Business

Taxes

The Commonwealth of Virginia’s corporate income tax rate of 6% has not been increased since 1972. Localities in Virginia collect a 1% sales tax. They do not tax other items taxed at the State level.

Counties and cities in Virginia are separate taxing entities. Therefore, a company pays taxes to either a county or to a city. If a company is located in a town, it pays town and county taxes except for utility taxes which are paid only to the town and the license tax which is paid only to the town unless town law permits the additional collection of a county tax.

Culpeper County Tax Rates

Real Estate: $0.67
To determine the amount of real estate taxes owed, use the following formula: Assessed Value (Market Value) ÷ 100 x .67

Machinery & Tools: $2.00
To determine the amount of machinery and tool taxes owed, use the following formula: Original Cost x Depreciation Factor = Assessed Value ÷ 100 x 2.00

Business Personal Property: $3.50
To determine the amount of business personal property taxes owed, use the following formula: Original Cost x Depreciation Factor = Assessed Value ÷ 100 x 3.50

Note: All local tax rates are subject to annual review and adjustment, if necessary, by the Culpeper County Board of Supervisors.

 

State of Virginia Tax Rates

  • Corporate Income Tax: 6%
  • Workers Compensation Insurance: $1.83 per $100 of Payroll
  • Unemployment Insurance Tax: 0.2% to 6.3% of total wages

Additional information on State of Virginia Taxes can be obtained at http://www.tax.virginia.gov/