Ad Valorem Tax Abatement

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Ad Valorem Tax Abatement

Program Guidelines

Who is eligible? New business locating/relocating to Palm Bay and expansion of business already located in Palm Bay that meet the following criteria:

  • Key Florida Industries: Cleantech, Life Sciences, Information Technology, Aviation/Aerospace, Homeland Security/Defense, Financial/Professional Services, Manufacturing, Emerging Technologies, Corporate Headquarters, excluding retail.
  • New or expanding business who make a positive contribution to the economy of Palm Bay in terms of new jobs and improvements to real and personal property.
  • The applicant must be a person, firm, partnership, corporation, or other business organization or entity, with the object of private or public gain, benefit, or advantage, either direct or indirect.

Definition of New Business: as defined in Section 196.012(15), Florida Statutes must meet the following criteria:

  • Any business establishing ten (10) or more jobs to employ ten (10) or more full time employees in this State, which manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or
  • Any business establishing twenty-five (25) or more jobs to employ twenty-five (25) or more full-time employees in this State, whose sales factor, as defined by Section 220.15 (5), Florida Statutes, for the facility with respect to which it requests an economic development ad valorem tax exemption is less than 0.50 for each year the exemption is claimed; or
  • An office space in this State owned and used by a corporation newly domiciled in this state; provided such office space houses fifty (50) or more full-time employees of such corporation; or
  • A business located in an Enterprise Zone (pursuant to Section 290.0065, Florida Statutes).
  • Any new business must first begin operation on a site clearly separate from any other commercial or industrial operation owned by the same business.

Definition of Expansion: as defined in Section 196.012(16), Florida Statutes must meet the following criteria:

  • A business establishing ten (10) or more jobs to employ ten (10) or more full time employees in this State, which manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or
  • Any business establishing twenty-five (25) or more jobs to employ twenty-five (25) or more full time employees in this State, whose sales factor, as defined by Section 220.15(5), Florida Statutes, for the facility with respect to which it requests an economic development ad valorem tax exemption is less than .050 for each year the exemption is claimed; or
  • Any business located in an Enterprise Zone (pursuant to Section 290.0065, Florida Statues).