ST. PETERSBURG, Fla. (WFLA) — St. Petersburg residents are set to determine greater than a dozen completely different elections and metropolis constitution amendments on Nov. 2. Among the many 14 objects is a proposal to renew a previously established new business tax exemption.
In 2011, St. Petersburg voters permitted a property tax exemption for companies that might develop to create new full-time jobs, or new companies coming in to do the identical, in line with metropolis paperwork. The exemption was permitted on a 10-year foundation, in line with laws imposed by Florida state statutes, and now it’s time for voters to resume or reject it.
Offering Metropolis Council with the Authority to Grant Financial Growth Advert Valorem Tax Exemptions
Shall the Metropolis Council of St. Petersburg be licensed to grant, pursuant to s. 3, Artwork. VII of the State Structure, property tax exemptions to new companies and expansions of present companies which can be anticipated to create new, full-time jobs within the Metropolis of St. Petersburg?
The tax is an advert valorem exemption, which means it’s a tax that might be levied on the established worth of excellent, service or property. The vote on Nov. 2 would both proceed or finish the St. Petersburg Metropolis Council’s capability to authorize such exemptions for companies in, or coming to, St. Pete that might create native jobs.
Ought to the voters approve the renewal, companies bringing in full-time jobs to St. Petersburg would be capable to have the town grant them property tax exemptions till the exemptions are up for renewal once more in 2031.