Common questions I am asked from people are considering moving to Wiiliamsburg VA or Hampton Roads VA.
Question:What are your taxes for real estate ? Personal Property Tax ? Income Tax ? Sales Tax ? Gas Tax ? Cigarette Tax ? What about for York County ? James City County ? The State of Virginia ?
This information is current as of Jan 1, 2009
City of Williamsburg VA real estate tax .54 Per $100, 3.50 personal property tax
James City County VA Real Estate Tax .77 per $100 , 4.00 per $100 personal Property Tax
York 0.698 per $100 real estate tax, $4.00 per $100 personal property tax rate
No tax on first $20k in value click below for explanation
Virginia’s income tax rates are assessed over five tax brackets:
– 2 percent on the first $3,000 of taxable income.
– 3 percent on taxable income between $3,001 and $5,000.
– 5 percent on taxable income between $5,001 and $17,000.
– 5.75 percent on taxable income of $17,001 and above.
State Sales Tax: 5.0% (includes statewide local tax of 1%) (prescription and non-prescription drugs exempt); Food purchased for home consumption is taxed at 1.5%.
Gasoline Tax: 19.6 cents/gallon
Diesel Fuel Tax: 19.6 cents/gallon
(Local option tax adds 2% to fuel tax)
Cigarette Tax: 30 cents/pack of 20
Personal Income Taxes
Tax Rate Range: Low – 2.0%; High – 5.75%
Income Brackets: Lowest – $3,000; Highest – $17,000
Number of Brackets: 4
Personal Exemptions: Single – $930; Married – $1,860; Dependents – $930 (Tax year 2008)
Standard Deduction: Single – $3,000; Married filing jointly – $5,000
In the State of Virginia property taxes are administered by the state’s cities, counties and towns and are based on 100% of fair market value. Tangible personal property is also taxed at the local level and is based on a percentage of the original cost. A county, city, or town may enact a program for senior citizens and disabled persons allowing for exemption, deferral (or a combination of both) for property taxes on realty and manufactured homes owned and occupied as the sole dwelling of a person 65 years of age or older. Annual family income is generally limited to $50,000, but may be higher in certain Northern Virginia communities. Net worth limits may apply. There are no adjustments at the state level.
Or find the exact info below that you are looking for
- Tax Forms and Instructions — Download printable forms and instructions
- Filing Requirements — Learn about who needs to file and filing thresholds
- Individual FAQs — Frequently Asked Questions for Individual Income Tax
- Residency Status — Are you a Resident, a Nonresident, or a Part-Year Resident? Find out the correct method to file.
- Military Tax Tips — Find information on all special filing provisions for members of the military and their spouses.
- Completing Your Return — Information on how to complete your return. Information on subtractions, deductions, credits, contributions, etc is available here.
Medical/Dental Deduction: Partial. Individuals may deduct long-term health care insurance premiums, provided the premiums have not been deducted for federal income tax purposes. The premiums must be paid specifically for a long-term health care policy. The amount to be subtracted is the cost of long-term health care insurance premiums that has not been deducted on your federal return.
Federal Income Tax Deduction: None
Retirement Income Taxes: Taxpayers age 65 and older are eligible for a deduction of $12,000, subject to the following income limitations. The deduction of $12,000 will be reduced by one dollar for each dollar that their Adjusted Federal Adjusted Gross Income exceeds the following thresholds: single – $50,000, married – $75,000 (total for both), married filing separately – $75,000 (total for both). “Adjusted federal adjusted gross income” means the federal adjusted gross income reduced by the taxable Social Security and Tier 1 Railroad Retirement benefits reported as a Virginia subtraction. Virginia law exempts Social Security and Tier 1 Railroad Retirement benefits fro taxation. If you are required to include any of your benefits in federal adjusted gross income, subtract that amount on your Virginia return. Pension income received while you are a Virginia resident is taxable by Virginia, even though it may have been received from another state. However, federal legislation enacted January 1, 1996 prohibits any state from taxing pension payments made to a resident of another state. Even though your pension from another state is taxable in Virginia, it should not be taxed by the other state. Virginia residents are subject to tax on their entire incomes, including federal annuities and military pensions. To the extent that these payments are reported in federal adjusted gross income, they are also subject to Virginia income tax.
Retired Military Pay: Follows federal tax rules. Military retirement income received by those awarded the Medal of Honor can be subtracted from federal gross income for tax purposes.
Military Disability Retired Pay: Disability Portion – Length of Service Pay; Member on September 24, 1975 – No tax; Not Member on September 24, 1975 – Taxed, unless combat incurred. Retired Pay – Based solely on disability: Member on September 24, 1975 – No tax; Not Member on September 24, 1975 – Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
John Womeldorf is Mr. Williamsburg, sharing his thoughts, real estate expertise, and “all things Williamsburg” in an effort to spread the word that Williamsburg and Hampton Roads, Virginia is the greatest place on earth to live!
Mr Williamsburg is a local Realtor assisting home buyers and sellers in the Hampton Roads and Williamsburg areas of Virginia.
Contact me at John@MrWilliamsburg.com
Research the area at www.WilliamsburgsRealEstate.com
Or ask any questions about homes, neighborhoods, schools, amenities, recreation ,taxes,employment, shopping or anything else about the area.
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Below is a breakdown of state and county taxes in the Williamsburg VA area. Please
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