Page 9 - PGA Community News - March '20

March 2020 March 2020 PGA C.A.N.!, Page 9

Property Appraiser’s Office

Dear Taxpayers: March 2 is the deadline to file for the homestead Business Tangible
Since 1995, the State of exemption and other property tax exemptions, which
Florida has implemented a 3 include those for seniors, widows and widowers, persons Personal Property
percent Save Our Homes Cap with disabilities, active-duty military, veterans, “granny
(SOH) assessment increase flats” and more. In addition, if you’re moving within Florida allows an exemption up to $25,000 in value for
limit on all residential the state of Florida and you’re filing for a homestead tangible personal property assets used by a business. You
properties that receive a exemption, you can e-file for portability. (Portability must file an initial Tangible Personal Property Tax Return
homestead exemption. The is transferring all or a significant portion of your cap (DR-405) to receive the exemption. Thereafter you need not
3 percent SOH Cap limits savings, up to $500,000, from a home with a homestead file an annual return unless the value of your tangible personal
any increase to the assessed exemption to a new home within the state of Florida property exceeds $25,000 on Jan. 1. Tangible personal property
value of a homestead exempt that qualifies for a homestead exemption.) For more used in a business includes furniture, fixtures, machinery, tools,
property to a maximum of 3 percent each year or the information, go to our website: www.pbcgov.org/PAPA equipment, appliances, signs, leasehold improvements, supplies,
change in the Consumer Price Index, whichever is lower. or call Exemption Services at (561) 355-2866. leased equipment and any other assets used by the business.
The Florida Department of Revenue (DOR) reports this In this month’s article, a reminder to all business The filing deadline is April 1. Failure to file will result in
statutory determination each January. For 2020, the SOH owners in Palm Beach County about filing for a Tangible the loss of the exemption and the assessment of penalties per
maximum increase will be 2.3 percent. Personal Property Tax Return for 2020 and my office’s Florida Statutes, Sections 193.072 and 193.073.
The homestead exemption in the state of Florida can annual college scholarship application process is now Save time, paper, and postage by filing online using the
save hundreds of dollars in property taxes for permanent open. Enjoy reading and wishing you a happy spring. E-File link on our website www.pbcgov.org/papa. If you need
Florida residents. The first $25,000 in property value is Respectfully, a paper form (DR-405) you can download it from our website
exempt from all property taxes, including school district Dorothy Jacks, CFA, AAS, using the Forms link. If you have any questions about reporting
taxes. The additional $25,000 exemption is available for Palm Beach County Property Appraiser personal property, tangible e-filing or the $25,000 tangible
non-school taxes and applies only to the assessed value exemption, please call our office at (561) 355-2896 or email us
between $50,000 and $75,000. If you already have a at patangible@pbcgov.org.
homestead exemption on your property, you do NOT need
to reapply. Property Appraiser’s Office on page 10

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