§ 25-117. Establishment of economic development ad valorem tax exemption.

(a)

Incentive. There is herein established an economic development ad valorem tax exemption for ad valorem taxes levied by the county. The exemption is a local option tax incentive for a qualified business which may be granted or refused at the sole and absolute discretion of the board.

(b)

Ineligible property. The exemption shall not apply to improvements and tangible personal property made or acquired by or for the use of a qualified business when such improvements or tangible personal property have been included on the tax roll prior to the effective date of the ordinance granting the exemption.

(c)

Eligible property, At the sole and absolute discretion of the board, and except as otherwise provided for in this division, the exemption may be granted for up to one hundred (100) percent of the assessed value of all improvements made by or for the use of a qualifying new business and of all tangible personal property of such new business, or up to one hundred (100) percent of the assessed value of all added improvements made to facilitate the qualifying expansion of an existing business and of the net increase in all tangible personal property acquired to facilitate such expansion of an existing business, provided that the improvements to real property are made or the tangible personal property is added or increased on or after the day the ordinance granting the exemption is adopted. Exemptions for less than one hundred (100) percent of such assessed values may be granted at the sole and absolute discretion of the board. Property acquired to replace existing property shall not be eligible for the exemption.

(d)

Land. Land is ineligible for the exemption.

(e)

Duration of exemption. Each ordinance granting an exemption shall state the period of time for which the exemption shall remain in effect and the expiration date of the exemption, which may be any period of time up to ten (10) years.

(f)

Applicable taxes. The exemption shall apply only to ad valorem taxes levied countywide by the county. The exemption shall not apply to taxes levied by a county municipal service taxing unit, municipality, school district, or water management district, or other special district or to taxes levied for the payment of bonds or taxes authorized by a vote of the electors pursuant to Section 9(b) or 12, Article VII, of the Florida Constitution.

(g)

Maximum amount of annual exemptions. Notwithstanding any other provision of this division, the total exemptions granted by the board for each fiscal year shall not result in an estimated aggregate annual amount of forgone ad valorem tax revenues in excess of two million dollars ($2,000,000.00), or such other amount approved by a supermajority vote of the entire board, which amount shall be determined by the board based on estimates of the revenue lost to the county during the applicable fiscal year by virtue of exemptions previously granted plus exemptions under consideration in such applicable fiscal year.

(Ord. No. 2012-05 , § 5, 2-21-12)