(The existing taxable value prior to improvements or additions is not exempt therefore, there is no decrease to the existing tax base.) Upholds accountability and transparency by requiring annual reporting from recipient business showing they’ve maintained the jobs and expansion related to the exemption.Undergoes review by city staff, analysis by the Property Appraiser and requires a vote by the City Commission before it's provided.Creates good jobs in manufacturing, processing, fabricating, data centers and other target industry businesses. Temporarily exempts ad valorem taxes on the improvements to land or building expansion for eligible existing and new businesses that expand facilities, purchase equipment, and create ten or more full-time jobs.The program is designed to encourage job growth and additional business investment in the City of Panama City, and if reauthorized by voters, would allow the City Commission to grant property tax exemptions for expanding or new businesses that are creating good jobs and purchasing new equipment or making capital improvements as per Florida Statute 196.1995.įlorida counties and cities – including Bay County – use this exemption as an economic development tool to encourage new job creation from local companies, the relocation of new eligible businesses such as manufacturers and data centers while accelerating local equipment purchases and capital investments from targeted industry firms. On April 18, 2023, voters in the City of Panama City will be asked to reconsider a local ballot referendum item associated with the Economic Development Ad Valorem Tax Exemption Program.
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