Ocoee's Tax Abatement Incentive
Ocoee Voters approved a citywide job-creation-tax abatement referendum in January 2012. This economic development tool gives the City Commission the ability to approve property tax exemptions to qualified new and existing businesses that are expanding in the City of Ocoee for the purpose of creating new jobs. The program authorizes the City to grant qualifying businesses a temporary city property tax exemption of up to 100% on new capital improvement and/or equipment purchases for up to 10 years. This incentive will have no impact on what the company is currently paying in City taxes on existing land, buildings, infrastructure and equipment. Qualified businesses include manufacturing, biomedical and life sciences, aviation and aerospace, Homeland Security and defense, logistics, financial and professional services, Cleantech, infotech, and other emerging business sectors. Other business with a majority of sales outside the state or newly domiciled offices may qualify if a sufficient number of above-average wage jobs are being created. Wage requirements may be lower for businesses location in designated economic development areas. This economic development tool was created to help the City of Ocoee attract high-paying jobs in targeted industries to secure the region’s long-term sustainability.
All grants of exemptions must be approved by the Mayor and City Commissioners.
- The exemption benefit cannot exceed a 10-year period.
- The program does not exclude qualifying business from school taxes, county taxes or taxes levied by any other entity. @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>
- Qualifying companies must meet the threshold criteria for consideration.
- Only new buildings and new equipment built or purchased to accommodate new employees are eligible. Land is not eligible for the exemption.
- A business or organization that fails to meet performance requirements or benchmarks could/would have the exemption revoked in whole or in part.