What is the penalty for late payment of taxes in Virginia?

The penalty for late payment of taxes in Virginia is assessed at a rate of 6% per year, compounded monthly. This penalty begins accruing on the day after the tax payment was due. Additionally, an interest rate of 2% per year, compounded monthly, is also imposed on the outstanding tax balance. These penalties and interest charges are incurred until the tax payment is made in full. It is important to note that the Department of Taxation may also impose other penalties, such as a 20% penalty for negligence or fraud, depending on the circumstances. Therefore, it is crucial to promptly file and pay taxes to avoid unnecessary financial burdens.