To help your business grow, we offer several exemptions for property and sales taxes.
Exemptions and Incentives Against Property Tax
- No tax on inventory, intangibles, or pollution control equipment.
- Five-year abatement of the county operating portion of property tax, lowering the millage rate by approximately 33%. Generally, this saves 20-25%, with a low investment requirement of $50,000.
- Opportunity to negotiate with the county for a fee-in-lieu of property taxes. With a minimum $2.5 million capital investment, a county can substitute a 20-year fee schedule with a reduced assessment rate (as low as 6%) in place of standard property tax payments.
- Special Source Revenue Credits which are a rebated percentage of paid property taxes used to help offset infrastructure improvements.
Exemptions from Sales Tax
- Sales tax exemption on manufacturing equipment and electricity.
- Sales tax exemption on machinery used in research and development.
- No value-added taxes.
- No wholesale sales tax.
- No tax on packaging materials.