This free monthly eNewsletter highlights the latest developments in the Palm Beach County Property Appraiser's Office. You may unsubscribe below, or give us your feedback by replying to this email. We hope you enjoy the Palm Beach County Property Appraiser eNews. |
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The homestead exemption not only reduces the taxable assessment of your home, it also caps the annual valuation of that property.
Since 1995, the State of Florida has implemented a Save Our Homes Cap, limiting any increase to the assessed value of a homestead exempt property to a maximum of 3% each year or the change in the Consumer Price Index, whichever is lower. For 2021, the maximum increase will be 1.4%.
And, you can take those capped saving with you. E file for portability when you file for your new homestead exemption and you can transfer all or a significant portion of your cap savings, 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 homestead exemption in the State of Florida can save hundreds of dollars in property taxes for permanent Florida residents. The first $25,000 in property value is exempt from all property taxes, including school district taxes. The additional $25,000 exemption is available for non-school taxes and applies only to the assessed value between $50,000 and $75,000.
If you already have a homestead exemption on your property, you do NOT need to reapply. Other property tax exemptions include those for seniors, widows and widowers, persons with disabilities, active-duty military, veterans, “granny flats,” and more For more information, visit pbcgov.org/PAPA 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 2021 and my office’s annual college scholarship application process is now open. Enjoy reading and enjoy your spring.
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Dorothy Jacks, CFA, AAS
Palm Beach County Property Appraiser
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Business Tangible Personal Property |
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Florida allows an exemption up to $25,000 in value for tangible personal property assets used by a business. You must file an initial Tangible Personal Property Tax Return (DR-405) to receive the exemption. Thereafter, you need not file an annual return unless the value of your tangible personal property exceeds $25,000 on January 1. Tangible Personal Property used in a business includes furniture, fixtures, machinery, tools, equipment, appliances, signs, leasehold improvements, supplies, leased equipment, and any other assets used by the business.
The filing deadline is April 1. Failure to file will result in the loss of the exemption and the assessment of penalties per Florida Statutes, Sections 193.072 and 193.073.
Save time, paper, and postage by filing online using the E File link on our website pbcgov.org/papa. If you need a paper form (DR-405) you can download it from our website on the Forms page. If you have any questions about reporting personal property, tangible E Filing, or the $25,000 tangible exemption, please call our office at 561.355.2896 or email mytpp@pbcgov.org.
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Property Appraiser’s Office Annual Scholarship Awards Program |
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My office is now accepting applications for the 28th Annual Palm Beach County Property Appraiser’s Scholarship. Six college scholarships of $1,500 each will be awarded to graduating high school seniors who plan to attend a higher education institution full time. The deadline to submit is March 31, 2020.
To be eligible for a scholarship award, a student must be a resident of Palm Beach County, have a minimum of 3.0 GPA, and plan to attend an accredited higher-education institution (college or community college).
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 has awarded nearly $150,000 in college scholarships. The program is particularly special to the Property Appraiser’s Office because the money raised for the scholarships is 100% funded by employees who volunteer to donate to the fund in return for casual dress Fridays.
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2020 Virtual College Scholarship Awards Ceremony |
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February was Black History Month - A opportunity to celebrate the rich heritage, contributions and achievements of our African American communities. Here in Palm Beach County, there are many historic landmarks and properties that make up this cultural history. In this video, we highlight the Sunset Lounge located in West Palm Beach historic northwest neighborhood. #WeValueWhatYouValue |
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