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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 ($0.52/$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 locall