FAST FACTS ON TAX EXEMPTION
What is the Tax Exemption Program?
An economic development property tax exemption program that gives the Sarasota County Commission the authority to grant tax incentives to:
- New businesses established in Sarasota County
- Existing businesses that expand through the purchase of new equipment and/or improvements to real property
Why do we need it?
This program will diversify the county's business base by encouraging businesses that offer higher than average salaries to relocate here and helping local companies expand. Tax exemptions are economic development incentives and remain a key factor of an area' s competitive advantage.
What taxes are and aren't eligible for exemption?
- Sarasota County property taxes on qualified buildings & equipment are eligible for tax exemption
- Land is NOT eligible for tax exemption
- School taxes are NOT eligible for tax exemption
What is the process of granting tax exemption?
- Exemption is not guaranteed
- A business must meet the threshold criteria for the program
- Economic Development Guidelines will apply to determine whether to grant the exemption
- If criteria are met, a public hearing will be scheduled where public input will be heard
- After the hearing, the County Commission votes to approve or deny the exemption and, if approved, the
- percentage of the exemption and the term of the exemption
- Each exemption is granted as a separate ordinance
Will Sarasota County's services be affected?
- No anticipated impact to existing services
- Other counties that voted YES for tax exemptions are enjoying increased employment and
- business diversification without any reduction in services
Will big-box retail/outlets and fast food restaurants be eligible?
- Big-box retail/outlets may apply, but the Economic Development Guidelines don't suppor t granting the
- exemption to these businesses
- Fast-food restaurants may be eligible, but only in an Enterprise Zone because they don't
- otherwise meet the criteria for qualification
How will the county monitor businesses that receive tax exemption?
- STRICT OVERSIGHT of businesses granted tax exemption by County Commission by
- requiring these businesses to file an Annual Renewal Statement and an Annual Report
- and stable economy and a secure future for all Sarasota County residents.
- We need it for a stronger, more balanced
What factors will the County Commission consider pursuant to its Economic Development Policy Guidelines?
- Number of full-time Sarasota County posi tions created by the business
- Average wage of the new employees
- Amount of capital investment
- Innovative business
- Commitment to local procurement
- Net positive contribution to local economy
Vote by mail by August 24th.
Call 941.861.8618 or
Provide your name, address, date of birth
and where your absentee ballot should be sent.
- Businesses must meet strict guidelinesto qualify.
- There will be NO erosion of our currenttax base.
- Homeowners will NOT
- Plus, school taxes will NOT be affected.
OFFICIAL BALLOT LANGUAGE
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?
Yes, for authority to grant exemptions.
No, against authority to grant exemptions.
Additional information is available at the Sarasota County website at www.scgov.net
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