Page 7 - PGA Community News - April '23

April 2023
April 2023 BW PGA C.A.N.!, Page 7
Palm Beach County Property Appraiser’s Office

Dear Taxpayer: Palm Beach County Property
Happy spring!
My office continues to Appraiser’s Office Service
work on the 2023 tax roll and
make preparations for the Centers
release of the estimated 2023
taxable property values to the While a vast array of services and information are
Palm Beach County taxing available online 24/7 at pbcgov.org/PAPA, my office
authorities at the end of May. maintains five service centers, conveniently located
These preliminary throughout Palm Beach County and staffed by qualified
estimates assist the county, professionals. They administer the homestead exemption,
municipalities, and other additional property tax exemptions, mailing address and
taxing authorities in projecting their budgets and tax rates and ownership changes, portability applications, and more.
also provide a benchmark as to what revenue they can expect to 2022 customer service by the numbers:
receive from property taxes in the coming year. • Phone calls: 100,291
After the taxing authorities have determined their budgets • Counter visits: 28,556 (up 4,820 from 2021)
and proposed tax rates based on the preliminary estimates, my • E-files: 18,343
office will mail the Notice of Proposed Taxes to every property • Total new homestead exemptions: 31,126 (up 1,389
owner in August. The notice will detail the assessed value of from 2021)
your property, your proposed tax rates, and an estimate of your • Portability applications: 6,541
tax bill. Stay tuned.
Also, as “snowbird season” comes to a close, we’ve included Short-Term Rental Of A
important information on short-term rentals on a homesteaded
property for those property owners who benefit from the Homesteaded Property
homestead exemption and are considering renting all or a portion
of their homesteaded property. You may rent your homesteaded property for 30
I hope you find this information beneficial and interesting. days or less per calendar year and maintain a homestead
Respectfully, exemption. Rental for more than 30 days for two
Dorothy Jacks, CFA, AAS, consecutive years or for more than six months constitutes
Palm Beach County Property Appraiser abandonment of a homestead exemption.
Exempt property rented after Jan. 1 of any year does not
affect the homestead exemption for that particular year. If
the property is rented on Jan. 1 of the following year or the
terms of the lease are six months or more, the exemption
will be denied. Property owners are required to notify the
Property Appraiser’s Office when their property no longer
qualifies for exemption. Failure to do so could result in a
homestead tax lien with substantial penalty and interest.
Be aware of the law before deciding to rent your
property. (Florida Statute 196.061 and 196.011 (9) (a)).
For more information, visit pbcgov.org/PAPA or
Okeeheelee Park located in West Palm Beach. Seen using contact Exemption Services at (561) 355-2866.
the Pictometry map tool on pbcgov.org/PAPA.

Financial Focus Community

Open The (Back) Door To A However, if your income is high enough to disqualify you Safety
from contributing directly to a Roth IRA, you may also
Roth IRA earn too much to make deductible (pretax) contributions
to a traditional IRA. Consequently, you might have By Keith Echols,
By Sally Sima Stahl contributed after-tax dollars to your traditional IRA, on Director of Security
There aren’t many top of the pretax ones you may have put in when your St. Moritz Security
drawbacks to having a high income was lower. (Earnings on after-tax contributions Just wanted to remind you to make sure you have
income — but being unable will be treated as pretax amounts.) locked and secured your vehicle after you have arrived
to invest in a Roth IRA In any case, if you convert pretax assets from your home. Also, before you leave your home, all doors and
might be one of them. Are traditional IRA to a Roth IRA, the amount converted will
there strategies that allow be fully taxable in the year of the conversion. So, if you windows are secured as well your alarm being set.
high-income earners to were to convert a large amount of these assets, you could Please call security at (561) 627-1600 for any
contribute to this valuable face a hefty tax bill. And since you probably don’t want suspicious person(s) or activities. If you see something,
retirement account? to take funds from the converted IRA itself to pay for the say something. Dial 9-1-1 for all emergencies.
Before we delve into taxes, you’d need another source of funding, possibly
that question, let’s consider from your savings and other investments.
the rules. In 2023, you can Ultimately, then, a backdoor Roth IRA strategy may
contribute the full amount to a Roth IRA — $6,500, or make the most sense if you have few or no pretax assets in
$7,500 if you’re 50 or older — if your modified adjusted any traditional IRA, including a SEP-IRA and a SIMPLE Wanted
gross income is less than $138,000 (if you’re single) or IRA. If you do have a sizable amount of pretax dollars
$218,000 (if you’re married and filing jointly). If you earn in your IRA, and you’d still like to convert it to a Roth
more than these amounts, the amount you can contribute IRA, you could consider spreading the conversion over
decreases until it’s phased out completely if your income a period of years, potentially diluting your tax burden. People are vandalizing golf
exceeds $153,000 (single) or $228,000 (married, filing Consult with your tax advisor when considering a courses after play hours. Sand
jointly). backdoor Roth strategy. But if it’s appropriate for your traps, greens and fairways
A Roth IRA is attractive because its earnings and situation, it could play a role in your financial strategy, are being damaged. If you see
withdrawals are tax free, provided you’ve had the account so give it some thought. anyone on courses after hours,
at least five years and you don’t start taking money out This article was written by Edward Jones for use by
until you’re 59½. Furthermore, when you own a Roth your local Edward Jones Financial Advisor, Edward please call POA Security at
IRA, you’re not required to take withdrawals from it when Jones, Member SIPC. 627-1600 or Resort Security,
you turn 72, as you would with a traditional IRA, so you’ll Edward Jones is a licensed insurance producer in 627-2000.
have more flexibility in your retirement income planning all states and Washington, D.C., through Edward D. Thank you.
and your money will have the chance to potentially keep Jones & Co., L.P., and in California, New Mexico and
growing. But given your income, how can you contribute Massachusetts through Edward Jones Insurance Agency
to a Roth? of California, L.L.C.; Edward Jones Insurance Agency of
You may want to consider what’s known as a “backdoor New Mexico, L.L.C.; and Edward Jones Insurance Agency
Roth” strategy. Essentially, this involves contributing of Massachusetts, L.L.C.
money to a new traditional IRA, or taking money from Edward Jones, its employees and financial advisors
an existing one, and then converting the funds to a Roth cannot provide tax advice. You should consult your Captain’s was established in 1980 servicing
IRA. But while this backdoor strategy sounds simple, it qualified tax advisor regarding your situation. Palm Beach County and is a privately
involves some serious considerations. Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, owned and managed company.
Specifically, you need to evaluate how much of your 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. Captain’s is committed to providing
traditional IRA is in pretax or after-tax dollars. When dependable, reliable and professional
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