In Virginia, cities are independent from the surrounding counties and are, therefore, separate taxing entities. A business or individual pays taxes only to the city or county, not both. Residents of incorporated towns may pay taxes to both the county and town if both provide services.
Real Estate
|
Nominal Tax Rate |
$1.09 (per $100 assessed value) |
|
Assessment Ratio (FY 2007-2008) |
89.1% |
|
Effective Tax Rate (FY 2007-2008) |
$0.97 |
Machinery & Tools
$3 per $100 assessed value
(Nominal Rate)
Value used for taxes: Original total capitalized
cost
Assessment Ratio:
Years 1-5 - 25%
Years 6-10 - 20%
Years 11+ -
15%
Business License Tax
|
Business Type |
Tax Rate per $100 of Gross Receipts |
| Retailers | .20 |
| Wholesalers & Distributors | .05/$100 of gross purchases |
| Financial services | .58 |
| Business services | .36 |
Utility
| Electric | $0.90 + $0.00640 / kWh ($600 max) |
| Gas | $0.90 + $0.12183 / CCF ($600 max) |
| Water | 12% on first $5,000 |
Business Personal Property
$3.50 per $100 assessed value
(Nominal Rate)
Assessment Ratio:
60% (reduced by 10% per year thereafter; minimum of 20% or $100)
Personal Property
$3.50 per $100 assessed value
(Nominal Rate)
Value Used For Taxes: Loan Value (NADA)
Assessment Ratio:
100%
Motor Vehicle Decal Fee
$20 - $80 Depending on the
weight and kind of vehicle
Virginia Taxes
Corporate Income Tax
6% of corporation's Virginia
taxable income
Retail Sales Tax
5% on non-food items(4% state and 1%
local tax)
Unemployment Tax
Newly covered employers are taxed at
2.5% on a taxable wage base of $8,000.
Virginia Does Not Tax: