SMYTH COUNTY ECONOMIC DEVELOPMENT
Smyth County has a favorable business environment, starting with the tax advantages that come with being in Virginia! The Commonwealth of Virginia provides several tax advantages, such as:
Sales and Use Tax is a total tax of 6.3% (4.3% state tax and 2% local tax)A seller is subject to a sales tax on gross receipts derived from retail sales or leases of taxable tangible personal property
Manufacturers do not pay tax on purchases used for production; distributors do not pay tax on items purchased for resale
The State of Virginia has NO TAX on: intangible property, corporate aircraft, manufacturers’ inventory, manufacturers’ furniture, fixtures .
Tax rate of 6%, not raised in thirty years.
Tax credits for job creation and investment in economically stressed areas.
No franchise or net worth tax.
2023 Tax Rates:
Personal Property $2.30/$100
Business Equipment $2.30/$100
Computers (non-M&T) $2.30/$100
Merchant’s Capital $0.40/$100
Machinery & Tool $1.55/$100
Real Estate $0.74/$100
Public Service $0.74/$100
Mobile Home $0.74/$100 (Double Wide or Single Wide)
Transient Occupancy Tax Rate is 5%
PPTRA rate is 49%
More Information >
121 Bagley CircleSuite 100Marion, Virginia 24354
Phone 276-783-3298 ext. 8304
© 2022 Smyth County Economic Development Board. All rights reserved.