A little money goes a long way in Bristol
From a business perspective, the location is an excellent alternative to international outsourcing – due to a lower labor rate and business-friendly environment. Wage rates are 50 percent lower than in Northern Virginia and 20 to 25 percent less than in other urban areas in the country. Virginia also has not raised its 6 percent corporate income tax since 1972. Virginia’s unemployment tax burden is more than 68 percent lower than the national average, and workers’ compensation insurance is among the lowest in the country.
In Bristol Virginia, items purchased for direct use of production in manufacturing are tax-exempt.
The cost of living is more than 25 percent lower than the U.S. average.
Home purchases run 30 percent lower, with the median cost at $116,000.
Construction costs vary from $75 to $185 per sf.
Land costs run $90 to $100 per sf.
Bristol’s advanced broadband services are more affordable than other national providers.
Electricity, water, and sewer services through BVUA average $2,526 annually, compared to $3,196 nationally.
Bristol’s overall cost of living index is 79.1 compared to the national
average of 100.
Cost of Living
Bristol, VA 79.10
Nashville, TN 99.60
Charlotte, NC 97.40
Columbia, SC 90.80
Jacksonville, FL 92.00
Atlanta, GA 101.80
Charlottesville, VA 113.30
Louisville, KY 87.90
Bristol, Virginia Tax Structure
Property tax 1.17 per $100
State Sales tax 5.3% state plus 1% Local
Personal Property tax 6% fed taxable income
Corporate tax 6%
Utilities tax 5% of water & Phone bill