UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04521

T. Rowe Price State Tax-Free Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: February 28

Date of reporting period: February 28, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

February 28, 2026

Virginia Tax-Free Bond Fund

Investor Class (PRVAX)

This annual shareholder report contains important information about Virginia Tax-Free Bond Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Virginia Tax-Free Bond Fund - Investor Class	$57	0.56%

What drove fund performance during the past 12 months?

The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and additional Federal Reserve rate cuts. Munis also benefited from higher coupon income, solid fundamentals, and strong demand, which helped offset headwinds from a second consecutive year of record bond issuance.
Compared with the Bloomberg Municipal Bond Index, the fund’s average overweight duration profile contributed to performance over the period as yields declined across portions of the municipal yield curve. The portfolio’s implied volatility positioning further boosted performance as realized volatility came in below implied levels.
Conversely, positioning on the yield curve hampered relative performance. Specifically, underweights in the two- and five-year municipal bonds and overweights in longer maturities hurt results as the yield curve steepened. Security selection in the revenue sector also detracted, largely due to selection decisions in the lease/appropriation, hospitals, and tobacco sectors.
The fund seeks to provide a high level of income exempt from federal and Virginia State income taxes by investing primarily in investment-grade Virginia municipal bonds. We maintained an overweight to revenue-backed bonds during the period, with notable allocations to lease/appropriation, toll roads, bridges and tunnels, and housing bonds.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026

A line chart as described in the following paragraph.

Investor Class 12,466
Regulatory/Strategy Benchmark 12,713

Table Summary
	Investor Class	Regulatory/Strategy Benchmark
2016	10,000	10,000
2016	10,170	10,133
2016	10,347	10,314
2016	9,882	9,776
2017	10,056	10,025
2017	10,264	10,281
2017	10,371	10,405
2017	10,331	10,322
2018	10,310	10,276
2018	10,418	10,395
2018	10,457	10,456
2018	10,413	10,439
2019	10,616	10,701
2019	10,942	11,061
2019	11,238	11,368
2019	11,182	11,325
2020	11,551	11,713
2020	11,236	11,501
2020	11,551	11,736
2020	11,713	11,879
2021	11,694	11,837
2021	11,932	12,046
2021	12,035	12,134
2021	12,052	12,114
2022	11,718	11,759
2022	11,117	11,227
2022	10,886	11,087
2022	10,876	11,067
2023	10,889	11,159
2023	11,012	11,282
2023	10,986	11,276
2023	11,197	11,541
2024	11,541	11,764
2024	11,420	11,584
2024	11,835	11,962
2024	12,022	12,110
2025	11,991	12,112
2025	11,537	11,819
2025	11,647	11,971
2025	12,200	12,429
2026	12,466	12,713

202501-4140694, 202603-5315096

F48-052 4/26

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Virginia Tax-Free Bond Fund (Investor Class)	3.96%	1.29%	2.23%
Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark)	4.96	1.44	2.43

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)$1,460,051
Number of Portfolio Holdings404

Investment Advisory Fees Paid (000s)$5,130
Portfolio Turnover Rate23.4%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
Virginia	82.0%
District of Columbia	12.4
Puerto Rico	5.8
Arizona	0.5
Missouri	0.1
Other	-0.8

Industry Allocation (as a % of Net Assets)

Table Summary
Health Care	21.0%
Transportation	20.4
Education	10.4
Special Tax	9.8
Leasing	9.3
Housing	8.9
General Obligations - Local	8.6
Water & Sewer	5.7
General Obligations - State	2.4
Other	3.5

How has the fund changed?

This is a summary of certain material changes to Virginia Tax-Free Bond Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Virginia Municipal Bond Fund. The fund’s May 1, 2026 prospectus contains more information.

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Virginia Tax-Free Bond Fund

Investor Class (PRVAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

February 28, 2026

Virginia Tax-Free Bond Fund

I Class (TFBVX)

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Virginia Tax-Free Bond Fund - I Class	$44	0.43%

What drove fund performance during the past 12 months?

The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and additional Federal Reserve rate cuts. Munis also benefited from higher coupon income, solid fundamentals, and strong demand, which helped offset headwinds from a second consecutive year of record bond issuance.
Compared with the Bloomberg Municipal Bond Index, the fund’s average overweight duration profile contributed to performance over the period as yields declined across portions of the municipal yield curve. The portfolio’s implied volatility positioning further boosted performance as realized volatility came in below implied levels.
Conversely, positioning on the yield curve hampered relative performance. Specifically, underweights in the two- and five-year municipal bonds and overweights in longer maturities hurt results as the yield curve steepened. Security selection in the revenue sector also detracted, largely due to selection decisions in the lease/appropriation, hospitals, and tobacco sectors.
The fund seeks to provide a high level of income exempt from federal and Virginia State income taxes by investing primarily in investment-grade Virginia municipal bonds. We maintained an overweight to revenue-backed bonds during the period, with notable allocations to lease/appropriation, toll roads, bridges and tunnels, and housing bonds.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of February 28, 2026

A line chart as described in the following paragraph.

I Class 614,722
Regulatory/Strategy Benchmark 621,305

Table Summary
	I Class	Regulatory/Strategy Benchmark
7/6/17	500,000	500,000
8/31/17	506,603	508,506
11/30/17	504,727	504,440
2/28/18	503,846	502,206
5/31/18	509,220	508,013
8/31/18	511,280	510,989
11/30/18	509,237	510,139
2/28/19	519,311	522,934
5/31/19	535,379	540,548
8/31/19	549,963	555,543
11/30/19	547,825	553,458
2/29/20	565,556	572,410
5/31/20	550,299	562,052
8/31/20	565,827	573,518
11/30/20	573,931	580,547
2/28/21	573,157	578,467
5/31/21	584,958	588,667
8/31/21	590,181	592,995
11/30/21	591,142	591,991
2/28/22	574,933	574,649
5/31/22	546,132	548,673
8/31/22	534,486	541,805
11/30/22	534,126	540,844
2/28/23	534,955	545,356
5/31/23	541,143	551,363
8/31/23	540,017	551,041
11/30/23	550,616	564,005
2/29/24	567,699	574,904
5/31/24	562,387	566,100
8/31/24	582,490	584,591
11/30/24	591,890	591,810
2/28/25	590,559	591,928
5/31/25	568,874	577,579
8/31/25	573,980	585,042
11/30/25	601,403	607,405
2/28/26	614,722	621,305

202501-4140694, 202603-5315096

F1093-052 4/26

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception 7/6/17
Virginia Tax-Free Bond Fund (I Class)	4.09%	1.41%	2.42%
Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark)	4.96	1.44	2.54

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)$1,460,051
Number of Portfolio Holdings404

Investment Advisory Fees Paid (000s)$5,130
Portfolio Turnover Rate23.4%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
Virginia	82.0%
District of Columbia	12.4
Puerto Rico	5.8
Arizona	0.5
Missouri	0.1
Other	-0.8

Industry Allocation (as a % of Net Assets)

Table Summary
Health Care	21.0%
Transportation	20.4
Education	10.4
Special Tax	9.8
Leasing	9.3
Housing	8.9
General Obligations - Local	8.6
Water & Sewer	5.7
General Obligations - State	2.4
Other	3.5

How has the fund changed?

Virginia Tax-Free Bond Fund

I Class (TFBVX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:


	2026		2025
Audit Fees	$	34,043	$	33,841
Audit-Related Fees		-		-
Tax Fees		-		-
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.


(a)(1)		The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2)		Listing standards relating to recovery of erroneously awarded compensation: not applicable.

(3)		Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)		A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.


T. Rowe Price State Tax-Free Funds, Inc.
By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		April 21, 2026


By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		April 21, 2026

By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		April 21, 2026