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Financing...Polk County's Industrial Revenue Bond Authority is one of Florida's leaders in the issuance of industrial revenue bonds, allowing a company to receive an interest rate usually 80% of prime rate.
Tax Information and Benefits...Florida residents and corporations have traditionally enjoyed a highly favorable tax structure. Florida does not have state personal income tax nor does it have personal property taxes on automobiles, home furniture, fixtures, and appliances. Florida's homestead exemption law provides that the first $25,000 of real property is exempt from taxation. There is a 6% gross sales tax, but groceries and medicine are exempt. The corporate income tax rate is 5.5%, one of the lowest in the U.S. A $5000 exemption on net Florida Taxable income is allowed before the 5.5. percent tax rate is applied. County taxes include the ad valorem tax, occupational license tax and the tourist development tax. City of Bartow property taxes for 1997 were .782 mills on 100% valuation. The total city taxable value was $268,197,375. The Florida Constitution mandates a balanced state budget...no state deficit financing for government's operational activities. This limits extravagant State spending, requires responsible fiscal policy, and reduces the possibility of new taxes being levied on business because of irresponsible State spending, past or present. Tourism generates a high volume of retail sales and contributes a large portion of sales tax revenue, which helps to keep business taxes low. The State Legislature has a record of reducing or eliminating taxes on businesses, showing that Florida welcomes new capital investments and industrial growth. | ||||||||||||||||||||||||
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Greater Bartow Chamber of Commerce 510 North Broadway Avenue Bartow, Florida 33830-3918 phone: 863-533-7125 fax: 863-533-3793 email: discoverbartow@bartowchamber.com |
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© 1998-2005 Greater Bartow Chamber of Commerce
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