Page 27 - Town of Bedford FY 2018-2019 Budget.pdf

&z ϮϬϭϴͲϮϬϭϵ KWd h ' d dKtE K& &KZ ͕ s/Z'/E/

Principal Revenue Sources

GENERAL FUND

TAXES

General Property Taxes: In accordance with Article III Section 54-99:111 of the Municipal Code, Town
Council has the authority to impose a tax levied on the assessed value of all nonexempt property, real
and personal, within the jurisdiction of its locality. This revenue category includes all collections
associated with the following:
¾ Real Estate Taxes (Current & Delinquent) – Tax levied on the value of the owned real property.
¾ Personal Property Taxes (Current & Delinquent) - Tax levied on the value of the owned tangible
property.
¾ Current Public Service Taxes – Article X Section 54-303:304 – Tax levied on service providers for
certain service transactions such as telecommunication services.
¾ Penalties – A penalty enacted on an individual for not paying in full his or her total billed taxes
by due date at a rate of 10%.
¾ Interest – Interest charged on an individual for not paying in full his or her total billed taxes by
due date at a rate of 10%.

Other Local Taxes: All taxes not considered General Property.
¾ Local Sales & Use Tax – Article V Section 54-152:154 - The sales tax is imposed on retail
transactions. It applies to all retail sales of tangible personal property. The use tax is imposed on
consumers of tangible personal property that is used, consumed, or stored. This tax is dispersed
to the Town via VA Code § 58.1-605-H requiring the County of Bedford calculate one-half of
total sales tax receipts collected factoring in the ratio of the school age population that the
Town bears to the school age population of the entire county.
¾ Contractor – Article XI Section 54-412:425 – Business license flat fee since reversion of $30.00
annually.
¾ Bank Franchise Tax – Article IV Section 54-133 – Every bank or trust company shall pay an annual
franchise tax measured by its net capital as defined in VA Code § 58.1-1205 to the locality in
which it resides.
¾ Moped Decal Fees – Permit for Moped operation.
¾ Cigarette & Tobacco Tax – Article IX Section 54-270:277 – Tax imposed on tobacco products sold
within the locality. Tax is collected via the purchase of cigarette stamps bought in advance by
vendors before selling the tobacco product. The current rate on cigarette tax is $0.30 per pack.
¾ Meals Tax – Article VIII Section 54-224:230 – A tax which generally applies to purchases of
prepared food that are consumed in a restaurant or similar establishment, or taken “to go” for
later consumption. The current rate set in this budget is 5.5%.
¾ Transient Occupancy (Lodging) Tax – Article VII Section 54-187:191 – A tax imposed on travelers
when they rent accommodations (a room, rooms, entire home, or other living space) in a hotel,
inn, tourist home or house, motel, or other lodging for a period of less than 30 days. The current
rate on lodging tax is set at 5.0%.

FEES

Permits & Regulatory Licenses
¾ Animal Licenses - A license fee on the privilege of keeping animals.

WĂŐĞ Ϯϲ