The Henrico County’s Board of Supervisors recently 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