Page 13 - The Islander - February '22

The Islander, Page 13

LocaL Government from page 12
Palm Beach County Property Appraiser’s Office

Dear Taxpayer: As the deadline to file for a homestead exemption Additional Exemptions
My office is busy is March 1, this is an excellent time of year to review If you receive a homestead exemption, you may be
preparing the 2022 Tax Roll, your homestead exemption status and examine additional eligible for additional exemptions or discounts in the
a report of the combined exemptions that may yield tax savings. In this month’s categories listed below. The application deadline for all
value of all the property newsletter, you will find information to help you do just additional exemptions is March 1.
(real and tangible) in Palm that. I hope you find it useful. • Civilian disability
Beach County as of Jan. 1. Respectfully, • Institutional exemptions
This report will reflect Dorothy Jacks, CFA, AAS, • Florida law enforcement and first responders (disabled
the ongoing COVID-19 Palm Beach County Property Appraiser in the line of duty)
impacts on property values • Living quarters for parents or grandparents (also known
in Palm Beach County. Homestead Exemption On as the Granny flat)
In addition to market • Senior citizen (limited-income)
data reflected in property sales last year, my staff is Real Property • Veterans disability
analyzing new construction, demolition, land splits, • Widow/widower exemption
land combinations, ownership changes, and additions or If you are a permanent Florida resident, you may be For more information, visit pbcgov.org/PAPA or call
removals of exemptions. eligible for a homestead exemption, which can save you Exemption Services at (561) 355-2866.
The numbers cited below are as of Jan. 4 and are generally $750 to $1,000 in property taxes each year. All
subject to change. homestead exemption applications must be submitted Portability – You Can Take It
Our estimates show a 21 percent increase in sales by March 1.
volume over last year. This is a good indicator of increased A $25,000 exemption is applied to the first $50,000 of your With You!
demand that continues to spur an increase in sale prices. property’s assessed value if your property is your permanent
• Commercial sales are up from 517 to 786 or 52 percent. residence and you owned the property as of Jan. 1. This If you sell your home and buy a new one, there is good
• Condo sales are up from 18,742 to 24,404 or 30 exemption applies to all taxes, including school district taxes. news – you may not lose all the tax savings accumulated
percent. An additional exemption of up to $25,000 will be applied if over the years.
• Residential sales are up from 20,899 to 23,471 or 13.6 your property’s assessed value is between at least $50,000 Portability refers to Florida’s Save Our Homes
percent. and $75,000. This exemption is not applied to school district provision which allows you to transfer all or a significant
Our county has seen a surge in new construction, as taxes. In addition, a homestead exemption limits any increase portion of your tax benefit, up to $500,000, from a home
well. While strictly an estimate, our latest projections show to your assessed value to a maximum of 3 percent each year with a homestead exemption to a new home within the
that new construction is up by 40 percent for 2022. An or the amount of the change in the Consumer Price Index, state of Florida that qualifies for a homestead exemption.
estimated 5,673 new structures will be added to the 2022 whichever is lower. The application deadline for portability is March 1.
tax roll. Three ways to apply: You can e-file for portability when e-filing for your
• New single-family homes – 3,985 • E-file at pbcgov.org/PAPA. homestead exemption. Or, if you have already filed for a
• New condominium units – 1,382 • Visit one of our five service centers to file in person. homestead exemption and need only to file for portability,
• New commercial buildings – 306 • Complete the application online, print it out, and mail it visit our website or call Exemption Services at (561)
Some of this growth can be attributed to large new to the Property Appraiser’s Office. 355-2866.
residential subdivisions out west that were approved a few Once you qualify, your homestead exemption will be
years ago that we are continuing to add to the tax roll. New renewed for you annually as long as you continue to qualify Office Closed Due To Holiday
construction numbers are always fascinating for me because for the exemption.
they represent property that has never been taxed before. Visit pbcgov.org/PAPA to e-file and for information on In honor of Presidents’ Day, the Palm Beach County
These structures will add new value to the 2022 Tax Roll, other available exemptions for seniors, families, veterans, Property Appraiser’s Office (including all of our service
contributing to a tax base while sharing the tax burden. and more. centers) will be closed on Monday, Feb. 21.