Indiantown residents recently voted against a proposed tax-exemption aimed at drawing large businesses to the area. The measure, which sought to offer financial incentives to companies expanding or relocating to the village, was overwhelmingly rejected in a vote on Aug.12.
The proposed exemption would have allowed the village council to waive up to 100% of property taxes on improvements made by new businesses or businesses expanding their operations. This would have applied to the assessed value of the improvements and any increase in tangible personal property.
In return, the businesses would have to create new high paying jobs. The goal was to reduce financial burdens on businesses making investments in local property, aiming to foster business growth in the area, thus diversifying the tax-base of the village. As of now, much of Indiantown’s tax base is from Florida Power & Light…