Expanding Industrial Development Builds a Stronger Tax Base in Martin County
In business and in life, forward momentum makes all the difference. Fortunately, for Martin County, that momentum is steadily building, especially in the all-important industrial sector, quite literally from the ground up – and, most importantly—at just the right time.
Historically, Martin County’s economic strength is rooted in legacy industries such as marine, aviation, advanced manufacturing and a variety of professional services. And there’s been a positive trend happening recently to support industries – the development and construction of new industrial business parks featuring spaces that vary in size, from as little as 1,500 square feet to hundreds of thousands of square feet at the larger end.
This is great for the local economy because it provides options for the entire spectrum of businesses, from budding entrepreneurs to medium and large size corporations looking to expand into the area. It also helps the county be more economically resilient.
A notable exception was the long-standing Sands Commerce Center – a powerhouse in Palm City. Spanning 270 acres, the center maintained 1.4 million square feet at max capacity prior to recently adding its newest phase exceeding 417,000 square feet.
South Florida Gateway Distribution Center in Stuart spans more than 130 acres and currently offers 1.2 million square feet of space.
Industrial-related development in the Village of Indiantown has been very active. Venture Park, on 138 acres, houses some exciting businesses such as Green Carbon Solutions, a renewable bio-carbon manufacturing company.
Undeveloped properties hold a lot of promise for the future as well.
And the future Newfield Workplace District spans 300 acres and will support 2 million square feet of industrial space.
Using 2025 numbers, the Martin County Property Appraiser puts the county’s total taxable value at just a little more than $39 billion. Residential, unsurprisingly, accounts for 73 percent. The next noteworthy category is commercial (e.g. retail, office and hotel) and industrial, at a combined 12 percent.
However – and this is key—industrial amounts to only about 4 percent, so there is room to increase that share, as a proportion of total tax revenues.
These expanding and incoming industrial sites mean a lot to the local tax base. They also help generate what is known as tangible personal property tax (TPP)—the taxable value of business equipment and machinery.
TPP generates additional tax revenue for the county, above and beyond the building structure and actual physical land where a business is located.
All of this translates into a stronger taxbase without reliance on residential growth.
As the Florida Legislature goes into a special session this month, we – the public – should all expect them to come up with proposals that contemplate a restructuring of property taxes. If put on the ballot and approved by voters in November, the outcome could measurably reduce public coffers for numerous counties and municipalities.
That’s when the flexibility and opportunity that these industrial sites provide by way of revenue generation and diversification will hit home, and in a highly-welcomed way.
