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DUVAL COUNTY · LOCALlocal legislationEnacted
Enacted

Property Tax Break for Historic Building at 525 W Beaver St

Original title: ORD re a Partial Ad Valorem Property Tax Exemption for Rehab of a Local Landmark Located at 525 W Beaver St, Owned by 525 Beaver, LLC; Prov for Exemption From that Portion of Ad Valorem Taxation Levied by COJ on 100% of the Increase in Assessed Value Resulting from the Qualifying Improvement Proj, Pursuant to Sec 780.303, Ord Code; Prov for an Exemption Period of 10 Yrs Beginning on January 1st of the Year Following the Year in which the Council Enacts this Ordinance, Pursuant to Sec 780.304, Ord Code; Waiving the Requirement of Sec 780.335 (Completion of Work), Pt 3 (Tax Exemption for Rehabilitation of Historic Landmarks & Properties in Historic Districts), Ch 780 (Property Tax), Ord Code, that an Applicant Must Complete Work within 2 Yrs Following the Date of Appvl of a Preconstruction Appl (Schell) (Introduced by NCSPHS) 11/12/25 CO Introduced: NCSPHS, F 11/17/25 NCSPHS Read 2nd & Rerefer 11/18/25 F Read 2nd & Rerefer 11/25/25 CO PH Read 2nd & Rerefer 12/1/25 NCSPHS Amend/Approve 6-0 12/2/25 F Amend/Approve 8-0 12/9/25 CO Amend/Approve 18-0 Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 - 11/25/25

Record date · December 9, 2025

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What This Bill Does

This ordinance grants a 10-year property tax exemption on the increased value of the historic building at 525 W Beaver St following its renovation. It also waives the standard two-year deadline for completing the rehabilitation work.

Why it matters

The owner of 525 W Beaver St, 525 Beaver, LLC, will pay no city property taxes on the added value created by their renovation project for a decade, and they are exempt from the standard two-year completion timeline for the work.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

525 Beaver, LLC

The owner receives a 10-year property tax exemption on the value added by their renovation project.

Directly affected

City of Jacksonville

The city will collect less property tax revenue than it otherwise would have on the improved value of the property for the next 10 years.

Key Facts

  • The ordinance grants a 10-year property tax exemption on 100% of the increase in assessed value resulting from the renovation project.
  • The exemption applies only to the portion of ad valorem taxes levied by the City of Jacksonville (COJ).
  • The exemption period begins on January 1st of the year following the year the ordinance is enacted.
  • The ordinance waives the requirement under Section 780.335 that rehabilitation work must be completed within two years of preconstruction approval.
Show all 6 facts
  • The ordinance was approved by the City Council with an 18-0 vote on December 9, 2025.
  • The project is classified as a rehabilitation of a local landmark.

Frequently Asked Questions

Does this mean the owner pays zero property taxes?
No. The exemption only applies to the increase in the property's assessed value caused by the renovation. The owner still pays taxes on the base value of the property.
How long does the tax break last?
The exemption lasts for 10 years, starting on January 1st of the year following the ordinance's enactment.
Why was the two-year completion deadline waived?
The ordinance specifically grants a waiver for the requirement that work must be completed within two years of preconstruction approval, though it does not state the specific reason for this waiver.

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Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

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Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Waiver of Completion Deadlines

The ordinance explicitly waives the standard two-year completion requirement for historic rehabilitation projects, which may indicate a shift in how the city handles project timelines for landmark properties.

525 Beaver, LLC

Sources

Open source document

webapi.legistar.com

Analysis Score

0–100
  • Significance40
    How much this matters to a regular citizen
  • Controversy10
    Intensity of disagreement among stakeholders
  • Entertainment5
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  • Buzz10
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