The City of Cocoa offers an Ad Valorem Tax Abatement program for new and expanding businesses within the City. An ad valorem tax abatement is the reduction of or exemption from taxes granted by a government for a specified period, usually to encourage certain activities such as job creation and/or investment in capital. Ad Valorem Tax is a tax based on the value of real estate or personal property. Following the election on November 4th, 2015, the City's Ad Valorem Tax Abatement Program was extended for 10 years, to be expire in 2025.
The Ad Valorem Tax Abatement program enables the City to continue support of existing businesses in the City and be more competitive on a local level in attracting new business and job opportunities for Cocoa residents.
Eligibility for and the scope of the exemption are generally determined by the number of new jobs created by a new or expanding business, average annual wage of those new jobs created, and the amount of capital investment in improvement of property and/or acquisition of business equipment.