On July 26, the North Port Area Chamber of Commerce attended the City Commission meeting and spoke in support of the property tax exemption ordinance for businesses to be considered by voters on Aug. 24. To better explain why the chamber took this stand and to help the community better understand this ordinance, I would like to provide a brief explanation on the issue.
The Economic Development Ad Valorem Tax Exemption will help attract new businesses to North Port and will help to encourage existing businesses to expand. The new or expanded businesses will bring additional jobs to the city. The approval of individual businesses to receive the exemption will be considered by the City Commission at a public meeting. The exemption will be for a designated period of time, up to 10 years, and for businesses establishing 10 or more jobs (or full-time equivalent jobs). The exemption applies only to the North Port property (building and tangible) taxes, not property taxes on land or other taxing entities such as the school district. Businesses will need to meet certain criteria to receive and to continue to receive the exemption.
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