Corporate Income Tax
6% of corporation’s Virginia taxable income Individual Income Tax
Taxable Income Rate
$3,000 or less 2%
$3,001-5,000 3%
$5,001-17,000 5%
$$17,001 and above 5.75% Retail Sales Tax
5% (4% state and 1% local) Sales Tax Exemptions:
Manufacturers’ purchases used directly in production, including machinery, tools, spare parts, raw materials and industrial fuels
Items purchased for resale by distributors
Custom computer software
Items used in research and development | | Virginia Does Not Tax:
Property at the state level. Virginia localities also do not have separate school district taxes
Intangible property
Manufacturers’ inventory
Manufacturers’ furniture, fixtures or corporate aircraft. Roanoke Valley Real Estate Taxes
Alleghany County $0.72/$100
Botetourt County $0.65/$100
Craig County $0.66/$100
Franklin County $0.53/$100
Roanoke County $1.09/$100
City of Covington $0.66/$100
City of Roanoke $1.19/$100
City of Salem $1.18/$100
Town of Vinton $0.03/$100 on top of Roanoke Co. rate |
