New Kent Board of Supervisors approve of tax relief proposal
New Kent Board of Supervisors have agreed to a tentative plan to implement the reduction of the machinery and tax rate.
New Kent Commissioner of the Revenue Laura Ecimovic spoke to county leaders Wednesday morning about a new depreciation schedule and recommended rate reduction. She advised supervisors that the rate would assist in making the county competitive with surrounding localities. She added that the reduction would give current businesses a tax break.
Ecimovic’s proposal recommended reducing the tax rate on machinery and tools to 75 cents per $100 of assessed value. The updated depreciation schedule would become effective on Jan. 1, 2019. Supervisors sent a favorable 4-1 recommendation to direct county staff to reflect the change in the FY2019-2020 budget.