Miami considers 100% tax breaks on new construction
City of Miami may offer 100% property tax exemptions to qualified developers
and entrepreneurs who bring new construction or growth to downtown and under-developed
could be in effect for 10 years and would apply to new commercial buildings
or the expansion of existing structures in Allapattah, Wynwood, Edison, Overtown,
East Little Havana, Little Haiti, along the Miami River and in parts of downtown.
city would continue to collect property taxes on the land and any infrastructure
previously in place, Miami City Commissioner Johnny Winton said.
breaks would only apply to the annual municipal millage on a tax bill, now $8.995
per $1,000 of taxable property value, said Arleen Weintraub, director of real
estate & economic development for the city.
commission is expected to discuss the plan today (1/10.) Commissioners Winton
and Joe Sanchez said Tuesday they support the incentives.
existing county tax exemptions and what's proposed, a company relocating in
Miami could save about $15 per $1,000 of assessed value, said Tyrone Hoskins,
supervisor with the property appraiser's office.
proposal stems from a November referendum voters OK'd that called for the city
to promote economic development.
Knox, a lawyer involved in Miami-Dade County's economic development, said Miami
should offer other programs such as workforce development to train people for
breaks and other incentives reduce the cost of development and relocation for
companies, which in turn increases the money available for salaries," he
said. "When incomes are good, people can afford to buy affordable housing."