’s Scholarship program is now accepting
aspects of the homestead The statutory deadline to file a return without an applications. Six college scholarships of $1,500 each will
exemption is that it doesn’t just extension is April 1. All extension requests must be received be awarded to graduating high school seniors who plan to
reduce the taxable assessment by 5 p.m. on March 31 to be considered for approval. attend a higher education institution full-time, regardless
of your home, it also caps Failure to file will result in the loss of the exemption and of interest or major. The deadline to apply is March 31.
its annual valuation. The the assessment of penalties per Florida Statutes, Sections To be eligible for a scholarship award, a student must
Save Our Homes cap limits 193.072 and 193.073. Our office will not waive penalties be a resident of Palm Beach County, have a minimum
any increase to the assessed for any returns filed after the extended deadline of May 15. of 3.0 GPA, and plan to attend an accredited higher-
value of a homestead exempt Save time, paper, and postage by e-filing. If you education institution (college or community college).
property to a maximum of need a paper form, you can download the DR-405 on In addition to receiving a scholarship, each recipient
3 percent each year or the our website. If you have any questions about reporting will be offered an opportunity for a paid summer
change in the Consumer Price Index (CPI), whichever is lower. personal property, tangible e-filing, or the $25,000 internship in the Property Appraiser’s Office.
Over time, the cap can provide substantial tax bill savings. tangible exemption, please call our office at (561) 355- Since 1994, the Palm Beach County Property
2896 or email mytpp@pbcpao.gov. Appraiser’s Office has awarded $179,000 in college
Property Appraiser’s Office scholarships. The program is particularly special to the
Property Appraiser’s Office because the scholarships are
Annual Scholarship Awards completely funded by employee donations.
For more information, call (561) 355-3230 or visit
Program https://pbcpao.gov/scholarship-awards.htm.

Office staff at the Florida Chapter of the International
Association of Assessing Officers 2024 Tangible Personal
Property conference: from left, Kathy Rhodes, CFE, Manager;
Trina Morrison-Nash, CFE, Personal Property Appraisal
Department Manager; Tara McCoy, CFE, TPP Appraiser I;
Kevin M. Bradley, PPS, CFE, Senior TPP Appraiser
The 2024 scholarship awardees with the Property Appraiser’s Office Scholarship Committee
For 2025, the maximum increase will be 2.9 percent, as that
was the change in CPI from December 2023 to December 2024.
This slowed increase in CPI reflects plateauing inflation 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

Business Tangible Personal

Property

Tangible personal property is equipment used in a
business and includes furniture, fixtures, machinery, tools,
appliances, signs, leasehold improvements, supplies, leased
equipment, and other assets. It is taxed at the same rate as
real property.
All tangible personal property must be reported. Florida
law allows an exemption up to $25,000 for business tangible
assets. Businesses with tangible personal property assets
valued at more than $25,000 are subject to ad valorem taxes,
and those with less than $25,000 in assets are exempt from
ad valorem taxes.
All businesses must file an initial Tangible Personal
Property Tax Return (DR-405) their first year of operation.
Afterwards, all businesses are required to file a Tangible
Personal Property Tax Return (e-file or Form DR-405)
annually unless the value of the personal property was
under $25,000 and they received a yellow postcard from
our office that the requirement to file has been waived. If
a business purchases additional assets that increase the