Bradenton area voters extend property tax perks for new businesses. Here’s how it works
Voters approved a referendum on Tuesday’s ballot that extended a pre-existing incentive for businesses seeking to expand in Manatee County.
The Economic Development Referendum narrowly passed with 51% of the vote. That vote authorized county officials to continue providing property tax discounts to large corporations that create high-paying jobs in the Bradenton area.
Manatee County voters first approved the incentive in a 2013 special election, but the perk was set to expire in June 2023.
“We use it as part of a whole economic package,” said County Administrator Scott Hopes. “If somebody wants to come to Manatee County and spend $500 million to build a building and employ 250 employees with salaries that are twice as high as the average, we can use this as an incentive.”
The Board of County Commissioners has the final say on whether an incoming business qualifies for property tax exemptions. Businesses seeking the benefit must pitch their request during a public meeting.
Beneficiaries of the tax incentive include Allied Universal and Power Design, two companies that invested a combined $94 million in Manatee County, according to Sharon Hillstrom, president and CEO of the Bradenton Area Economic Development Corporation.
Voters extend important business incentive
“More than anything, just having this opportunity keeps us competitive with our neighboring communities,” Hillstrom said. “That was highly, highly important to have this in our toolbox.”
In interviews with the Bradenton Herald, board members also called the incentive a key tool for recruiting successful corporations. The policy can also help strengthen Manatee’s economy, they explained.
“We’re dealing with a cost-of-living issue and one way to fix that is to find higher-wage jobs for the county. That’s what we’re trying to do,” said Commissioner George Kruse. “Any way we can encourage those companies to come to Manatee County is a benefit as a whole.”
“It’s a tool the county needs to compete with surrounding communities when it comes to attracting new businesses and diversifying our job market,” Commissioner Kevin Van Ostenbridge added. “Right now, the county’s economy and job market depend too heavily on tourism and construction, so it’s important to diversify the economy with good-paying jobs.”
The property tax incentive for businesses is sparingly used. To determine the benefits, county officials work closely with the Bradenton Area EDC and calculate the property tax exemption based on the company’s proposed capital investment, job creation and the number of high-paying jobs.
“We run a number of calculations to determine the return on investment so that taxpayers come out ahead,” Hopes explained. “It’s not something to use indiscriminately.”
