Over 14,000 Henrico Businesses No Longer Pay Gross Receipts Taxes
HENRICO, VIRGINIA, April 24, 2019 – Last night Henrico County's Board of Supervisors approved the budget for fiscal year 2019-2020. The budget exempts the first $400,000 in gross receipts from BPOL (Business, Professional and Occupational License) taxes. Now, 14,000 out of 25,000 (72%) Henrico County businesses will no longer pay BPOL taxes. In only three years the Board of Supervisors has reduced BPOL four times. This is a big win for all Henrico businesses, especially for small businesses and demonstrates Henrico's commitment to cultivating a business-friendly environment. The budget also left unchanged the low real estate tax rate at 87 cents, the lowest among Virginia's large localities.
Since 2015 Henrico's Board of Supervisors have worked to reduce a business's tax burden across all sectors.
87¢ real estate tax rate remains the lowest of the large urban jurisdictions in Virginia
70% decrease in Machinery & Tools taxes in 2015 to 30¢
67% decrease in the aircraft personal property tax rate in 2016 to 50¢
89% decrease in the data center personal property tax rate in 2017 to 40¢
$100,000 BPOL standard deduction in 2015, increasing to $400,000
No storm water tax or fees
About the Henrico EDA
Located in the heart of the Eastern Seaboard, Henrico is an AAA-bonded county located adjacent to Virginia’s capital city of Richmond. The EDA is your single point of contact for business development and site selection services. Find properties and run reports with our GIS tool at HenricoProperties.com. Learn more about White Oak Technology Park, a master-planned high-tech manufacturing park, at whiteoaktechpark.com. Visit Henrico.com for the latest news and to sign up to receive our Property Now and Henrico Now newsletters.