Page 8 - Talk of Tequesta- March '20

Page 8, The Talk Of Tequesta

loCal governmenT

Property Appraiser’s Office

Dear Taxpayers: Business Tangible leasehold improvements, supplies, leased equipment and
Since 1995, the State of any other assets used by the business.
Florida has implemented a 3 Personal Property The filing deadline is April 1. Failure to file will result
percent Save Our Homes Cap in the loss of the exemption and the assessment of penalties
(SOH) assessment increase Florida allows an exemption up to $25,000 in value for per Florida Statutes, Sections 193.072 and 193.073.
limit on all residential tangible personal property assets used by a business. You Save time, paper, and postage by filing online using the
properties that receive a must file an initial Tangible Personal Property Tax Return E-File link on our website www.pbcgov.org/papa. If you
homestead exemption. The (DR-405) to receive the exemption. Thereafter you need need a paper form (DR-405) you can download it from our
3 percent SOH Cap limits not file an annual return unless the value of your tangible website using the Forms link. If you have any questions
any increase to the assessed personal property exceeds $25,000 on Jan. 1. Tangible about reporting personal property, tangible e-filing or the
value of a homestead exempt personal property used in a business includes furniture, $25,000 tangible exemption, please call our office at (561)
property to a maximum of 3 percent each year or the fixtures, machinery, tools, equipment, appliances, signs, 355-2896 or email us at patangible@pbcgov.org.
change in the Consumer Price Index, whichever is lower.
The Florida Department of Revenue (DOR) reports this
statutory determination each January. For 2020, the SOH Property Appraiser’s Since 1994, the PAO has awarded nearly $140,000 in
maximum increase will be 2.3 percent. Office Annual Scholarship college scholarships. The program is particularly special to
The homestead exemption in the state of Florida can the PAO because the money raised for the scholarships is
save hundreds of dollars in property taxes for permanent Awards Program 100 percent funded by the staff who participate in “Friday
Florida residents. The first $25,000 in property value is Casual Dress Day,” a volunteer donation program.
exempt from all property taxes, including school district The Palm Beach County Property Appraiser’s Office For more information, call (561) 355-3230 or go to our
taxes. The additional $25,000 exemption is available for (PAO) is accepting applications for the 27th Annual website, www.pbcgov.org/PAPA and click on the “Learn
non-school taxes and applies only to the assessed value Scholarship Awards Program. This year, my office More” tab and click on “About Our Office.” You will find
between $50,000 and $75,000. If you already have a is offering six college scholarship awards, $1,500 the application online.
homestead exemption on your property, you do NOT need each to graduating (Palm
to reapply. Beach County) high school
March 2 is the deadline to file for the homestead seniors, who will attend
exemption and other property tax exemptions, which accredited higher education
include those for seniors, widows and widowers, persons institutions. The deadline to
with disabilities, active-duty military, veterans, “granny submit is March 31.
flats” and more. In addition, if you’re moving within To be eligible for a
the state of Florida and you’re filing for a homestead scholarship award, a student
exemption, you can e-file for portability. (Portability must be a resident of Palm
is transferring all or a significant portion of your cap Beach County, have a
savings, up to $500,000, from a home with a homestead minimum of 3.0 GPA, and
exemption to a new home within the state of Florida plan to attend an accredited
that qualifies for a homestead exemption.) For more higher-education institution
information, go to our website: www.pbcgov.org/PAPA (college or junior college).
or call Exemption Services at (561) 355-2866. In addition to receiving a
In this month’s article, a reminder to all business scholarship, each recipient
owners in Palm Beach County about filing for a Tangible will be offered an opportunity
Personal Property Tax Return for 2020 and my office’s for a paid summer internship
annual college scholarship application process is now in the property appraiser’s
open. Enjoy reading and wishing you a happy spring. office. Property Appraiser Dorothy Jacks with 2019 scholarship recipients
Respectfully,
Dorothy Jacks, CFA, AAS,
Palm Beach County Property Appraiser