|
Tax
Rates
|
| Real
Estate |
| Nominal
Tax Rate/$100 |
$0.62 |
| Assessment
Ratio |
100% |
| Machinery
& Tools |
| Value
Used |
Original
Cost |
| Nominal
Tax Rate/$100 |
$2.50 |
| Assessment
Ratio |
100% |
| Automobiles
and Trucks |
| Value
Used |
NADA |
| Nominal
Tax Rate/$100 |
$5.00 |
| Assessment
Ratio |
50% |
| Sales
and Use Tax Rate |
| County
of Spotsylvania |
1% |
| Commonwealth
of Virginia |
3.5% |
| Business
License Tax |
EXEMPT |
| Utilities |
| 10%
on the first $300 and 1% over $300 of each
monthly electric, telephone, and natural gas
bill. |
| Merchants
Capital Tax |
| Spotsylvania
County does not levy a merchants capital tax. |
| Unemployment
Insurance Tax |
| Spotsylvania
offers significant labor cost savings compared
to nearby Richmond and Northern Virginia, in
part because of the County’s low-to-moderate
unemployment insurance costs. As of 1998, all
new employers in Virginia must pay an initial
tax rate of 2.5% on the first $7,000 of each
employee's annual wages for three years unless
their computed rate, based on claims, exceeds
the new employer rate. After their experience
rating is determined, the rate may be as low as
0.1% or as high as 6.2% on the same $7,000 wage
base. |
| Corporation
Income Tax |
| The
income tax rate for corporations is 6.0%, with
modifications if applicable. If a multi-state
corporation's income is taxed by both Virginia
and other states, Virginia permits it to
allocate and apportion its income so that it
does not pay a tax on the entire amount. |
| Bond
Ratings |
| Moody's |
A1
(2001) Aa3 |
| Standard
& Poor's |
A+
(2001) AA |
| Fitch
AA |
A+
(2001) AA |
|
|
|
