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AD VALOREM ECONOMIC DEVELOPMENT AGREEMENT BETWEEN PALM BEACH COUNTY AND FLORIDA ATLANTIC RESEARCH AND DEVELOPMENT AUTHORITY THIS AGREEMENT, (the Agreement) is made as of October 1, 2023 (Effective
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Determine the value of the goods or property being assessed.
02
Calculate the applicable tax rate.
03
Multiply the value by the tax rate to determine the amount of tax owed.
04
Fill out the necessary paperwork accurately and completely.
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Submit the paperwork and payment to the appropriate government entity.

Who needs ad valorem economic development?

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Businesses looking to invest in a new location and take advantage of tax incentives.
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Government agencies seeking to attract businesses and spur economic development in a specific area.
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Ad valorem economic development refers to a system of taxation or financial incentives based on the value of property or assets. This can help promote investment and growth in specific sectors or regions by tying tax benefits or obligations to the value created.
Entities that benefit from property tax incentives, such as businesses receiving tax abatements or industrial development corporations, are typically required to file ad valorem economic development.
To fill out ad valorem economic development, individuals or entities must gather relevant financial and property information, including property values and details of the incentives received, and submit the completed forms to the appropriate local or state tax authority.
The purpose of ad valorem economic development is to encourage economic growth by providing tax benefits based on the value of investments made in property or infrastructure, thus stimulating job creation and local economic activity.
Information that must be reported includes property values, the nature of the economic activity, details of the incentives received, and any financial statements that demonstrate compliance with the requirements for retaining the benefits.
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