Local Tax Information
With only one local taxing authority in each community, Hampton Roads has one of the lowest combined state and local tax rates in the nation. The six percent corporate income tax rate has not been raised since 1972. There is no local income tax, utility tax, property tax on state level, local license tax on headquarters and regional offices, intangible property tax, or inventory tax.
With a 2015 real estate tax of only .7515 cents per $100 valuation and no utility tax, the county is an inexpensive place to do business. Business License Fee & Tax Rates.
State Corporate Income Tax
The Virginia Corporate Income Tax is 6%. It has remained stable since 1972 and has changed only once in the last 50 years. Virginia also offers corporate income tax credits for job creation.
State Personal Income Tax
Virginia imposes a personal income tax based on federal adjusted gross income with modifications, if applicable, and with deductions for personal exemptions and standard or itemized deductions.
Taxable income is taxed at the following rates:
2% on the first $3,000
3% on the next $2,000
5% on the next $12,000
5.75%+$720 over $17,000