City of St.Petersburg, FL
Ad Valorem Tax Exemption for Economic Development
About City of St.Petersburg, FL:
About Ad Valorem Tax Exemption for Economic Development:
St. Petersburg City Council passed the Economic Development Ad Valorem Tax Exemption program on October 18, 2012 to grant 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.