PLACEMENT: Departmental
TITLE:
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REAUTHORIZATION OF ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION
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EXECUTIVE SUMMARY:
executive summary
The economic development ad valorem tax exemption program was approved by the Martin County voters August 24, 2010 and is designed to encourage the expansion of existing businesses expand attract new businesses to locate in Martin County. Pursuant to Florida law, this exemption expires in August 2020. The Board is being asked to consider placing a referendum on the ballot that, if approved, would reauthorize such tax exemption program.
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DEPARTMENT: Administration
PREPARED BY: Name: George M. Stokus
Title: Assistant County Administrator
REQUESTED BY: Business Development Board of Martin County
PRESET: 9:30 AM
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
Many Florida counties and cities use this exemption as an incentive to attract new businesses and encourage expansion of existing businesses. Our surrounding counties (Indian River, Okeechobee, Palm Beach and St. Lucie) also use economic development exemptions to encourage economic development.
The Business Development Board of Martin County (BDBMC) proposes that the referendum appear on this year's August 2020 Primary Election ballot. All registered voters in Martin County would be eligible to vote on this nonpartisan issue which was first approved by voters in 2010. If the Ad Valorem Tax Exemption Program is reauthorized by the voters, it will allow the Board to grant qualifying businesses a temporary Martin County property tax exemption of up to 100% on new capital improvements and/or tangible personal property for up to 10 years. The exemption will not reduce the tax an existing business is currently paying in County taxes on existing real or personal property nor to existing improvements acquired by a new business. The exemption does not apply to the land upon which the improvements are to be located. The exemption does not apply ...
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