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No. As the name implies, AVT abatement involves an annual reduction of certain property taxes for a period of time not to exceed 10 years. The abatement is not applied until at least 1 year after it is granted, and only after the company has submitted the required annual report to the City of Cocoa certifying it has met required milestones. Please call 321-433-8522 for more information.
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The program is designed to spur the location and/or expansion of eligible businesses in the City of Cocoa through the exemption of certain, but not all, local taxes. Please call 321-433-8522 for more information.
Generally, to be eligible a business must agree to create a minimum of 10 new jobs, and invest in new capital, such as new construction and/or tangible property. Please call 321-433-8522 for more information.
The Cocoa City Council has sole discretion to grant the AVT abatements city wide. Please call 321-433-8522 for more information.
No. The abatement does not apply to taxes levied by a school district, or water management district, or to taxes levied for the payment of bonds or taxes authorized by a vote of the electors. Please call 321-433-8522 for more information.
The applicant is required to submit an annual report, along with supporting documents, to the City of Cocoa showing it has satisfied job creation, wage, and capital investment milestones. Please call 321-433-8522 for more information.
-Many cities offer incentives to new and existing businesses to encourage job creation and business expansion. The AVT abatement program better positions the City of Cocoa to remain competitive with other communities in securing new employment opportunities for its residents.
-The AVT abatement program can be used to match State incentives, many of which require up to 20% in local match. Without the AVT abatement program, the City may not be able to reinforce a business's eligibility for State incentives, and would require the City to consider matching State incentives using general funds.
-While it may seem like an easy decision for a business to locate to the City of Cocoa, incentives can sometimes be the deciding factor for whether a business remains in, or relocates to our community, and is often times the catalyst for success for a business during a period of growth.
Please call 321-433-8522 for more information.