School Supplies Big Target For Upcoming Tax-Free Weekend
Lynchburg, VA - Depending on where your kids are in school -- or where you're attending college-- you have somewhere about a month to pack a book-bag.
So, it's probably time to buy a book bag. Do it this weekend, and it could mean decent savings.
The National Retail Federation says the average family with school-aged children will spend $634.78 on back-to-school shopping. That's a lot of little pink erasers.
Get your shopping done this weekend, and Commonwealth will help lighten your load. For one weekend only, Virginia will have a Tax Holiday -- that's no sales tax on most back to school items .
In Lynchburg, where the retail tax rate is 5.3 percent, that family average of $634.78 becomes 602.81 -- a savings of nearly 32 dollars. Not enough?
Think of it as 384 pencils -- that'll last a couple months, right? The sales tax holiday only applies to items costing less than $20, and clothing costing less than $100.
For things like your graphing calculator, there will be no sales tax on the first $20. The remainder will be taxed at the usual rate.