Individual Income Tax Forms
Corporate Income Tax Forms
Sales Tax Forms
Property Tax Forms
The Virginia tax burden is slightly above the national average. Virginians spend an average of 9.8% of their income on Virginia taxes. The National average is 9.7%. Virginians, every year, spend a total of $4,669 per capita in Virginia taxes. Virginia has the 19th highest taxes in the country. Its rural south, urban coast, and northern suburban counties makes for a state economy diverse enough for ample taxation.
The Washington D.C. suburbs in Northern Virginia provide the base of the state’s wealth. Major cities like Richmond and Roanoke are also major economic powerhouses. The State’s pro-business tax policies have made Richmond a haven for corporations that have moved from states with a greater tax burden. For every federal tax dollar collected from Virginia, about $1.50 of federal government aid goes to the State of Virginia.
Virginia taxes are offset by federal government aid. Without federal government aid, the Virginia taxes would be higher. Virginia’s Congressmen and Senators bring in the 10th highest amount of federal government pork. Virginia taxes are not much different from states of a similar population, economy, and political influence.
Virginia’s general sales tax stands at 5%, below the national average of 5.8%. Local governments, such as cities and counties, have the right to add 1% to the base sales tax. All merchandise, including services, are subject to sales tax. There are no exemptions for basic necessities like grocery store foods; the state imposes half the sales tax on food for home consumption.
Virginia taxes on consumption reap about $1,111 from each resident a year. This is the seventh lowest amount of revenue from sales taxes. Virginia has a progressive sales tax policy that manifests itself in the form of special sales tax holidays. Virginia’s sales tax holidays holidays are “progressive” in the sense that the government creates incentive for consumers to buy certain products on certain days out of the year.
There are special tax holidays in the calendar year for emergency preparedness items, school supplies, and energy efficient appliances bearing the US Environmental Protection Agency’s Energy star logo.
Virginia taxes persons, married couples, and corporations based on their incomes. Virginia’s tax rate on personal income does not go higher than 5.75% when a person, or married couple, makes $17,000 or more. Virginia taxes on corporate income is imposed at a flat rate of 6%. All corporate income is subject to the income tax. Virginia ranks 35th in highest income tax burden, among the 50 states. Corporations, small businesses, and sole proprietorships must all pay income taxes at the same flat rate. It does not matter how much money they make. Corporate income taxes do not apply to companies that struggle to become solvent.
Property taxes are collected at the state and local levels in Virginia. Virginia state taxes on property ownership are far less than what the local governments collect. Local governments fund public schools, fire, and police departments with property taxes. These local government entities are also supported by other Virginia taxes. Property taxes are higher in Northern and Coastal Virginia than in the interior.
Property tax appraisers work for the county government and assign the proper amount of money to pay in property taxes. Approximately $1,215 per capita are collected between both state and local governments in the State of Virginia. Virginia taxes on property ownership rank 18 among the highest property taxes in the country.