Tax & Accounting Blog

Economic Development Ad Valorem Exemption In Florida

Blog, ONESOURCE, ONESOURCE Property Tax August 1, 2014

Under the economic development ad valorem tax exemption, local Florida government may exempt up to 100 percent of the assessed value of all real property improvements and all tangible personal property of a new business. They may also exempt up to 100 percent of all real property improvements and tangible personal property acquired to facilitate the expansion of an existing business.

Recently amended law changes the procedure local governments  may use to authorize the exemption.

Effective May 12, 2014 real property improvements must be made or tangible personal property improvements must be added or increased after approval by motion or resolution of the local governing body, subject to ordinance adoption, or on or after the day the ordinance is adopted.

To read more about the exemption, including recent changes, visit: http://laws.flrules.org/files/Ch_2014-040.pdf, page 2.