Find out the municipal taxes you are subjected to. Calculate your average annual tax payments to your municipality.

(I'm not sure what this question for my online financial class is asking, can someone help?)

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02-08-2021
Business

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Find out the municipal taxes you are subjected to. Calculate your average annual tax payments to your municipality.

(I'm not sure what this question for my online financial class is asking, can someone help?)

Sagot :

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Abduhalimova7890idn Abduhalimova7890idn · Answer 1 · 2021-08-04T13:06:50-04:00

Answer:

I conducted an online research on the state of Virginia. The state of Virginia has 95 counties, 39 independent cities, and 190 incorporated towns. Only elected governing bodies can impose local taxes in this state of Virginia. A bulk of the local tax money comes from property taxes.

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

Retail sales tax 0.7%

Occupancy tax 2.1% only for the Northern Virginia Planning District

Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

Explanation: