Indiantown residents recently voted against a proposed tax-exemption aimed at drawing large businesses to the area. The measure, which sought to offer financial incentives to companies expanding or relocating to the village, was overwhelmingly rejected in a vote on Aug.12.
The proposed exemption would have allowed the village council to waive up to 100% of property taxes on improvements made by new businesses or businesses expanding their operations. This would have applied to the assessed value of the improvements and any increase in tangible personal property.
In return, the businesses would have to create new high paying jobs. The goal was to reduce financial burdens on businesses making investments in local property, aiming to foster business growth in the area, thus diversifying the tax-base of the village. As of now, much of Indiantown's tax base is from Florida Power & Light.
Indiantown Mayor Carmine Dipaolo, who supported the proposal, described it as a valuable asset to help the village attract larger businesses, which would bring job opportunities and economic growth.
"It's a tool in a toolbox of other things that we have that would attract businesses to come to Indiantown. Large businesses, ones that would employ up to 1000 people," Mayor Dipaolo said. "It would give them incentive to come to the village by deferring their tangible personal property taxes for a period of up to 10 years."
The mayor acknowledged that the proposal’s failure to pass was disappointing, but said that it was not the end of the road for the idea. He suggested that a lack of public understanding might have been a factor in the vote and expressed his intentions to reintroduce the measure in future elections.
"It was disappointing that it did not pass, but I'll blame us for that for maybe not explaining it to the public well," Mayor Dipaolo said. "It's not the end of the world, because we can do it again. We can put it back on the ballot for the next election cycle."
Dipaolo also said he would make the proposal a part of his re-election campaign to better explain the program and its benefits.
"I'll make that part of my platform to explain that program and get people to understand that it's not a bad thing," he added.
Despite the mayor’s support, some residents voiced concerns about the exemption. A number of them took to public platforms, like social media, to express that the proposal was not needed.
"Exemptions are used primarily to coax and encourage new business into an area. We don't seem to have any problems there. Businesses are popping up all over. Taxes are not the issue, services are. And the village needs that tax money to provide those services," wrote one user in the Indiantown Independence Facebook group.
According to the unofficial results from the Martin County Supervisor of Elections, the vote ended with 242 residents opposing the tax-exemption, while only 84 voted in favor.