Laserfiche WebLink
F_ <br />600K 8 FIAE <br />Among the criteria which the county may establish in its tax <br />abatement program are the following: <br />• Period for which taxes will be abated (1 to 10 years) <br />• Percentage of ad valorem taxes to be abated (up to look) <br />• Types of businesses that can receive an abatement <br />• Other qualifying criteria, such as the minimum number of <br />jobs that a new or expanding business must create <br />Any person, firm, or corporation which desires an economic <br />development ad valorem tax exemption shall, in the year the <br />exemption is desired to take effect, file a written application <br />with the Board of County Commissioners on a form prescribed by the <br />Department of Commerce. <br />• Survey of other surrounding counties <br />There are 14 counties in the state that have some form of tax <br />abatement. These counties are primarily in north Florida, where <br />they must compete with the states of Georgia, Alabama, and <br />Mississippi. There are, however, several surrounding counties that <br />also provide tax abatements. <br />The following table lists the counties surrounding Indian River <br />that offer tax abatement programs. The table lists the <br />applicability of the tax abatement program in each county. <br />May 14, 1996 <br />28 <br />St. Lucie <br />Palm Beach <br />Brevard County <br />County <br />County <br />Eligible <br />Non -retail <br />Non -retail <br />Non -retail related <br />Industries <br />related <br />related <br />Length of <br />8 years; <br />up to 10 <br />up to 10 years <br />Abatement <br />annual <br />years <br />renewal <br />Number of <br />Not Available <br />Not <br />Not Available <br />Businesses <br />Available <br />Utilizing <br />Program <br />Total Amount <br />Not Available <br />Not <br />Not Available <br />Awarded <br />Available <br />Total Jobs <br />Not Available <br />Not <br />Not Available <br />Created <br />Available <br />Taxes Abated <br />l0ok for 1st <br />look of <br />l0ok of assessed <br />year, reduced <br />assessed <br />value on all <br />by a <br />value on all <br />improvements made <br />determined <br />improvements <br />to real property, <br />percent each <br />made to real <br />and all tangible <br />subsequent <br />property, <br />personal property <br />year; only on <br />and all <br />that is added <br />improvements <br />tangible <br />and equipment <br />personal <br />property <br />that is <br />added <br />Special <br />1 year of <br />N/A <br /># of Emp./yrs <br />Conditions <br />additional <br />abatement <br />exemption if <br />10-20/5 yrs. <br />at least 60% <br />21-50/8 yrs. <br />of employees <br />51+ /10 yrs.; <br />are county <br />Rating for <br />res.; 2 yrs. <br />percentage of <br />if 80% are <br />exemption <br />county res. <br />wage: <br />below average -1, <br />avg. =2, <br />above avg. =3; <br />capital invest:: <br /><$50,000 =0, <br />$50k -$100k =1, <br />$100k -$250k =2, <br />$250k+ =3, <br />Points scoring: <br />1-3 =75% exemp., <br />4-5 =85% exemp., <br />6 =100% exemption <br />Year Program <br />1992 <br />1994 <br />1995 <br />Began <br />May 14, 1996 <br />28 <br />