The Highlands Business Park is located in the Washington–Smyth County Joint Enterprise Zone (Glade Spring and Chilhowie area), resulting in eligibility for tax credits and job grants. The following is a summary of those programs:

Job Creation Grants

Businesses are eligible to receive job creation grants, over a five-year period, if new permanent full-time jobs are created above a four-job minimum. Grant amounts are based on the amount each created job pays in wages and health benefits. Jobs that pay 200% more than the federal minimum range and provide health benefits will be eligible to receive a grant of $800 every year for five years. Jobs that pay above 175% of the minimum wage and provide health benefits, but pay below 200% of the minimum wage will be eligible to receive a grant of $500 every year for five years. Any job that pays less than 175% of the minimum wage or does not provide health benefits will not be eligible for grants. Jobs are not available to retail, local service, or food/beverage establishments.

Real Property Investment Grants

A real property investment grant is available to any entity or individual who makes real property improvements of at least $50,000 for rehabilitation or expansion, or at least $250,000 for new construction. Investments that are less than $2 million are eligible to receive a grant in the amount of 30% of the real property investment not to exceed $125,000 for any building or facility within a five-year timeframe. An investment that is $2 million or more is eligible for a grant of 30% of the real property investment not to exceed $250,000 for any building or facility within a five-year period. Mixed-use projects are eligible to receive real property investment grants if at least 30% of the project is for business. An entity or individual who is making the investment can receive a real property investment (Can be building owner/investor or business).

Local incentives

Local Financial Assistance

• 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 $.63
Machine and Tools $1.55
Personal Property $1.55