Virginia’s Cost-Effective Operating Climate
Companies have improved their bottom lines just by locating in Virginia. From soft costs like healthier, more productive workers, to hard costs like cheaper, available and reliable electricity, these companies have benefited from the combination of resources that only a Virginia location can offer.
- Virginia has one of the lowest average worker's compensation costs in the nation and has been consistently among the lowest cost states for over 15 years.
- The unemployment insurance tax rate is the 5th lowest in the nation and is 33% lower than the national average.
- In Winter 2017, the average cost per unit of electricity for the industrial sector was 6.36 cents in Virginia, compared to 6.80 cents for the nation.
- The 6% corporate income tax rate has not increased in over forty years, since 1972.
A Stable and Competitive Environment
Virginia's corporate income tax has not been raised in forty years, since 1972. At 6 percent, our rate is one of the lowest in the nation. In Virginia, items taxed at the state level are not taxed at the local level, with the exception of the sales and use tax levied by both state and local governments. The combined state and local sales tax is either 5.3 or 6 percent depending upon the locality. Virginia also differs from most states in that its counties and cities are separate taxing entities. A company pays either county or city taxes depending upon its location. If the company is located within the corporate limits of a town, it is subject to town and county levies.
Virginia's long tradition of fiscal discipline has earned the Commonwealth a coveted AAA bond rating since 1938, longer than any other state, by Moody's, Fitch, and Standard & Poor's.
For more information on Virginia State Taxes, please visit Virginia Tax.
Greene County Tax Information
- Greene County levies a tax on Business Tangible Personal Property employed in a trade of business (furniture, fixtures and other equipment) on January 1st. Businesses must file a detailed itemized report on their tangible personal property by May 1st. Business personal property is assessed at owner’s depreciated values and then taxed at $5.00 per $100.00 of the assessed value.
- Machinery and Tools are assessed at 100% of the depreciated value and then taxed at $2.50 per $100.00 of assessed value.
- Motor Vehicle Personal Property Tax is collected at the rate of $5.00 per $100 and is due bi-annually; the first half is due by June 5th and the second half by December 5th.
- Prepared Food & Beverage Tax is 4%. Businesses which sell prepared food in or from Greene County must register with the Commissioner of Revenue, collect the tax and file returns on a monthly basis.
- Every hotel, motel, tourist home or other lodging place which receives compensation for transient lodging (30 days or less) must collect a Transient Occupancy Tax (TOT), register with the Commissioner of Revenue, and file TOT returns on a quarterly basis. The tax rate is 5% of the total lodging bill.
- The Utility Consumers Tax (for phone, gas & electric) is collected by the utility company and appears as a line item on your regular bill. Commercial & industrial rates are 20% of the first $42.50; residential rates are 20% of the first $15.00.
Commissioner of Revenue
County of Greene
Mailing Address: PO Box 438
Physical Address: 15 Ford Avenue (The Law building)
Stanardsville, VA 22973
(434) 985-5211 phone
(434) 985-5283 fax
Investing in Each Other
Virginia works enthusiastically with new and expanding employers that create a high standard of living for Virginians and enhance local and state economies through increased revenue growth. Incentives are Virginia's investment in its economic future and a business decision for both the Commonwealth and the company. As a result, they must make good fiscal sense for all parties. Virginia continues to demonstrate a willingness to invest in those who invest in the Commonwealth.
Designed to target the needs of the company and the development plans of localities and the state, Virginia offers a variety of performance-based incentives. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth.
Greene County recognizes the value of small businesses and offers a variety of Small Business Investment Grants.