Tax Information
Building Business Success Stories
Did you know that Virginia’s corporate income tax rate has remained at 6% since 1972? This is just one example of our supportive, business-friendly environment in Chesapeake. Below, you’ll find all of our relevant tax information in one convenient place.
What are the Tax Rates in Chesapeake, Virginia?
Explore the various tax rates applicable to businesses in Chesapeake, Virginia.
Virginia's State Tax Rates
| Corporate Income Tax | 6% (Last increase 1972) |
| Personal Income | 2% – 5.75% |
| Retail Sales | 6% (5% State; 1% Local) |
Local Tax Rates
| Real Estate Tax | $1.04 (non-mosquito controlled) and $1.05 (mosquito controlled) per $100 of 100% assessed value |
| Automobiles, Trucks, Trailers, & Motorcycles | $4.08 per hundred of the assessed value |
| Recreation Vehicles (Motor Homes/Camping Trailers) | $1.58 per hundred of the assessed value |
| Aircraft | $0.58 per hundred of the assessed value |
| Boats | $0.09 per hundred of the assessed value |
| Business Property (Furniture, Fixtures & Equipment) | $4.08 per hundred of the assessed value* (*Assessed at 20% of the original cost) |
| Machinery & Tools (Manufacturers) | $3.20 per hundred of the assessed value* (*Assessed at 20% of the original cost) |
Business License Tax Rates
| Retailers | $0.20 per $100 of gross receipts |
| Mail Order Firms | $0.20 per $100 of gross receipts |
| Wholesalers & Distributors | $0.12 per $100 of gross receipts |
| Financial Services | $0.58 per $100 of gross receipts |
| Business Services | $0.36 per $100 of gross receipts |
Utilities Tax Rates
| Gas Service | (Commercial and Industrial) $4.00/meter + $0.155/CCF; $112.50 maximum per month |
| Electric Service (Commercial) | (Commercial) $2.87/meter + $0.0171/kWH; $112.50 maximum per month |
| Electric Service (Industrial) | (Industrial) $2.87/meter + $0.0251/kWH; $112.50 maximum per month |
| Phone | 5% Virginia Communications Sales Tax including long distance |
| Water | None |
Virginia Workforce Financial Information
WORKERS’ COMPENSATION COMPARISONS
Rates vary by industry and occupation, but Virginia’s manufacturers pay the lowest workers’ compensation rates in the country.
UNEMPLOYMENT INSURANCE COMPARISONS
Virginia’s unemployment insurance tax is calculated using an employer’s past unemployment experience—known as the employer’s experience rating—and using the State’s unemployment compensation experience.