News on Behalf of Palm Beach County Property Appraiser’s Office - January 2020 Newsletter
Dear Taxpayers:
Happy New Year!
The past year certainly brought with it many challenges as we acted to keep our staff safe while providing all of you with essential services. Our first role as public servants is to provide you with access to value information and exemptions – 2020 gave us a great opportunity to do that in new and creative ways.
This year, I look forward to continuing to build on our progress of leveraging technology to both increase our efficiency and improve service. Nearly three-quarters of homestead exemptions were filed online last year, a convenient and safe alternative to filling out paper forms.
E filing is also available for a business Tangible Personal Property Tax Return (DR-405). Our online form enables businesses to upload a spreadsheet of assets and easily edit assets from past returns.
In this month’s newsletter, there’s a reminder that the deadline to submit homestead exemption applications is March 1. Also included in this month’s newsletter are reminders about filing for an Agricultural Land Classification and Business Tangible Personal Property Tax Return for 2021.
Wishing you a prosperous and wonderful year.
Respectfully,
Dorothy Jacks, CFA, AAS
Palm Beach County Property Appraiser
Reduce Tax With the Homestead Exemption
If you are a permanent Florida resident, you may be eligible for a homestead exemption, which can save you generally $750 to $1,000 in property taxes each year.
A $25,000 exemption is applied to the first $50,000 of your property’s assessed value if your property is your permanent residence and you owned the property as of January 1. This exemption applies to all taxes, including school district taxes. An additional exemption of up to $25,000 will be applied if your property’s assessed value is between at least $50,000 and $75,000. This exemption is not applied to school district taxes. In addition, a homestead exemption limits any increase to your assessed value to a maximum of 3% each year or the amount of the change in the Consumer Price Index, whichever is lower.
Three ways to apply:
- E File at pbcgov.org/PAPA
- Visit one of our five service centers to file in person
- Complete the application online, print it out, and mail it to our office
All homestead exemption applications must be submitted by March 1. Once you qualify, we will renew your homestead exemption annually as long as you continue to qualify for the exemption.
Visit pbcgov.org/PAPA to E-File and for information on other available exemptions for seniors, families, veterans, and more.
The South Florida Fair
The Palm Beach County Property Appraiser’s Office will have a display at the South Florida Fair from Jan. 15 to 31. However, we will not be taking new homestead exemption applications on site.
All About Agricultural Land Classification
Properties with bona fide agricultural (good faith commercial) activity may qualify for the agricultural land classification. The taxable value of the land is based on the annual net income per acre attributable to the land from the agricultural operation.
If you had the agricultural land classification on your property in 2020, the application will automatically renew for 2021, so there is no need to file an application. All 5,271 properties with the agricultural classification in 2020 will be reviewed this year.
To qualify for a new agricultural land classification, the qualifying agricultural use must be on site as of Jan. 1, 2021. Applications should be submitted by March 1, 2021. You will be notified of the status of your application for the agricultural classification by mail on or before July 1.
For more information, call our office at 561.355.4577 or email myfarm@pbcgov.org.
Business Tangible Personal Property
Business tangible assets such as furniture and equipment valued at more than $25,000 are subject to ad valorem taxes. All businesses are required to file a Tangible Personal Property Tax Return (Form DR 405) annually by April 1, unless the value of your tangible personal property last year was under $25,000 and you received notice from this office that your requirement to file has been waived.
Florida allows an exemption up to $25,000 in value for tangible personal property assets used by a business. However, you must file an initial Tangible Personal Property Tax Return to receive the exemption. Thereafter, you need not file an annual return unless the value of your tangible personal property exceeds $25,000 on Jan 1.
Save time, paper, and postage by filing online. If you do need a paper form, you can download it using our Forms link. If you have any questions about reporting personal property, tangible E filing, or the $25,000 tangible exemption, please call our office at 561.355.2896 or email us at patangible@pbcgov.org.
Office Closed
In honor of Dr. Martin Luther King Jr. Day, all Palm Beach County Property Appraiser’s Offices will be closed on Monday, Jan. 18, 2021.
