Virginia’s budget increased, cumulatively, more than pop+inf in state funds and all funds from 2013-22.



State Funds Budget Data
- Estimated 2023 State Funds Budget ($ Billions): $52.52
- Budget Limit ($ Billions): $55.12
- Budget Limit Growth ($ Billions): 4.95%
- Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $735.21
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $2,941
- Cumulative cost per person of budgeting more than pop+inf over the last decade: $2,242.25
- Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $8,969.01
State All Funds Budget Data
- Estimated 2023 All Funds Budget ($ Billions): $78.63
- Budget Limit ($ Billions): $82.53
- Budget Limit Growth ($ Billions): 4.95%
- Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $3,853.17
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $15,412.69
- Cumulative cost per person of budgeting more than pop+inf over the last decade: $10,933.84
- Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $43,735.36
Other Considerations
- Economic Freedom (2020) (Rank): 6 [Fraser Institute]
- State Tax Collections Per Capita (FY2021) ($): $3,741 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 23 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $7,979 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 12.50% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 43 [Tax Foundation]
- Top Income Tax Rate (2023) (%): 5.75% [Tax Foundation]
- Top Income Tax Rate (2023) (Rank): 43 [Tax Foundation]
- Flat or Progressive Income Tax (2023) (Flat/Progressive/Zero): P [Tax Foundation]
- Overall State Business Tax Climate Index (2023)(Rank): 26 [Tax Foundation]
- Corporate Income Top Tax Rate (2023) (%): 6.00% [Tax Foundation]
- Corporate Income Top Tax Rate (2023) (Rank): 27 [Tax Foundation]
- State-Local Sales Tax Rate (2023) (%): 5.75% [Tax Foundation]
- State-Local Sales Tax Rate (2023) (Rank): 41 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 0.87% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 28 [Tax Foundation]
- Tax and Expenditure Limit (0-3): 0 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 32 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): Y [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $12,266 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 24 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 8.6 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 12 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 8.4 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 25 [Census Bureau]
- Labor Force Participation Rate (Dec. 2022) (%): 65.10% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec. 2022) (Rank): 11 [Bureau of Labor Statistics]