Microsoft just unveiled a brand new tablet built with affordability in mind, introducing the Surface 3 slate with a more accessible $499 price tag.

Ever since it entered the hardware market with its own-brand devices, Microsoft launched a higher-end tablet accompanied by a cheaper, lower-end version. Back in 2012, the company launched a Surface Pro slate, as well as a Windows RT variant called the Surface RT. In 2013, Microsoft released the Surface Pro 2, alongside the Windows RT-powered Surface 2.

In 2014, however, the company only launched the Surface Pro 3, a top-notch tablet claiming to have what it takes to replace your laptop. No Windows RT-powered counterpart arrived, signaling the end of this watered-down version of Windows.

Microsoft has now launched a new Surface 3 tablet that comes as the successor to the Surface 2, but doesn't run the Windows RT version of the OS. The new slate aims to bring some of the power of the Surface Pro 3 in a more affordable package, with a smaller 10.8-inch display at the same 3:2 aspect ratio.

"As we planned the next addition to the Surface family, the questions to answer for our customers became simple. What product would we build to be sure we could make the very best of what we built in Surface Pro 3 available to many, many more people? We started with what we're known for - a great tablet that works as a laptop, the ability to run all Windows apps including full Office, and a pen experience that really sets Surface apart. We knew we would offer all of this in a more affordable package but decided at the outset that we would make no compromise on maintaining the beautiful fit and finish, the craftsmanship that so many love in our Surface products," Microsoft boasts in a new announcement on Tuesday, March 31, on the official Surface blog.

"The result is Surface 3, as well as a mobile-broadband version, Surface 3 (4G LTE). It's the thinnest and lightest Surface we've ever shipped. It runs full Windows, including desktop applications. It includes a one-year subscription to Office 365 to help you really get down to work. And it starts at just $499."

With the new Surface 3, Microsoft not only ditched Windows RT in favor of 64-bit Windows 8.1, but also dropped the ARM chip powering the Surface 2 in favor of Intel's new "Cherry Trail" Atom X7 processor. Intel's latest chip is more power-efficient and should enable the Surface 3 to deliver a fast and smooth performance.

Other specifications include an 8-megapixel rear camera and a 3.5-megapixel front shooter, both capable of capturing 1080p video. The tablet will deliver a 10-hour battery life and will come with a kickstand as well, with three preset positions.

The Microsoft Surface 3 will come with a $499 starting price for the 64GB model, while a more powerful variant with 4GB of RAM and 18GB of storage will come at $599. As Microsoft itself noted, a LTE Surface 3 model will also be in store. When it comes to availability, the Surface 3 will start shipping in 26 markets worldwide on May 5. In the meantime, check out the video below to learn more about the tablet.