State and Local Incentives

Local incentives

• Industrial Revenue Bond Financing (waiver of application fees)
• Building Permit Fee Waiver
• Reduction on Cost of Real Estate Property (Reduction in asking price on a per acre basis of publicly-owned industrial real estate based on new investment, job creation, and wage rates)

Local Tax Incentives

• Machinery and Tools Tax Rebate (Rebate based on revised depreciation schedule for M &T tax, reducing depreciation from 50% down to 20%)
• Real Estate Rehabilitation Tax Exemptions
  A nine-year decreasing exemption on the increase in assessed property value resulting from rehabilitation of older commercial or industrial real estate (25 years old or older)
  Amount of Credit: Years 1-5 100% Year 6 80% Year 7 60% Year 8 40% Year 9 20% Year 10 0%

Washington County Taxes

Real Estate $.58 per $100 of fair market value
Machine and Tools $1.55 per $100 of valuation
Personal Property $1.55 per $100 of NADA loan value

State Programs

In addition to the Virginia Enterprise Zone grants, Virginia offers other incentive programs for businesses locating or expanding in the state with programs such as the Governor's Opportunity Fund and the Virginia Jobs Investment Program.

For more information on Virginia business incentives, click here.