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Supervisors weigh raising machinery-and-tools rate after large taxpayers' losses shrink revenue
Summary
Isle of Wight supervisors reviewed regional machinery-and-tools (M&T) tax rates and recent revenue losses after large taxpayers reduced assessed equipment. County staff presented effective-rate comparisons and cautioned that raising the M&T rate could deter manufacturers while generating limited revenue.
County staff presented a regional comparison of machinery-and-tools tax rates and told supervisors that a recent closure and equipment removals from large local taxpayers will reduce next year’s M&T revenue.
Randy Keaton, county staff member, summarized the school system and county budget context then introduced a table compiled by staff that showed Isle of Wight’s nominal M&T rate at $1.95 with an effective rate of about $0.78. "So if you look at the final column on the right, it shows the what the effective rate is based on the depreciation rate,"…
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