ST. PETERSBURG, Fla. (WFLA) — St. Petersburg residents are set to decide more than a dozen different elections and city charter amendments on Nov. 2. Among the 14 items is a proposal to renew a previously established new business tax exemption.
In 2011, St. Petersburg voters approved a property tax exemption for businesses that would expand to create new full-time jobs, or new businesses coming in to do the same, according to city documents. The exemption was approved on a 10-year basis, according to regulations imposed by Florida state statutes, and now it’s time for voters to renew or reject it.
Providing City Council with the Authority to Grant Economic Development Ad Valorem Tax Exemptions
Shall the City Council of St. Petersburg be authorized to grant, pursuant to s. 3, Art. VII of the State Constitution, property tax exemptions to new businesses and expansions of existing businesses that are expected to create new, full-time jobs in the City of St. Petersburg?
BALLOT TEXT: Tax Referendum, Ordinance No. 472-H
The tax is an ad valorem exemption, meaning it’s a tax that would be levied on the established value of good, service or property. The vote on Nov. 2 would either continue or end the St. Petersburg City Council’s ability to authorize such exemptions for businesses in, or coming to, St. Pete that would create local jobs.
Should the voters approve the renewal, businesses bringing in full-time jobs to St. Petersburg would be able to have the city grant them property tax exemptions until the exemptions are up for renewal again in 2031.
