Sarasota County residents will be able to vote on the Economic Development Ad Valorem Tax Exemption renewal during the Nov. 3 general election and also during early voting,
An ad valorem tax is a tax based on the value of land or buildings on real estate or personal property and reflects the fair market value. The ad valorem property tax exemption enables businesses to save on the costs incurred from relocating to Sarasota County or expanding an existing operation within Sarasota County.
The ballot item for EDAVTE will ask voters to consider renewing the county commission’s authority to grant the tax exemption. The exemption incentivizes new businesses to relocate to Sarasota County and existing businesses to expand locally, and invites businesses to create more job opportunities in Sarasota County by alleviating taxes on improvements to real property and tangible personal property, including equipment.
New businesses are eligible for exemptions up to 100 percent on improvements to real property and up to 100 percent on tangible personal property. Expanding businesses are eligible for up to 100 percent on added improvements to real property associated with the expansion and up to 100 percent of net increase in tangible personal property associated with the expansion. Exemptions can be granted for up to 10 years.
Since launching the ordinance in 2010, Sarasota County has awarded nine exemptions to eight businesses. If a business that has been awarded an EDAVTE does not continue to meet the criteria required during the application process, the county commission may revoke the exemption and/or take other actions as appropriate.
Norton Hammersley of Sarasota business and tax law practice provides expert planning and advice to our individual and corporate clients. Our attorneys assist our clients in all aspects of their business, including the selection and formation of entities under which to operate, preparation and review of agreements, sales, purchases and mergers of businesses, obtaining financing and funding for businesses and employee relations.
The attorneys at Norton Hammersley Sarasota Law Practice plan for, identify and address state and federal tax issues and represent clients in disputes with the Internal Revenue Service and the Florida Department of Revenue.
For more information regarding Norton Hammersley’s Business and Tax practice, please contact one of the firm’s Business and Tax Attorneys: John M. Compton, or Christopher J.Fowler