COMPETITIVE OPERATING COSTS
Business has the advantage in Henrico. That’s because we offer companies low tax rates and competitive operating expenses that strengthen their bottom line. With savings available on everything from energy and utilities to taxes and construction, operating out of Henrico is both affordable and cost effective.
When it comes to taxes and operating costs, we strive to make our community business friendly. In fact, doing business in Henrico means you’re free from having to pay the following taxes:
NO Residential or Commercial/Industrial Water or Sewer Consumer Utility Tax
NO Residential or Commercial Natural Gas/Consumer Utility Tax
NO Stormwater Utility Fee
NO Ambulance Fee
NO Admissions Tax
NO Cigarette Tax
Our Machinery and Tools Tax rate is $.30 per $100 with a rapid depreciation rate - the lowest effective M&T Tax rate $0.24, of any urban locality in Central Virginia.
Our Aircraft Tax rate was recently lowered by nearly 70%, from $1.60/$100 to $0.50/$100.
Our Data Center Tax rate is $0.40 per $100 of assessed value
Our Real Estate Tax rate ($0.87 per $100) has not increased since 1978; in fact, it has decreased six times.
Virginia has 6th-lowest average combined state and local Sales & Use Tax.
Virginia’s 6% Corporate Income Tax rate has not increased since 1972.
Virginia has one of the lowest average Worker's Compensation Costs in the nation and has been consistently among the lowest-cost states for over 15 years.
The Virginia Unemployment Insurance Tax rate is the 6th-lowest in the nation and is 12% lower than the national average.
Competitive Property Costs
Regional office and industrial lease rates are over 20% lower than the national average.
Total Industrial Market Lease Rates over 25% below national average
Flex: averaging under $9/sq. ft.*
Warehouse: averaging under $4/sq. ft.*
Total Office Market Lease Rates nearly 30% below the national average
Class A Office: under $21/sq. ft.*
Class B Office: under $17/sq. ft.*
Construction costs in Henrico are 13% lower than the national average.