Chesapeake City Council Makes Strategic Move to Attract Business in Data Center Sector
Chesapeake now has one of the lowest personal property tax rates for data centers in Virginia. In February, the Chesapeake City Council approved a special tax rate of $0.48 on each $100 dollars of assessed value for computer equipment and peripherals in a data center. The strategic move now positions Chesapeake to be more competitive in attracting big data center operations.
Tax rates are one of the critical factors influencing the decision of location for companies in the technology industry. With a tax rate reduction, data center operations can save millions of dollars over a 10-year period. Localities with the lowest tax rates of equipment have seen the greatest success in attracting these types of businesses.