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Tax Structure

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State Gross Public Debt

Debt Per Capita

$3,139.53

Total Debt of State

27 Billion

Total Debt of Local Governments

35.4 Billion

Combined Total Debt

62.5 Billion

Gross Domestic Product(GDP)

553.7 Billion

Real Estate Growth

1.9%

Median Total State and Local Taxes

National Median Total State and Local Tax Rate Per Household

10.68%

National Median Total State and Local Taxes Paid Per Household

$6,203

State Median Total State and Local Taxes Paid Per Household

$7,409

Difference Between National Median and State Median

-0.71%

State Bond Ratings

Fitch

AAA

Moody's

Aaa

S&P Global

AAA

State Income Tax

Income Tax Rate

2.00 - 5.75%

Number of Brackets

4

Top Income Range

$17,000

State Real Estate Tax

Mean Real Estate Tax Rate

0.80%

Mean Real Estate Taxes Paid

$2,049

State Unemployment Insurance Tax

New Employer Tax Rate

2.51%

Sales Tax

State Sales Tax Rate

4.30%

Gloucester County

1.00%

James City County

1.00%

Southampton County

1.00%

Franklin city

0.00%

Poquoson city

0.00%

Williamsburg city

0.00%

Newport News city

0.00%

Hampton city

0.00%

York County

0.00%

Norfolk city

0.00%

Virginia Beach city

0.00%

Isle of Wight County

1.00%

Suffolk city

0.00%

Chesapeake city

0.00%

Portsmouth city

0.00%

Minimum Sales Tax Rate (State and County)

4.30%

Maximum Sales Tax Rate (State and County)

5.30%

Sources:

Tax Foundation