Lake Nona’s Developer Seeks Exemption for Undeveloped Land

The development group for Lake Nona (Lake Nona Land Co) and the parent company Tavistock Group are seeking to claim an agricultural exemption for 930 of the 1700 acres that surrounds the new “Orlando Medical City”. This exemption would allow the developer to reap a huge tax savings on the yearly assessment of the raw land not currently being developed.  Agricultural land is assessed at a lower millage than commercial or residential land and therefore would give the developer a tax savings.

In 2008 the developer asked for this special exemption but was denied based on the fact that the land was not being used as a bona fide agricultural use. The value of this land was assessed at $59.8 million for 2008 with taxes of just above $1 Million. If the Developer is given the exemption this year, their tax bill would be $405,187 on a land value of $64.7 million. This is a saving of over $800,000 from the 1.2 million they would have had to pay without the exemption.

Currently the developer has livestock on the land which is why they are claiming the exemption.  Future use of this land is for mixed development and future growth for the Medical City. This site located in South East Orlando is also home to Nemours Children’s Hospital, UCF Medical School, VA Hospital, and the Burnham Institute.