Tax Entities

Counties and cities in Virginia are separate taxing entities. A company pays either county or city taxes depending upon its location. State income and sales taxes are collected by the Commonwealth of Virginia.

2024 Local Tax Rates in Chesterfield

Personal PropertyAssessment RatioNominal Tax Rate (Per $100 of Assessed Value)Effective Tax Rate (Per $100 of Assessed Value)
(Based on on Loan Value)100%$3.60$3.60
Business Tangible Personal Property (Data Center Equipment)YearsAssessment RatioNominal Tax Rate (Per $100 of Assessed Value)Effective Tax Rate (Per $100 of Assessed Value)
(Based on Original Cost)Year 150%$0.24$0.12
Year 240%$0.24$0.096
Year 320%$0.24$0.048
Year 410%$0.24$0.024
Year 55%$0.24$0.012
Year 6+1%$0.24$0.0024
Business Intangible Personal PropertyAssessment RatioNominal Tax Rate (Per $100 of Assessed Value)Effective Tax Rate (Per $100 of Assessed Value)
(Manufacturing Equipment and Furniture not Used in the Manufacturing Process)ExemptExemptExempt
Automobiles and Trucks of Less than Two TonsAssessment RatioNominal Tax Rate (Per $100 of Assessed Value)Effective Tax Rate (Per $100 of Assessed Value)
Based on Average Loan Value100%$3.60$3.60
Trucks of Two Tons and GreaterYearsAssessment RatioNominal Tax Rate (Per $100 of Assessed Value)Effective Tax Rate (Per $100 of Assessed Value)
(Based on Original Cost)New90%$3.60$3.24
1 year old70%$3.60$2.52
2 years old60%$3.60$2.16
3 years old50%$3.60$1.80
4 years old40%$3.60$1.44
5 years old30%$3.60$1.08
6 years old20%$3.60$0.72
7+ years old10%$3.60$0.36
Business Licenses(Based on)Assessment RatioNominal Tax Rate (Per $100 of Assessed Value)Effective Tax Rate (Per $100 of Assessed Value)
Retail MerchantGross Receipts100%$0.19$0.19
Business and Personal ServicesGross Receipts100%$0.20$0.20
Wholesale (Capped at $20,000 max.)Gross Receipts100%$0.10$0.10
Professional ServicesGross Receipts100%$0.20$0.20
Financial Services (Capped at $90,000 max.)Gross Receipts100%$0.20$0.20
ContractorsGross Receipts100%$0.14$0.14
Real Estate ServicesGross Receipts100%$0.20$0.20
Commission MerchantsGross Receipts100%$0.20$0.20
Repair ServicesGross Receipts100%$0.20$0.20
Direct Seller - RetailGross Receipts100%$0.19$0.19
Direct Seller - WholesaleGross Receipts100%$0.05$0.05
Information ServicesGross Receipts100%$0.10$0.10
Research & Development, Biotech, or BioMed R&DGross Receipts100%$0.10$0.10
Federal Contractor R&D ServicesGross Receipts100%$0.03$0.03
Computer ServiceGross Receipts100%$0.03$0.03
Computer Software DevelopmentExempt100%$0.00$0.00

Note: For each of the above business license categories, the minimum tax is $10.00 if the basis (gross receipts, or gross purchases for wholesale merchants) equals or exceeds $10,000.

If the basis is less than $10,000, there is no tax.

If the basis equals or exceeds $400,000.00, the first $400,000 may be excluded from the taxable basis before applying the tax rate.

Monthly Utility BillRates
(Commercial rates)
Electric: Commercial User$1.15 plus the rate of $.007023 on the first 2,684 kWh, $.000508 on 2,685 to 195,597 kWh and $.000367 on the remaining balance delivered monthly.
Electric: Industrial User$1.15 plus the rate of $.010995 on the first 1,714 kWh, $.000758 on 1,715 to 131,002 kWh and $.000167 on the remaining balance delivered monthly.
Gas$2.00 plus the rate of $0.010010 on the first 50,000 CCF and $0.00005 on the remaining balance delivered monthly.
Communications Sales Tax5% of monthly landline and wireless telephone bills, remitted monthly.

2024 Tax Rates in Virginia

Sales and Use TaxesTax Rate
Local Sales Tax1.00%
Regional Sales Tax0.70%
State Sales Tax4.30%
State Tax-Tax Rate
Corporate Income Tax6.00%
Machinery & Tools Tax0.00%
Real Estate Tax0.00%
Personal Property Tax0.00%
Business Tangible Personal Property Tax0.00%
Business Intangible Personal Property Tax0.00%
Personal Income Tax
- Income$0 – $3,0002.00%
- Income$3,001 – $5,000$60 + 3% of excess over $3,000
- Income$5,001 – $17,000$120 + 5% of excess over $5,000
- Income$17,001 and above$720 + 5.75% of excess over $17,000
Unemployment Insurance Tax
- Unemployment Insurance TaxNew Employer's Rate2.5%
- Unemployment Insurance TaxMinimum0.1%
- Unemployment Insurance TaxMaximum6.2%
- Unemployment Insurance TaxWage Base$8,000
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