Largo voters will decide Nov. 6 if their city will create a program to offer property tax incentives to new and expanding businesses.
In 2011, the state Legislature approved a law that allowed cities and counties to grant property tax exemptions to businesses that meet job creation guidelines. The minimum required number of jobs created to get tax breaks varies depending on the industry, from as few as 10 for a manufacturing company to a minimum of 50 for a corporate office. Jobs must pay more than the area's average salary, which in Pinellas County was $40,372 as of January 2012.
State law allows up to 100 percent tax exemptions on property improvements, but some cities have enacted less-generous programs. The tax exemptions are only for improvements made to a property. Businesses that want the tax breaks must show every year that they are keeping job promises.
If approved, the program would be in place for 10 years in Largo, with the option to put it back out to referendum in 2022 for another 10 years.