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Amendment One Tax Reductions Included in Current Tax Notice

Homestead taxpayers will see an additional $25,000 exemption (applied to all tax levies except school taxes) on the November tax notice. The doubling of the Homestead exemption was one of several property tax reform provisions of Amendment One approved by Florida voters in January 2008.

The Palm Beach County Tax Collector’s Office issued 31,000 fewer tangible tax notices to businesses in 2008 compared to 2007 due to another provision of Amendment One. Businesses qualified for a $25,000 exemption on each tangible personal property return. Therefore any business that filed a return by April 1, 2008 valuing tangible personal property at $25,000 or less does not owe tangible personal property taxes and a notice was not issued. B usinesses must file tangible personal property returns with the Palm Beach County Property Appraiser’s Office by April 1 each year that the value exceeds $25,000 on January 1. A completed return will serve as an application for the $25,000 personal property exemption.

Contact the Palm Beach County Property Appraiser’s Office at http://www.pbcgov.com/papa/Tangible.htm or (561) 355-2896 to obtain additional information on tangible personal property exemptions.