Food and Sales Tax Rates in Richmond Virginia
The food tax in Richmond VA is 7.5% on restaurant bills. The sales tax on fast food in Virginia is 7%, with prepared hot food taxed at the full state plus local rate and cold prepared food taxed at 2.5%.
Tax Penalties and Exemptions in Virginia
If you fail to file or pay the full Virginia sales tax amount owed by the due date, a penalty of 6% per month is added to the unpaid tax, up to a maximum of 30%. Exemptions to the Virginia sales tax will vary by state.
Property Tax Information
The median property tax in Richmond City is $2,126 per year for a home worth $201,800. The real estate tax rate is $1.20 per $100 of assessed value, with property assessed at 100% of the fair market value.
Municipal Taxes and Legislation
A state senator from Virginia Beach introduced a bill to prevent surprise tax penalties that cost a Richmond restaurant tens of thousands of dollars in late fees. Due to Virginia’s independent city system, a city may have a small tax base, but its infrastructure and services are used by everyone in the surrounding counties who do not pay any taxes.
Sales Tax Rates in Virginia
The Virginia sales tax rate is currently 4.3%, and depending on local municipalities, the total tax rate can be as high as 7%. The universal sales tax rate in Virginia is 4.3%, with an additional 1.0% in Richmond and a 0.7% Special Tax Rate, totaling 6.0% in 2022.