Ad Valorem Tax Exemption for Economic Development

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Ad Valorem Tax Exemption

Grant Overview

St. Petersburg City Council passed the Economic Development Ad Valorem Tax Exemption program on October 18, 2012, and renewed the program on June 15, 2017. This incentive grants ad valorem tax exemptions to qualifying new businesses and expansions of existing businesses that create new full-time jobs in the city. The tax exemption for qualifying businesses will apply only to the new increment of the assessed St. Petersburg millage on improvements including tangible property. The annual overall program cap is $1.5 million of exempted taxes and the individual project cap is $100,000 of exempted taxes.