Manufacturers pay real estate, machinery and tools, truck and automobile, and utility taxes.
Non-manufacturers pay real estate, tangible personal property, truck and automobile, utility, and sales taxes. They also may pay either a merchants' capital or a license tax.
Local Tax Rates
|Essex||Gloucester||King & Queen|
Virginia Tax Rates
Corporate Income Tax
6% corporate income tax rate that has not been raised in forty years
Sales and Use Tax
4.3% state sales tax, 1% local sales tax
Individual Income Tax
The individual income tax rate is two percent on the first $3,000 of Virginia taxable income, three percent on the next $2,000, five percent on the next $12,000, and 5.75 percent on amounts over $17,000.
Intangible Personal Property Tax
Unemployment Insurance Tax (new employers)
2.53% on the first $8,000
Note: Virginia does not tax machinery & tools, business tangible property, or real estate at the state level. These are only imposed at the local level.