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Backup Documents 06/14-15/2011 Item # 9F ') -:::- Agenda Item #: ~_ ,.' Meeting Date : _..~~L,~~ . j -T' Presented by: \: IIi N t~NCf:- City of Tam Ad Valorem Tax Exemption Program Fact Sheet 1. Background .. 9 F Hillsborough County voters approved a referendum in November, 2010 authorizing the Hillsborough Board of County Commissioners (BOCC) to grant ad valorem tax exemptions to qualifying businesses within Hillsborough County (including the City of Tampa) as an incentive for encouraging capital investment and job growth. Although the final structure and qualifications of the County program have not been determined, the initial program recommendation would provide an additional ad valorem tax exemptions from the Municipal Services Taxing Unit (MSTU) for businesses located in unincorporated Hillsborough County. Therefore, businesses in unincorporated Hillsborough County could receive an exemption from both the Countywide and the MSTU ad valorem taxes while a business in the City of Tampa would only receive an exemption from the Countywide ad valorem tax. Unless the City of Tampa is authorized to grant an ad valorem tax exemption from the City of Tampa for businesses in the City of Tampa, an "uneven playing field" of business incentives could exist between unincorporated Hillsborough County and the City of Tampa. Having its own program would also allow the City to target incentives to best meet its unique economic development goals. 2. What is the City of Tampa proposing? On January 6, 2011, Tampa City Council approved placing a referendum on the March 2011 ballot allowing the City of Tampa to create an ad valorem tax exemption program for businesses within the City of Tampa. Hillsborough County voters approved a referendum in November 2010 authorizing the Hillsborough County Commission to grant tax exemptions within Hillsborough County, Now, Tampa voters will be given the opportunity to vote on such a measure for the City of Tampa, The City of Tampa ballot language will read as follows: Shall the municipality of the City of Tampa 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? Yes - For authority to grant exemptions No - Against authority to grant exemptions 3. What is an ad valorem tax exemption program? An ad valorem tax exemption is an incentive program that can be established under State statute and is intended to encourage new businesses to locate or existing businesses to expand and create new jobs in a county or municipality. Where established, the program authorizes the county or municipality to grant qualifying businesses an ad valorem tax exemption of up to 100% for up to 10 years. The applicable Chapter 196.1995, Florida Statutes, and the pertinent statutory definitions are attached for reference. 4. What is the potential benefit of this program? By offering a cost saving to businesses, this program has the potential to attract private sector investment and job creation in the county or municipality that might otherwise not occur. Typically, such programs are used in conjunction with other State incentive programs such as the Qualified Target Industry program. 10f8 9F Benefit Illustration. Exemptions are based on the property tax millage rate of the jurisdiction granting the exemption and the amount of capital investment, i.e., real property, infrastructure or tangible personal property, being made by the business, Assuming the City of Tampa was authorized to implement a 50% ad valorem tax exemption to a new or expanding business located within the City of Tampa (as Hillsborough County is currently proposing), the benefit for a project including $250,000 in capital improvements would be calculated as follows: $250,000 capital investment x County millage of ,0057423 x 50% = $718 annual County exemption, $250,000 capital investment x City millage of .0057326 x 50% = $717 annual Q!y exemption, Totaling an annual exemption of $1,435 for the duration of the exemption period, 5. How does a county or municipality establish an ad valorem tax exemption program? Florida Statutes, Chapter 196,1995, provides that this program must be established by an approved referendum among the voters within the boundaries of the county or municipality seeking to establish the tax exemption. After the voters approve the referendum, the actual program is created through a public hearing process, with specifics such as the application process, the types of companies that qualify, the required qualified jobs and capital investment, and the amount and term of the incentive addressed at that time, The program would conform to the substantial requirements of Florida Statutes, Chapter 196.1995, 6. Do other communities in Florida have ad valorem tax exemption programs? Prior to August 2010, about 35 of Florida's 67 counties administered some form of an ad valorem tax exemption program, Most of these counties are rural and none were located in the Tampa Bay Region. Since then, however, Hillsborough County and Plant City, as well as Polk and Sarasota Counties have obtained voter approval of the exemption program, Temple Terrace is considering a November 2011 ballot initiative. 7. If adopted by the City of Tampa, what businesses will be able to apply for the exemption and how would the program work? Under Florida Statutes, large, small, new and existing local businesses are eligible to participate, State law allows counties and municipalities to create their own eligibility criteria for ad valorem tax exemption. For example, a county or municipality might choose to offer the exemption only to companies establishing a new business creating no less than 20 jobs within a designated Brownsfield, The tax exemption can extend for up to ten (10) years. If approved by the voters of the City of Tampa, Tampa City Council and the Administration would craft and adopt comprehensive program guidelines through a public hearing process, For consistency, the City's program would likely mirror in many respects the program being developed by Hillsborough County. The County is anticipating approving its program by March 2011. For more information on the Hillsborough County program, contact its Economic Development Department at 813-272-7232, 8. Are qualifying businesses exempt from paying all ad valorem taxes? No. The exemption applies only to ad valorem taxes levied by the county or municipality granting the exemption. The exemption does not apply, however, to taxes levied for the payment of bonds or to taxes authorized by a vote of the electors pursuant to Section 9(b) or Section 12, Article VII of the State Constitution. 20f8 9. Will my property taxes increase if the City of Tampa adopts this program? 9F The existence of this program in-and-of-itself does not increase or lessen any tax liabilities except for property owners who become exempted by ordinance under the rules of the program, 10. If adopted in the City of Tampa, will the program affect public school funding? No. Funding made available to Hillsborough District Schools through property taxes will not be impacted if a tax exemption program is adopted. The same is true for funding made available to the Tampa Port Authority, the Children's Board of Hillsborough County, and HART. 11. What would be the impact ifthe City of Tampa voters do not approve this program? If the City of Tampa does not adopt this program, an uneven "playing field" of business incentives could exist between unincorporated Hillsborough County and the City of Tampa. Under the current draft plan now being discussed by the BOCC, businesses located in unincorporated Hillsborough County could be granted property tax exemptions related to two millage components while businesses located in the City of Tampa could only be granted an exemption related to one millage component. F or businesses in unincorporated Hillsborough County, the exemption would be for Countywide and Municipal Services Taxing Unit (MSTU) millages for businesses located in unincorporated Hillsborough County. For businesses in the City, if voters do not allow implementation of the program, only the Countywide millage would be exempted, not the City millage. 12. What are the potential drawbacks of this program? Some observers contend that this type of incentive program does little to attract or encourage the expansion of small businesses. This argument is based on the fact that the value of the exemption is based on the value of new investment in buildings and equipment, which is often relatively low in a small business environment. The apparently low value of exemptions, coupled with the publicly funded costs associated with administering the program, raises questions about the overall value of the program. Secondly, some observers also believe that the granting of tax exemptions to new businesses creates unfair competition with existing businesses that do not receive an exemption, Finally, because the program requires public disclosure of the tax exemption request, potential applicants may be discouraged from applying. 30f8 " 9F FLORIDA STATUTES (2010) 196.1995 Economic Development Ad Valorem Tax Exemption. (1) The board of county commissioners of any county or the governing authority of any municipality shall call a referendum within its total jurisdiction to determine whether its respective jurisdiction may grant economic development ad valorem tax exemptions under s, 3, Art. VII of the State Constitution if: (a) The board of county commissioners ofthe county or the governing authority of the municipality votes to hold such referendum; or (b) The board of county commissioners of the county or the governing authority of the municipality receives a petition signed by 10 percent of the registered electors of its respective jurisdiction, which petition calls for the holding of such referendum. (2) The ballot question in such referendum shall be in substantially the following form: Shall the board of county commissioners of this county (or the governing authority of this municipality, or both) be authorized to grant, pursuant to s. 3, Art, VII ofthe State Constitution, property tax exemptions to new businesses and expansions of existing businesses? Yes-For authority to grant exemptions. No-Against authority to grant exemptions, (3) The board of county commissioners or the governing authority of the municipality that calls a referendum within its total jurisdiction to determine whether its respective jurisdiction may grant economic development ad valorem tax exemptions may vote to limit the effect of the referendum to authority to grant economic development tax exemptions for new businesses and expansions of existing businesses located in an enterprise zone or a brownfield area, as defined in s. 376.79(4), If an area nominated to be an enterprise zone pursuant to s. 290.0055 has not yet been designated pursuant to s, 290.0065, the board of county commissioners or the governing authority of the municipality may call such referendum prior to such designation; however, the authority to grant economic development ad valorem tax exemptions does not apply until such area is designated pursuant to s, 290.0065. The ballot question in such referendum shall be in substantially the following form and shall be used in lieu of the ballot question prescribed in subsection (2): 40f8 Shall the board of county commissioners of this county (or the governing authority of this municipality, or both) be authorized to grant, pursuant to s. 3, Art. VII ofthe State Constitution, property tax exemptions for new businesses and expansions of existing businesses which are located in an enterprise zone or a brownfield area? 9F Yes-For authority to grant exemptions. No-Against authority to grant exemptions, (4) A referendum pursuant to this section may be called only once in any 12-month period. (5) Upon a majority vote in favor of such authority, the board of county commissioners or the governing authority of the municipality, at its discretion, by ordinance may exempt from ad valorem taxation up to 100 percent of the assessed value of all improvements to real property made by or for the use of a new business and of all tangible personal property of such new business, or up to 100 percent of the assessed value of all added improvements to real property made to facilitate the expansion of an existing business and of the net increase in all tangible personal property acquired to facilitate such expansion of an existing business, provided that the improvements to real property are made or the tangible personal property is added or increased on or after the day the ordinance is adopted. However, if the authority to grant exemptions is approved in a referendum in which the ballot question contained in subsection (3) appears on the ballot, the authority of the board of county commissioners or the governing authority of the municipality to grant exemptions is limited solely to new businesses and expansions of existing businesses that are located in an enterprise zone or brownfield area. Property acquired to replace existing property shall not be considered to facilitate a business expansion, The exemption applies only to taxes levied by the respective unit of government granting the exemption, The exemption does not apply, however, to taxes levied for the payment of bonds or to taxes authorized by a vote of the electors pursuant to s. 9(b) or s. 12, Art. VII of the State Constitution. Any such exemption shall remain in effect for up to 10 years with respect to any particular facility, regardless of any change in the authority of the county or municipality to grant such exemptions. The exemption shall not be prolonged or extended by granting exemptions from additional taxes or by virtue of any reorganization or sale of the business receiving the exemption. (6) With respect to a new business as defined by s, 196,012(15)(c), the municipality annexing the property on which the business is situated may grant an economic development ad valorem tax exemption under this section to that business for a period that will expire upon the expiration of the exemption granted by the county. If the county renews the exemption under subsection (7), the municipality may also extend its exemption, A municipal economic development ad valorem tax exemption granted under this subsection may not extend beyond the duration of the county exemption, 50f8 . 9F . (7) The authority to grant exemptions under this section expires 10 years after the date such authority was approved in an election, but such authority may be renewed for subsequent 10-year periods if each 10-year renewal is approved in a referendum called and held pursuant to this section. (8) Any person, firm, or corporation which desires an economic development ad valorem tax exemption shall, in the year the exemption is desired to take effect, file a written application on a form prescribed by the department with the board of county commissioners or the governing authority of the municipality, or both. The application shall request the adoption of an ordinance granting the applicant an exemption pursuant to this section and shall include the following information: (a) The name and location of the new business or the expansion of an existing business; (b) A description of the improvements to real property for which an exemption is requested and the date of commencement of construction of such improvements; (c) A description of the tangible personal property for which an exemption is requested and the dates when such property was or is to be purchased; (d) Proof, to the satisfaction of the board of county commissioners or the governing authority of the municipality, that the applicant is a new business or an expansion of an existing business, as defined in s, 196.012(15) or (16); and (e) Other information deemed necessary by the department. (9) Before it takes action on the application, the board of county commissioners or the governing authority of the municipality shall deliver a copy of the application to the property appraiser of the county. After careful consideration, the property appraiser shall report the following information to the board of county commissioners or the governing authority of the municipality: (a) The total revenue available to the county or municipality for the current fiscal year from ad valorem tax sources, or an estimate of such revenue if the actual total revenue available cannot be determined; (b) Any revenue lost to the county or municipality for the current fiscal year by virtue of exemptions previously granted under this section, or an estimate of such revenue if the actual revenue lost cannot be determined; (c) An estimate of the revenue which would be lost to the county or municipality during the current fiscal year if the exemption applied for were granted had the property for which the exemption is requested otherwise been subject to taxation; and (d) A determination as to whether the property for which an exemption is requested is to be incorporated into a new business or the expansion of an existing business, as defined in s, 196,012(15) or (16), or into neither, which determination the property appraiser shall also affix to the face of the application. Upon the request of the property appraiser, the department shall 60f8 9F ... provide to him or her such information as it may have available to assist in making such determination. (10) An ordinance granting an exemption under this section shall be adopted in the same manner as any other ordinance of the county or municipality and shall include the following: (a) The name and address of the new business or expansion of an existing business to which the exemption is granted; (b) The total amount of revenue available to the county or municipality from ad valorem tax sources for the current fiscal year, the total amount of revenue lost to the county or municipality for the current fiscal year by virtue of economic development ad valorem tax exemptions currently in effect, and the estimated revenue loss to the county or municipality for the current fiscal year attributable to the exemption of the business named in the ordinance; (c) The period of time for which the exemption will remain in effect and the expiration date of the exemption; and (d) A finding that the business named in the ordinance meets the requirements of s. 196,012(15) or (16). History . s. 2, ch. 80-347; s. 1, ch, 83-141; s. 30, ch. 84-356; s, 11, ch, 86-300; s. 1, ch, 90-57; s. 68, ch. 94-136; s. 1477, ch. 95-147; s. 57, ch, 95-280; s, 110, ch. 99-251; s. 5, ch, 2006-291; s, 3, ch. 2010-147. 70f8 .. 9F . ... FLORIDA STATUTES (2010) Definitions 196.012(15) "New business" means: (a) 1. A business establishing 10 or more jobs to employ 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; 2. A business establishing 25 or more jobs to employ 25 or more full-time employees in this state, the sales factor of which, as defined by s, 220.15(5), 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 3. An office space in this state owned and used by a corporation newly domiciled in this state; provided such office space houses 50 or more full-time employees of such corporation; provided that such business or office first begins operation on a site clearly separate from any other commercial or industrial operation owned by the same business. (b) Any business located in an enterprise zone or brownfield area that first begins operation on a site clearly separate from any other commercial or industrial operation owned by the same business. (c) A business that is situated on property annexed into a municipality and that, at the time of the annexation, is receiving an economic development ad valorem tax exemption from the county under s. 196.1995. 196.012(16) "Expansion of an existing business" means: ( a) 1. A business establishing 10 or more jobs to employ 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 2, A business establishing 25 or more jobs to employ 25 or more full-time employees in this state, the sales factor of which, as defined by s, 220,15(5), 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; provided that such business increases operations on a site colocated with a commercial or industrial operation owned by the same business, resulting in a net increase in employment of not less than 10 percent or an increase in productive output of not less than 10 percent. 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