Ad Valorem Tax Abatement Program
The City of Cocoa offers an Ad Valorem Tax Abatement program for new and expanding businesses within the City. An ad valorem tax abatement is the reduction of or exemption from taxes granted by a government for a specified period, usually to encourage certain activities such as job creation and/or investment in capital. Ad Valorem Tax is a tax based on the value of real estate or personal property.
Eligibility for and the scope of the exemption are generally determined by the number of new jobs created by a new or expanding business, average annual wage of those new jobs created, and the amount of capital investment in improvement of property and/or acquisition of business equipment.
Eligible businesses must complete the Economic Incentive Application (PDF) and submit to the Office of Economic Development via email, or by fax to 321-433-8526.
Following the election on November 4th, the City's Ad Valorem Tax Abatement Program has been extended for another 10 years!
The City of Cocoa's Ad Valorem Tax (AVT) Abatement program has been extended for another ten years following its expiration in 2015. Residents of the City of Cocoa have continued to support the Cocoa AVT Abatement program, which has fostered new job opportunities through businesses locating or expanding in Cocoa since its inception in 1995. To date, Cocoa City Council has authorized 8 ad valorem tax abatements to new and expanding businesses such as Paragon Plastics, Inc which has added 8 employees and completed a 9,500sf expansion of their facility and Diamondback CNC, LLC which has added 23 employees and has made over $10,000 in leasehold improvements as well as nearly $1 million in new machinery and equipment.
The AVT Abatement program enables the City to continue support of existing businesses in the City and be more competitive on a local level in attracting new business and job opportunities for Cocoa residents.