Taxes are an important financial factor. James City County levies one of the lowest and most stable tax rates in the Hampton Roads and Richmond regions.
- Real estate tax rate has decreased 11.5% to $0.77/$100 since 2002
- Personal property tax rate has remained constant for the last 20 years at $4.00 per $100
- Virginia corporate income tax has remained at 6% since 1972
Virginia has a three-factor apportionment formula of payroll, property, and sales (with sales double-weighted). The double-weighted sales factor has the effect of reducing tax liability for firms with significant sales to customers outside Virginia.