Grand larceny is the theft of anything valued at $500 or greater and it is a felony punishable by 0 to 20 years in jail. If the value of the item(s) is $499 or less, then it is considered “petit larceny,” which is a misdemeanor. The only difference is the value.
§ 18.2-95. Grand larceny defined; how punished.
Any person who (i) commits larceny from the person of another of money or other thing of value of $5 or more, (ii) commits simple larceny not from the person of another of goods and chattels of the value of $500 or more, or (iii) commits simple larceny not from the person of another of any firearm, regardless of the firearm’s value, shall be guilty of grand larceny, punishable by imprisonment in a state correctional facility for not less than one nor more than 20 years or, in the discretion of the jury or court trying the case without a jury, be confined in jail for a period not exceeding 12 months or fined not more than $2,500, either or both.