On November 3rd, Sarasota County residents PASSED the renewal of the Economic Development Ad Valorem Tax Exemption. THANK YOU TO EVERYONE WHO VOTED!
This is very important to Sarasota manufacturers, as it incentivizes growing businesses to expand here, and out-of-state businesses to move here. We’ve seen businesses such as Wellcraft leave our area in the past due to tax incentives given by other states. It creates new jobs at a salary above the county’s average. From 2010-2020, the exemption created 1,649 jobs at an average salary of $46,467.
The property tax involved is on equipment, not just land and buildings. Kevin Connelly, President of Apollo Sunguard and SAMA Board Member, gives further explanation.
Here are some helpful links with additional information: