Tax Information

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 real estate tax of only $0.77 per $100 valuation and low utility tax, the county is an inexpensive place to do business. View the Business License and Tax Rate schedules.

For detailed Business Tax Information, visit the Commissioner of Revenue's website or download the Guide to Business Taxes (PDF) and the Guide to York County Taxes (PDF).

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
  • $60 + 3% on the next $5,000
  • $120 + 5% on the next $17,000
  • $720 + 5.75% over $17,001

For more information, see the Virginia Tax Portal.

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