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The facts on Virginia’s Tax Climate
5.75%Individual income TaxTop rate
6%Corporate Income TaxFlat rate
$1410Property TaxCollections Per Capita
Virginia's Individual Income Tax System
Virginia's personal income tax system consists of four brackets and a top rate of 5.75%. That rate ranks 24th lowest among states levying an individual income tax. Virginia's income tax collections per person were $1086 in 2010 which ranked 11th highest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
Virginia's Corporate Income Tax System
Virginia's corporate income tax system consists of a flat rate of 6%. That rate ranks 17th lowest among states levying an corporate income tax. Virginia's corporate tax collections per person were $99 in 2010 which ranked 25th lowest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
Virginia Sales and Excise Taxes
Virginia levies a 5% general sales or use tax on consumers, which is below the national median of 6%. Virginia's state and local governments collect $572 per person in general sales taxes and $463 per person in excise taxes, for a combined figure of $1036, which ranks 8th lowest nationally. Virginia's gasoline tax stands at 19.9¢ (11th lowest nationally), while its cigarette tax stands at $0.3 (2nd lowest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
Virginia Property Tax Collections Average
Virginia's state and local governments collected approximately $1410 per person in property taxes, which ranks 21st highest nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on April 20th in Virginia
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2013, Virginia taxpayers worked until April 20th (10th latest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: Maryland, April 21st (ranked 8th latest nationally); West Virginia, April 19th (ranked 13th latest nationally); Kentucky, April 6th (ranked 10th earliest nationally); Tennessee, April 2nd (ranked 3rd earliest nationally); and North Carolina, April 10th (ranked 21st earliest nationally).
Virginia's State and Local Tax Burden Below National Average
Virginia's 2010 tax burden of 9.25% ranks 21st lowest out of 50 states, and is below the national average of 9.9%. Virginia's taxpayers pay $4336 per capita in state and local taxes.
Virginia's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
Virginia's 2013 Business Tax Climate Index Ranks 27
Virginia ranks 27th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: Maryland, 41st, West Virginia, 23rd, Kentucky, 24th, Tennessee, 15th, and North Carolina, 44th.
50-State Comparison of Business Tax Climates (data only)
2013 State Business Tax Climate Index (full study)
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