Weldon Cooper Center for Public Service releases 2024 Virginia Local Tax Rates book

The Weldon Cooper Center for Public Service released the 2024 Virginia Local Tax Rates Book this week. Now in its 39th edition, the book is Virginia’s only comprehensive source for local taxation data. It compiles tax information for 29 cities and 92 counties, referencing all tax categories permitted under the Code of Virginia as of 2024. These categories include taxes on real property, special district tax levies, tangible personal property, machinery and tools, tobacco, meals, lodging, and more.

According to the report, for the 2023 tax year, Accomack County set its real estate tax rate at $0.595 per $100 of assessed value, while the tangible personal property and machinery and tools tax rates are both $3.720 per $100. The county does not impose a merchants’ capital tax. Within Accomack, the Town of Chincoteague has separate rates, including a real estate tax of $0.465 per $100 and a tangible personal property tax of $3.630 per $100. Chincoteague does not impose taxes on machinery and tools or merchants’ capital.

In Northampton County, the real estate tax rate is higher at $0.760 per $100 of assessed value. The tangible personal property tax rate is $3.900 per $100, and the machinery and tools tax is $2.000 per $100. Like Accomack, Northampton does not impose a merchants’ capital tax.

Compared to other counties in the report, Accomack County’s real estate tax of $0.595 is significantly lower than the average of $0.75 and well below the highest rate of $1.25. Its tangible personal property tax of $3.720 is also below the average of $4.10 and far below the highest rate of $6.00. However, Accomack’s machinery and tools tax of $3.720 exceeds the state average of $3.10. In contrast, Northampton County’s real estate tax of $0.760 is closer to the state average, and its tangible personal property tax of $3.900 remains competitive, though slightly higher than Accomack’s rate. Northampton’s machinery and tools tax of $2.000 is notably below the state average, making it more favorable for businesses.

The report also details tax rates for towns in Accomack and Northampton counties. In Accomack County, towns like Chincoteague have the lowest real estate tax at $0.059 per $100, with a tangible personal property tax of $0.720 and no machinery/tools tax. Accomac sets a real estate tax of $0.150 with no other taxes, while Bloxom imposes a $0.160 real estate tax and $0.500 for tangible personal property. Towns like Wachapreague, Onancock and Onley maintain a consistent real estate tax of $0.100, with tangible personal property and machinery/tools taxes at $0.250. Parksley sets higher rates at $0.140 for real estate and $0.350 for tangible personal property and machinery/tools. Hallwood, Tangier, and Saxis apply uniform rates of $0.100 across most categories, while Keller imposes only a $0.100 real estate tax.

In Northampton County, Belle Haven has the lowest real estate tax at $0.085 per $100, with no other taxes. Exmore and Nassawadox’s rates are set at $.100. Cape Charles has the highest rates in the region, with a real estate tax of $0.280 and tangible personal property and machinery/tools taxes at $1.420. Cheriton follows a consistent structure with $0.100 for real estate and $0.250 for tangible personal property and machinery/tools. Eastville imposes a higher real estate tax of $0.300 and $1.430 for tangible personal property.

Towns in Accomack and Northampton counties generally maintain lower taxes across real estate, tangible personal property, and machinery and tools compared to other towns in Virginia. Chincoteague, Belle Haven, and Wachapreague stand out for their particularly low tax rates. However, Cape Charles imposes higher tangible personal property and machinery/tool taxes, though these rates remain moderate relative to more urbanized towns elsewhere in the state. This combination of low tax rates makes the region appealing for residents and small businesses seeking affordability and a reduced tax burden.

For more information, visit the Weldon Cooper Center’s website at https://www.coopercenter.org/news/cooper-center-2024-tax-book.