Business Friendly
New Kent is strategically positioned to take advantage of the large and diversified workforces from both the Richmond/Petersburg and Hampton Roads MSA´s. It´s a growing county that is committed to seeing business prosper. We understand the need for a business friendly atmosphere and the importance of local government being a partner in business growth and development rather than a hurdle or impediment.
Along its four I-64 interchanges, New Kent County provides water and sewer service to prime economic development parcels in the Bottoms Bridge, Talleysville and Courthouse areas and the Route 33 Corridor. The section on infrastructure gives the technical details of the utility system.
Planning, Zoning, & Permits
It is not enough to have ready-to-go properties; also needed is a process whereby those properties can be quickly put to productive use. New Kent's planning, zoning and permitting procedures are designed to speed up this part of the development process. Prior to any application the county staff is available to review procedures and answer questions. For larger projects a coordinator will be assigned as the interface between the developer and the county. Plan reviews and comments by the county staff will be completed in no more than fourteen days.
- Real Estate: The Effective Rate is $0.66 per $100 of Assessed Value.
- Machinery & Tools: The Effective Rate declines from $1.05 to $0.60 per $100over a 10-year period.
- Tangible Personal Property: The Effective Rate declines from $2.06 to $0.38 over a 7-year period.
- Business License: Rates vary from $0.05 to $0.52 per $100 of Gross Receipts. This tax does not apply to manufacturers.
Tax Structure
New Kent County´s tax structure is designed to distribute the tax burden in a fair and equitable manner. Items taxed are delineated by the Commonwealth of Virginia; tax rates are established annually by the Board of Supervisors; and assessments are conducted by the Commissioner of the Revenue.
- Expansion of the tax base is the primary reason for the utilization of business development incentives.
- Incentives may be available to both new business and the expansion of existing business.
- To qualify for incentives, projects must be consistent with the development goals of the County as found in the Comprehensive Land Use Plan and other official documents and policies of the County.
- Diversification of the economic base is a particularly important consideration.
- Incentives must make economic sense to both the County and the business receiving the assistance.
- Incentives are performance based.
- Additionally, incentives offered by Virginia may be available and the County will assist in their utilization and apply for those that are appropriate.
Business Incentives
New Kent County approaches the issue of business incentives with the firm understanding that they not only have a role in economic development, but that they are but one of many components needed for success. Our natural advantages, along with those of the Commonwealth, are critical.
New Kent has formally adopted a policy to utilize incentives, including grants, permit and fee forgiveness and other forms of assistance for business development purposes which are guided by these principles: