In the state of Virginia cities and counties are separate governing entities, and school districts do not have their own taxing authority. Greater Richmond is comprised of the City of Richmond and Chesterfield, Hanover and Henrico counties.
Both state and local governments are supportive of business. The tax burden is moderate and is shared between business and individuals. Virginia’s corporate income tax rate has not changed since 1972. Richmond offers the 3rd lowest combined state and local sales tax rate in the nation, amongst cities with 200,000 people or more, and Virginia has the nation's 5th lowest combined state and local sales tax rate (Tax Foundation 2013).
State and local governments are required to operate with balanced budgets and are known for their fiscal responsibility. Virginia consistently receives a Triple A bond rating from the major rating agencies.