Page 12 - Lifestyles in Palm Beach Gardens - April '20

Page 12, Lifestyles in Palm Beach Gardens DOUBLE SPACE
Property Appraiser’s Office

Dear Taxpayers: Palm Beach County Census • Every 10 years, the census data affects your voice in
Happy Spring! Congress by determining how many seats each state will
At the office, we 2020 have in the U.S. House of Representatives.
continue to work on the For more information, go to 2020census.gov.
2020 tax roll and make By April 1, every
preparations for the release home in Palm Beach Short-Term Rental Of A
of the estimated taxable County will receive
property values (for 2020) an invitation by Homesteaded Property
to the Palm Beach County mail to participate
taxing authorities. in the 2020 Census. You may rent your homesteaded property for 30 days
These preliminary If you live in the or less per calendar year and maintain a homestead
estimates (which are United States, you exemption. Rental for more than 30 days for two
officially released at the end of May of each year) assist are required by law consecutive years or for more than six months constitutes
the county, its municipalities and other taxing authorities to complete the 2020 abandonment of a homestead exemption.
in projecting their budgets and tax rates and also provide a Census. You will Exempt property rented after Jan. 1 of any year does
benchmark as to what revenue they can expect to receive have three options not affect the homestead exemption for that particular
from property taxes in the coming year. Stay tuned. for responding – year. If the property is rented on Jan. 1 of the following
A reminder about renewal applications for the Limited online, by phone or by mail. year or the terms of the lease are six months or more the
Income Senior Citizen exemption (persons age 65 and Your participation in the 2020 Census matters: exemption will be denied.
older) – this renewal form must be returned (postmarked) • An accurate count of Palm Beach County in the 2020 Property owners are required to notify the Property
to my office no later than May 1. Qualifications census is vitally important to the county’s future. Every Appraiser’s Office when their property no longer
and statutory requirements are listed in this month’s year, more than $675 billion in federal funds is awarded qualifies for exemption. Failure to do so could result in a
newsletter. to states and communities based on census data. That is Homestead Tax Lien with substantial penalty and interest.
Also, in this month’s article, what you need to know more than $4 trillion over a 10-year period. Be aware of the law before deciding to rent your property.
about the Palm Beach County Census 2020 – April 1 and • Census data guide local decision-makers in important (Florida Statute 196.061 and 196.011 (9) (a)).
why it’s important to participate and say, “I count!” community planning efforts, including where to build new For more information, go to our website: www.pbcgov.
In addition, as “snowbird” season is coming to a roads, hospitals and schools. org/PAPA or contact Exemption Services at (561) 355-2866.
close, property owners who benefit from the homestead • Census data is also used to determine the need
exemption and are considering renting all or a portion for additional social services, including community
of their homesteaded property, should review important development block grants and other grant programs
information on short-term rentals on a homesteaded essential to many communities.
property.
I hope you find this information beneficial. Enjoy
reading. When you retire, your life changes in many ways – and so
Respectfully, do your finances. One of the biggest changes is that instead
Dorothy Jacks, CFA, AAS, of contributing to tax-deferred retirement savings plans that
Palm Beach County Property Appraiser reduce your taxes, you’ll start tapping those savings for
income and paying taxes at your regular rate (unless you’re
Palm Beach County Property tapping a Roth account) – not the preferential capital-gains
Appraiser’s Office Service rate reserved for stocks and bonds held in taxable accounts.

Centers Reconsider your retirement account contributions, and
increase them, if possible.
My office has 50 qualified staff members spread 2141 Alt A1A South Suite 310
out over five Service Centers, conveniently located Jupiter, Florida 33477 401(k) contributions reduce your AGI (that’s adjusted
throughout Palm Beach County. They administer the The Retirement Planning Specialists Crafting Financial gross income, or the amount of income on which you pay
homestead exemption and additional property tax Solutions with Insight and Integrity since 1980 taxes). Increases toward your annual contribution limit,
exemptions, as well as execute mailing address and which will increase from $19,000 to $19,500 in 2020,
ownership changes, process portability applications, and reduce taxable income. If you’re self-employed or have
more. self-employed income in addition to regular W-2 income,
Typically, some of our busiest months occur in the consider opening a solo 401(k) to further reduce your AGI
beginning of the year, for filing deadlines for property and protect your financial future.
tax exemptions and portability.
2020 Customer Service By The Numbers: Planning for a lifetime of secure financial fulfillment is a
• Phone calls: 17,210 (as of March 2) very personal endeavor. We at Asset Advisory Services
• Counter service: 10,538 (as of March 2) remain aware of this as we assist you in crafting a unique
• Homestead Exemption applications filed for the 2020 approach, tailored to fit your individual financial goals
tax roll: 26,054 and best suited to what is most important to you. We are
Senior Exemption Renewal Of Adjusted Household celebrating our fourth decade of providing the highest level
Income For Persons Age 65 And Older of care to our clients.

Earlier this year, my office mailed out renewal You may have a general goal in mind when it comes
applications for those senior citizens who qualified for to retirement, but you need a specific plan for effective
the additional exemption for persons age 65 and older. It is Tax Season! savings. Reassess your retirement planning goals annually
The renewal form must be returned (postmarked) to the and prioritize spending needs based on what will make
Palm Beach County Property Appraiser’s Office, 1st You should be looking at your taxes as you happy and comfortable. Create a budget for early,
Floor, 301 N. Olive Ave., West Palm Beach, FL 33401, part of Retirement Planning. middle and late retirement, taking into consideration
no later than May 1. different expenses for each stage. Don’t fool yourself that
In order to qualify for an additional homestead Did you know that the average cost of life in retirement will be less expensive than now. Did
exemption of up to $50,000 for persons age 65 or older, you know that the average cost of health care for a couple
the “household income” (cumulative “adjusted gross healthcare for a couple in retirement in retirement is close to $300,000? Don’t you think that
income”) of all persons living in the home cannot exceed is close to $300,000? Don’t you think health care and Long-term care is something to plan for?
$30,721. This exemption applies only to the property that health care and long-term care is We are here to help!
taxes levied by the taxing authorities granting the
exemption for 2020. something to plan for?
Section 196.075, F.S. – Additional Homestead We are here to help!
Exemption For Persons 65 And Older
(a) “Household” means a person or group of persons Taxes don’t stop when your paycheck does. In fact, We look forward to hearing from you at:
living together in a room or group of rooms as a housing tapping your retirement nest egg comes with all sorts (561) 747-9550
unit, but the term does not include persons boarding in of new rules and opportunities. Saving money for your To schedule your Complimentary Financial Review
or renting a portion of the dwelling. golden years is crucial. Without a solid nest egg, you’ll risk
(b) “Household income” means the adjusted gross struggling to pay the bills once your career ends. Asset Advisory Services, Inc.,
income, as defined in s.62 of the United States Internal
Revenue Code, of all members of a household. Most seniors need about 70% to 80% of their former Three Palms Center
If you file a tax return, this is the amount reported on income to live comfortably in retirement, and Social 2141 Alt. A1A South, Suite 310, Jupiter, FL 33477
IRS Form 1040, line 7. If you do not file a tax return, Security may not be enough if you’re an average earner. As To learn more about what we can do for you, please visit us at:
adjusted gross income includes but is not limited to wages, such, you’ll need to save independently during your golden www.AssetAdvisoryServices.com
salaries, tips, taxable interest, ordinary dividends, capital years, and the good news is that you have a number of tax-
gain distributions, taxable IRA distributions, taxable advantaged retirement plans that we can help you with in Securities and Advisory Services Offered through Commonwealth Financial Network
®
pension and annuities, unemployment compensation, and order to guide you through accumulating wealth. If you are Member FINRA/SIPC, a Registered Investment Adviser. Fixed Insurance products and
services offered through CES Insurance Agency
taxable Social Security benefits. still working there are many options for retirement savings
For questions, please contact Exemptions Services at either at your workplace, on your own or possibly both.
(561) 355-2866 or myexemption@pbcgov.org.