Page 4 - The Shores of Jupiter - March '25

Page 4, The Shores
Palm Beach County Property Appraiser’s Office

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

Property Appraiser’s Office graduating high school seniors who plan to attend a higher

Annual Scholarship Awards 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 Appraiser’s and plan to attend an accredited higher-education institution
Scholarship program is now accepting applications. Six (college or community college).
college scholarships of $1,500 each will be awarded to In addition to receiving a scholarship, each recipient will
be offered an opportunity for
a paid summer internship
Office staff at the Florida Chapter of the International in the Property Appraiser’s
Association of Assessing Officers 2024 Tangible Personal Office.
Property conference: from left, Kathy Rhodes, CFE, Manager; Since 1994, the Palm
Trina Morrison-Nash, CFE, Personal Property Appraisal Beach County Property
Department Manager; Tara McCoy, CFE, TPP Appraiser I; Appraiser’s Office has
Kevin M. Bradley, PPS, CFE, Senior TPP Appraiser awarded $179,000 in college
scholarships. The program
For 2025, the maximum increase will be 2.9 percent, is particularly special to the
as that was the change in CPI from December 2023 to Property Appraiser’s Office
December 2024. This slowed increase in CPI reflects because the scholarships
plateauing inflation over the past year across dozens of are completely funded by
consumer categories including shelter, food, transportation, employee donations.
and energy. For more information,
While the change in the CPI follows many markets, call (561) 355-3230 or
Florida law requires my office to value property based on visit https://pbcpao.gov/
the status of the real estate market in Palm Beach County. The 2024 scholarship awardees with the Property Appraiser’s Office Scholarship Committee scholarship-awards.htm.
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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