What Does It Mean to Be an Opportunity Zone & Where Are Southeast Volusia's?

Mon, Jan 30, 2023 at 12:05PM

What Does It Mean to Be an Opportunity Zone & Where Are Southeast Volusia's?

Opportunity zones describe areas considered “economically distressed” and in need of investment in order to achieve revitalization.

The IRS created opportunity zones to encourage economic growth by creating jobs that incentivize investors to make financial contributions to these communities.

Florida Tax Incentives

Opportunity zones offer tax incentives to investors willing to invest in economically-distressed communities.

When investing in areas classified as opportunity zones, long-term investors can defer taxes on capital gains. In some cases, they can even reduce these taxes.

For investors to enjoy these benefits, the area in question must be recognized as a Qualified Opportunity Zone by HUD (the United States Department of Housing and Urban Development).

A Look at Florida Economic Development

Southeast Volusia is an outstanding example of Florida's economic development.

Over the last couple of decades, the population in Volusia has grown by a staggering 298%. This boom highlights the growing economy that residents of southeast Volusia enjoy through the increase in job opportunities and commercial investments.

Opportunity Zones Within Southeast Volusia

Within Volusia County lies the city of Edgewater, Florida, a charming waterfront community located along the Indian River. The United States Department of Housing and Urban Development identifies as Opportunity Zone ID #12127083008.

Edgewater is considered to be a safe place to live due to the fact that most of its population consists of residents and local professionals. It’s known for its stunning natural scenery and wildlife and is an ideal location for business investors to focus their line of sight for their next development opportunity.

Investing in Southeast Volusia

Opportunity zones, like the city of Edgewater in southeast Volusia, offer the opportunity for investors to enjoy tax incentives while changing the landscape of a community’s economic development for the better.

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