1 Property Taxes by Retailer (ad valorem for countywide districts) Sarasota Square Mall: Total ad valorem = $408,443 Southgate Mall: Total ad valorem =

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Presentation transcript:

1 Property Taxes by Retailer (ad valorem for countywide districts) Sarasota Square Mall: Total ad valorem = $408,443 Southgate Mall: Total ad valorem = $208,070 “Big Box” Retailers in Sarasota County  Wal-Mart: 4 stores, total ad valorem = $185,533 (average = $46,383)  Lowes: 3 stores, total ad valorem = $110,054 (average = $36,685)  Target: 4 stores, total ad valorem = $114,930 (average = $28,733)  Home Depot: 3 stores, total ad valorem = $79,123 (average = $26,374) $1,106,155 total ad valorem annually from both malls plus 14 “big box” retailers for countywide districts (County operating, debt + mosquito control)

2 Property Tax Process/Lag 11 months (completes in Dec 2014 and pays tax bill early) 26 months (completes in Jan 2014 and pays tax bill on time) The lag between completion of new construction and revenue collections can range from 11 months to 26 months

3 “Alternative Future” $20M across-the-board reduction (excl. CRA) Red amounts represent each area’s portion of the reduction

4 “Alternative Future” $20M (excl. CRA and Constitutional Officers) Red amounts represent each area’s portion of the reduction