Sarasota County To Vote on Continuance of Tax Exemption Program for Business Incentives
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.
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Sarasota County residents will be able to vote on the Economic Development Ad Valorem Tax Exemption (EDAVTE) renewal during the Nov. 3 general election and during early voting, which runs Monday, Oct. 19 to Sunday, Nov. 1. Registered voters can visit one of eight Sarasota County locations between 8:30 a.m. and 6:30 p.m. daily.
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.
