SARASOTA COUNTY – Sarasota County residents will be able to vote on the Economic Development Ad Valorem Tax Exemption (EDAVTE) renewal during the Nov. 3 election and during early voting which runs Monday, Oct. 19 to Sunday, Nov. 1. Registered voters can visit one of eight locations between 8:30 a.m. and 6:30 p.m. daily.
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. The program invites businesses to create more job opportunities in Sarasota County by alleviating taxes on improvements to real property and on tangible personal property, including equipment. The amount and duration of each exemption is determined by the board of county commissioners. Exemptions can be granted for up to 100 percent and for a period of up to 10 years.
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. Under the sunset EDAVTE authority, the county commission established the following criteria that businesses must meet during the application process in order to qualify for the property tax exemption:
- Be a new business or expansion of an existing business.
- Create at least 10 new full-time jobs within the first two years of the exemption.
- Provide salaries that are at least 15 percent above the Metropolitan Statistical Area average for the new full-time positions.
- Devote at least $1 million of capital investments to their Sarasota County location during the first two years of the exemption.
- Submit an annual renewal statement and annual report for each year the exemption is granted.
Since launching the ordinance in 2010, Sarasota County has awarded nine exemptions to eight businesses creating over 1,600 jobs with average annual wages over $46,400.
If a business that has been awarded an EDAVTE does not continue to meet any criteria required during the application process, the county commission may revoke the exemption and/or take other actions as appropriate.
Below is how the EDAVTE renewal language will appear on the Nov. 3 ballot:
SARASOTA COUNTY ECONOMIC DEVELOPMENT AD VALOREM (PROPERTY) TAX EXEMPTIONS
Shall the Board of County Commissioners of Sarasota County be authorized to grant,pursuant to s. 3, Art. VII of the State Constitution, property tax exemptions to new businesses and expansions of existing businesses that are expected to create new, full-time jobs in the county?
∎ Yes – For authority to grant exemptions.∎ No – Against authority to grant exemptions.
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.
For more information about these ballot questions, visit scgov.net (keywords EDAVTE). For more information about voting locations and hours, visit sarasotavotes.com or call 941-861-8619.
Sarasota County prohibits discrimination in all services, programs or activities. View the complete policy at www.scgov.net.