Henrico County Board of Supervisors Approves Substantial Tax Rate Cut of 88.6% for Data Centers
HENRICO, Va., April 25, 2017 /PRNewswire/ -- The Henrico County Board of Supervisors approved a separate tax rate that will dramatically reduce the property tax burden for businesses whose primary services are storage, management and processing of digital data.
The move drastically cuts the current business property tax rate on computer and related equipment for data centers from $3.50 per $100 of assessed value to just $0.40 per $100. Henrico now has the most favorable tax treatment for data centers of any Virginia locality with a population greater than 25,000. The approved rate will go into effect beginning with the 2017 tax year.
"By creating this new rate for data centers, Henrico County is positioning itself to attract more businesses in this high-growth sector," Henrico County Manager John Vithoulkas explained. "These businesses bring high-paying jobs to the region, along with significant and ongoing capital investment."
Jim Reinhart, Chief Operating Officer, Quality Technology Services (QTS), agreed, saying, "With reliable, affordable energy, strong connectivity and a skilled workforce, Henrico County is an attractive data center market. QTS applauds Henrico and its leaders, who continue to identify innovative ways to support responsible growth for the county. The proposed tax reduction will make Henrico an increasingly attractive option for data center providers like QTS to grow and prosper."
"This property tax incentive is great news for our existing data centers and ultimately for new data center projects that choose to capitalize on sites such as White Oak Technology Park, where we offer robust electric, fiber, water and sewer infrastructure," said Gary McLaren, Henrico County Economic Development Authority Executive Director. "In a nutshell, Henrico County's value proposition just became much more valuable to the data center sector."
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.
SOURCE Henrico EDA
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