EDATEs help create new jobs

  • December 19, 2014
  • /   Carlton Proctor
  • /   economy
Like them or not, Economic Development Ad Valorem Tax Exemptions are here to stay in Pensacola and Escambia County, at least through Dec. 31, 2022. Seen by experts as crucial to attracting new jobs and industry to the community, EDATEs have been around for years. They were reauthorized for another 10 year by voters in 2012. Securing a 10-year property tax exemption (school taxes are not affected) involves more than just asking for one. Companies must promise the creation of new jobs over the decade long tax break. If they don't fulfill that promise the EDATE can be canceled and the exempted tangible property put back on the tax rolls. Escambia County leads the state's other 66 counties in the total dollar value of property taken off the tax rolls. Data provided by Property Appraiser Chris Jones shows that more than $250 million of property is off the tax rolls for up to 10 years. The annual dollar impact to the city and county — were that property put back on the rolls — is $1.6 million, at current millage assessment rates. But economic experts say the overall impact on the economy by the new jobs created far outweighs any loss of ad valorem tax revenues. All totaled, 18 local companies and businesses currently enjoy property tax relief. Here is the list of locally operating companies, the expiration date of the EDATE, the total value of the property off the tax rolls, and the city and county tax dollar loss:
  1. Advanced Elastomer Systems: expiration 12/31/2016; property exempted $1,066,190; tax impact $7,054.
  2. Ascend Performance Materials (formerly Solutia): expiration 12/31/2022; property exempted $15,645,825; tax impact $103,521.
  3. Bear Marcus Point: expiration 12/31/2021; property exempted $174,129; tax impact $1,152.
  4. Cajun Specialty Meats: expiration 12/31/2016; property exempted $402,556; tax impact $1,727.
  5. Cronimet Corp.: expiration 12/31/2021; property exempted $1,134,178; tax impact $4,865.
  6. Deepwater Bend LLC: expiration 12/31/2017; property exempted $193,980; tax impact $832.
  7. ExxonMobile Chemical Co.: expiration 12/31/2017; property exempted $3,308,969; tax impact $21,894.
  8. GC Property Group LLC: expiration 12/31/2017; property exempted $22,132; tax impact $95.
  9. Gelman Sciences: expiration 12/31/2019; property exempted $18,304,066; tax impact $121,109.
  10. Genesis Property Holdings LLC: expiration 12/31/2019; property exempted $12,501,310; tax impact $41,357.
  11. International Paper Co.: expiration 12/31/2017; property exempted $122,914,658; tax impact $813,265.
  12. Landworks Investments LLC: expiration 12/31/2019; property exempted $422,737; tax impact $2,123.
  13. Leonard Street LLC: expiration 12/31/2019; property exempted $312,863; tax impact $1,342.
  14. Lewis Bear Co.: expiration 12/31/2022; property exempted $12,631; tax impact $84.
  15. Navy Federal Credit Union: expiration 12/31/2021; property exempted $59,317,449; tax impact $392,474.
  16. Rodney Rich & Co.: expiration 12/31/2020; property exempted $560,576; tax impact $3,057.
  17. Toddler Tech Academy of Pensacola: expiration 12/31/2014; property exempted $301,252; tax impact $1,993.
  18. Woodlands Medical Specialists PA: expiration 12/31/2019; property exempted $3,904,252; tax impact $25,832.
Back to Blogs

Recent Posts

  1. Charles Marohn CivicCon launches with a look at good growth in cities
  2. baby in a stroller Building stronger brains one baby, one parent at a time
  3. SCI debuts commercial on Early Learning City
  4. Entrecon: World class speakers and an opportunity to sharpen skills
  5. PYP Quality of Life survey 2017
  6. EntreCon Pensacola 2016: A look back
  7. Leadership tip: getting better employee takeaways
  8. Leadership tip: be interested instead of interesting
  9. Leadership tip: delivering difficult messages
  10. Brain Bags boost Arc, Early Childhood Court programs

We use cookies to enhance your experience and improve our services and our website’s functionality. By continuing to use our website, including remaining on the landing page, you consent to our use of cookies.

Your items have been added to the shopping cart. The shopping cart modal has opened and here you can review items in your cart before going to checkout