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Business-friendly Location

  • Virginia ranks lst in lowest tax burden (i.e. Unemployment Insurance Tax per Employee)
  • Virginia ranks 4th in Net Workers’ Compensation Insurance Costs for Manufacturing (per $100 of payroll)
  • Virginia has a 6% State Corporate Income Tax Rate that has been fixed since 1972
  • Virginia is the northern-most “right-to-work” state on the East Coast
  • Virginia is a Right to Work State. There are no unions in Floyd Co.
  • Vibrant growth in small businesses
  • Low local tax rates ($0.50/$100 Real Estate and $1.55/$100 in Machinery and Tools)
Machinery and Tools Tax
% Valuation
Assessment
Taxes
Year 1
60%
$60,000
$930
Year 2
50%
$50,000
$775
Year 3
40%
$40,000
$620
Year 4
30%
$30,000
$465
Year 5
20%
$20,000
$310
Year 6+
20%
$20,000
$310

 

Local Financial Products and Services:

Blue Ridge Bank

  • $236 million in deposits
  • 14 branches in Virginia

Bank of Floyd

  • About $159 million in assets
  • 7 branches in Virginia
  • All decisions made locally